The Post Office Monthly Income plan provides a monthly income of Rs 9,250. View the full plan details

 The Post Office Monthly Income plan provides a monthly income of Rs 9,250. View the full plan details

Post Office Monthly Income Plan: The Post Office Saving Plan is regarded as the most secure way to invest. Savings programs are offered by post offices to individuals of all ages. A monthly income of Rs 9250 is possible for investors in this post office plan. This post office job plan generates consistent revenue. Tell us about this plan's features and advantages.

What is the POMIS, or Post Office Monthly Income Scheme?

One government savings program is the Post Office Monthly Income Scheme. Under this system, the Post Office receives an annual interest rate of 7.4%. This monthly income plan carries little risk. In this arrangement, there is a set interest offered. Both single and joint accounts may be created under this post office plan. A joint account may only be opened by a maximum of three persons. In other words, a husband and wife may contribute to it jointly.

Unique characteristics of a Post Office MIS account

It accepts investments in multiples of at least Rs 1000. A single account may only have up to Rs 9 lakh in investments, while a combined account may have up to Rs 15 lakh. Investing Rs 9 lakh would provide a monthly income of Rs 5,500. You would gain Rs 9,250 if you invest Rs 15 lakh in a joint account. On behalf of a juvenile or someone who is not of sound mind, a guardian may also establish an account.

Premature closure incurs fees.

After a year, the account may be closed early. But after three years, when it is closed, a one percent fee will be made. Until then, a two percent charge will be made.

Who is eligible to sign up for the Post Office Monthly Income Scheme?

A maximum of three people may establish a joint account or a single adult account. An income of between Rs 5,500 and Rs 9,250 per month would come from this.