What is Post office monthly income scheme (POMIS)?
Post office monthly income scheme is a popular monthly income scheme offered by the Government of India through Post offices. Post Office Monthly Scheme is an excellent way to save little money and make a huge corpus over time.
As the Post office monthly income scheme or POMIS is backed by the Indian government, it is safer than market-linked investment options like Mutual Funds or Stock Market investments. You can open the Post office monthly scheme account offline.
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Post Office Monthly Income Scheme Interest Rate 2025
For 2025, the rate of interest for the Post office monthly income scheme is 7.4 percent per annum payable monthly. The present Post Office Monthly Scheme Interest Rate is applicable from 1 January 2024. Interestingly, No TDS is deducted from the generated Post Office Monthly Income Scheme Interest.
Note: For 2025, Post office monthly income scheme interest rate (MIS Interest rate) is 7.4% annually.
Post Office Monthly Income Scheme Calculator (Step by Step)
Post Office Monthly Income Scheme Calculator (POMIS Calculator) is a calculator that lets you calculate your monthly income under the POMIS Scheme. In the following POMIS Calculator, you can easily calculate your monthly income in the following steps-
Step 1: Select the Account Type (Single Account or Joint Account).
Step 2: Enter the annual amount that you will contribute to the Post Office Monthly Scheme account. make sure to enter the annual amount in the multiples of Rs 1000. for example, enter 100000 or 500000. You cannot enter 650329 or 432789.
Step 3: As soon as you enter the yearly contribution to the POMIS account, your monthly interest payout will be displayed just below this.
Post Office Monthly Scheme Calculator (POMIS Calculator)
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What is the maximum investment limit in the Post Office Monthly Scheme?
The maximum investment limit in a single Post Office Income Scheme is Rs 9 lakh Annually. If we talk about a joint account with the Post Office Monthly Scheme, you can deposit a maximum of Rs 15 lakh.
An individual can invest a maximum of Rs 9 lakh in Post Office Monthly Scheme account.
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How to open a Post Office Monthly Income Scheme account? (Step by Step)
You can open a Post Office Monthly Scheme account in easy steps. To open a Post Office Monthly scheme account, follow the mentioned steps-
- Remember, to open a Post Office Monthly Scheme account, you must have a post office savings account. If you do not have a savings account in the post office, open one.
- Collect a Post Office Monthly Scheme form from the nearest post office. You can also download the Post Office Monthly Income Scheme account form by clicking here.
- Fill in the details like name, Age, date of Birth, Gender, Aadhar Number, PAN Number, present address, permanent address, ID proof attached, and attach a photograph of the account opener.
- Enter the details of the initial amount deposited in the POMIS Account.
- Enter the details of the Nominee and his/her details.
- Make sure to do your signature.
- Attach the supporting documents and submit the form.
Post Office Monthly Income Scheme: Eligibility
To Open a Post Office Income Scheme, the investor must be a resident Indian. NRIs cannot open a POMIS. A resident can also open a Post office monthly scheme account in the name of a minor who is 10 years or older. However, the child can use the fund only after he/she turns 18.
What are the documents required to open a Post Office Monthly Income Scheme account?
To open a Post Office Scheme account, the following documents are required.
Identity Card: Aadhar card or Driving license or any other government-issued ID card like a Passport or Voter ID.
Address Proof: Electricity Bill or BSNL Broadband Bill or any other address proof issued by a government authority.
Photographs: Photos of single or joint account openers.
Note: (If an Aadhaar Card/proof of enrolment of Aadhaar is not provided, any of the following documents can be accepted as valid documents for identification and address proof):- Letter issued by the National Population Register containing details of name and address or Passport or Driving license or Voter’s ID card or Job card issued by Mnregs signed by the State Government officer.
What is the minimum amount required to open a Post Office Monthly Income Scheme account?
A minimum of Rs 1000 is required to open a Post Office Income Scheme account.
What is the maximum amount that can be deposited in a Post Office Income Scheme account?
The maximum amount that can be deposited in a Post Office Income Scheme account is:
Single Account: Rs 9 lakh
Joint Account: Rs 15 lakh
Can we close a Post Office Monthly Income Scheme account prematurely?
Yes, you can open a Post Office Monthly Scheme account prematurely. An account holder is permitted to close an account under the MIS scheme in post office. However, the following conditions will apply:
- An MIS account in post office can be closed after the expiry of one year from the date of opening of the POMIS account.
- If the account is closed on or before the expiry of three years from the date of opening of such account, an amount equal to two percent of the deposit shall be deducted and the remainder shall be paid to him.
- If the account is closed after the expiry of three years from the date of opening of such account, an amount equal to one percent of the deposit shall be deducted and the remainder shall be paid to him.
What happens to the Post Office Monthly Income Scheme account if the depositor dies before its maturity?
In case the Post Office Monthly Income Scheme account holder dies before the maturity of the MIS account, the account may be closed, and the deposit shall be refunded with interest up to the month preceding the month in which the refund is made.
Is the monthly income scheme in Post office taxable?
No, the monthly income scheme in post office is not taxable.
Is Post Office Monthly Income Scheme covered under 80C?
No, Post office monthly scheme is not covered under Section 80C for tax exemption.
Can I transfer my Post Office Monthly Scheme account?
Yes, You can transfer the post office monthly scheme account anywhere in India.
Can NRIs open a Post Office Monthly Scheme account?
No, NRIs cannot open a Post Office Monthly Income account
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