Post Office Monthly Income Scheme interest rate: What is the POMIS interest rate for the October-December 2024 quarter? The principal can be withdrawn at maturity. Interest is paid on completion of a month from the date of opening and so on till maturity
The Post Office Monthly Income Scheme (MIS) is a government backed saving scheme offering a consistent monthly income and is a secure savings alternative. Capital protection is one of this scheme's primary advantages, which makes it a safe option for savings. The principal can be withdrawn at maturity.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} Interest rate up to 8.2%: Latest interest rates of PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi, other post office schemes
Interest rate on the scheme is revised along with other small savings scheme every quarter.
Since POMIS offers a set monthly income and returns that are generally better than debt investments, risk-averse investors are the ones that invest in these schemes the most. The returns for Post Office Monthly Income Scheme are guaranteed.
Key features of Post Office Monthly Income Scheme (POMIS)
Latest POMIS interest rate
The interest rate for this quarter is 7.4% per annum payable monthly. Interest is paid on completion of a month from the date of opening and so on till maturity.
Finance
Budget Analysis, Forecasting & Control
By - Mandar V. Joshi, Partner and Head of Technology Implementation, Management Consulting: KPMG
Artificial Intelligence(AI)
Generative AI for Dynamic Java Web Applications with ChatGPT
By - Metla Sudha Sekhar, IT Specialist and Developer
HR
Human Potential and the Future of Employment
By - Lynda Gratton, Prof. at London Business School, Speaker, Author, Global Thought Leader
Legal
Mastering M&A Deal Making
By - Ashwath Rau, Senior Partner- AZB & Partners
Artificial Intelligence(AI)
AI for Everyone: Understanding and Applying the Basics on Artificial Intelligence
By - Ritesh Vajariya, Generative AI Expert
Legal
Drafting Commercial Contracts and Dispute Resolution
By - Shafaq Uraizee Sapre, Managing Partner: Mumbai, Chandhiok and Mahajan
Artificial Intelligence(AI)
Master in Python Language Quickly Using the ChatGPT Open AI
By - Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
AI and Analytics based Business Strategy
By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI
Technology
Cybersecurity Masterclass
By - Gaurav Khera, Partner, Risk Advisory: Deloitte
Legal
Labour Laws
By - Ankita Ray, Partner: Cyril Amarchand Mangaldas
Office Productivity
Zero to Hero in Microsoft Excel: Complete Excel guide 2024
By - Metla Sudha Sekhar, IT Specialist and Developer
Finance
Corporate Fraud and Forensic Modelling
By - Ankush Lamba, Managing Director- Ankura
Web Development
Mastering Full Stack Development: From Frontend to Backend Excellence
By - Metla Sudha Sekhar, IT Specialist and Developer
Office Productivity
Advanced Excel Course - Financial Calculations & Excel Made Easy
By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant
Legal
Digital Personal Data Protection Act 2023
By - Gaurav Khera, Partner, Risk Advisory: Deloitte
Office Productivity
Mastering Microsoft Office: Word, Excel, PowerPoint, and 365
By - Metla Sudha Sekhar, IT Specialist and Developer
Marketing
Modern Marketing Masterclass by Seth Godin
By - Seth Godin, Former dot com Business Executive and Best Selling Author
Finance
A2Z Of Finance: Finance Beginner Course
By - elearnmarkets, Financial Education by StockEdge
According to the India Post website, “If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest. In case any excess deposit made by the depositor, the excess deposit will be refunded back and only PO Savings Account interest will be applicable from the date of opening of account to the date of refund.
Interest can be drawn through auto credit into savings accounts standing at the same post office, or ECS. In the case of MIS accounts at CBS Post offices, monthly interest can be credited into savings accounts standing at any CBS Post Offices. Interest is taxable in the hands of the depositor.”
Pre-mature closure of account charges
After one year, withdrawal early is allowed. However, if you withdraw before three years, you will be charged a 2% deduction on your deposit, and after three years, you will receive a 1% deduction.
Maturity
Accounts can be officially closed after 5 years from the date of opening by submitting the necessary application form along with the pass book to the relevant Post Office.
If the account holder dies before maturity, the account may be canceled and the sum refunded to the nominee/legal heirs. Interest will be paid up to the prior month in which the refund is issued.
Deposit
The Monthly Income Scheme account can be opened for a minimum of Rs. 1000 and multiples of Rs. 1000. A single account can only hold a maximum amount of Rs. 9 lakh, whereas a joint account can hold up to Rs. 15 lakh. In a joint account, each joint holder receives an equal share of the investment.
Deposits/shares in all MIS accounts opened by an individual cannot exceed Rs. 9 lakh. The limit for an account formed on behalf of a minor as guardian will be separate.
#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
