The post office is one of the primitive and most relevant institutions for financial transactions. It provides exclusive schemes and offers to save money. Post Office Monthly Income Scheme (POMIS) is an investment scheme that provides fixed interest or income every month.
Therefore, to guide you on how and why to opt for POMIS, we have mentioned all details.
Post office depository service is a host of banking products under the purview of the Finance Ministry, which offers a wide assortment of schemes. Post Office MIS interest rate 2021 is 7.6%, i.e. highest among other schemes.
It provides low risk and steady income where an investor can deposit every month and get interest of MIS in the post office according to their applicable monthly rate. The income on investment is given by the concerned post office every month.
After opening a POMIS account, individuals can invest a suitable amount based on affordability, which, however, should not be less than ₹ 1500.
The invested amount will be returned at the end of scheme duration as per Post Office Monthly income scheme interest rate 2021.
Features of POMIS scheme are as follows -
Following is a table enlisting the current interest rates available under the POMIS scheme.
Have a look!
|
Duration in Years |
Interest Rate |
|
1 |
5.50% |
|
2 |
5.50% |
|
3 |
5.50% |
|
5 |
7.6% |
Followings are details of investment -
For instance, if an investor invests ₹ 1,00,000 for 5 years with a monthly interest of 6.60%. Fixed monthly income according to the post office MIS scheme will be ₹ 550.
Post office monthly income scheme for senior citizens is 6.6%.
The minimum lock-in period for the post office monthly income scheme 2021 is 5 years.
The post office monthly income scheme benefits are -
Scheme, duration, interest rate, withdrawal process are extremely favourable for investors with low-risk appetites. Interest in MIS in the post office is the highest and safest, thus justifying its high demand.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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