Want to earn Rs 9,000/month for 5 years? Know how investing in POMIS can help you get that
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Want to get Rs 9,000 per month for 5 years?
Are you looking for a safe investment option that offers a steady monthly income with a minimal risk? Here’s how you can earn a fixed monthly income by investing in the Post Office Monthly Income Scheme (POMIS).
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What is POMIS?
Post Office Monthly Income Scheme (POMIS) is a small savings scheme backed by the Government of India. This scheme offers a guaranteed monthly income. Main features of POMIS include a monthly interest payout, low-risk and over 7% returns. After a one-time investment, the scheme offers a monthly income for five years.
The maximum investment in a single account of POMIS is Rs 9 lakh, while in a joint account, account holders can deposit up to Rs 15 lakh.
The maximum investment in a single account of POMIS is Rs 9 lakh, while in a joint account, account holders can deposit up to Rs 15 lakh.
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What is the interest rate available in POMIS?
The scheme currently offers an interest rate of 7.4% per annum. The interest rate is revised by the government every quarter. If the interest payable every month is not claimed by the account holder, such interest will not earn any additional interest, as per information available in the India Post website.
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How to get Rs 9,000 per month from POMIS?
* To earn Rs 9,000 per month through the Post Office Monthly Income Scheme (POMIS), an investor needs to invest approximately Rs 14.60 lakh in a joint account.
* On a Rs 15 lakh deposit in a joint account, the monthly income will be Rs 9,250. It means, a maximum of Rs 1.10 lakh interest income in a year can be generated from the scheme in a joint account.
* To earn Rs 9,000 per month, you need to invest Rs 14.6 lakh in a joint account in POMIS.
* Current interest rate: 7.4% per annum
* Rs 14.6 lakh × 7.4% = Rs 9,003 per month, Rs 1,03,680 per year
* On a Rs 15 lakh deposit in a joint account, the monthly income will be Rs 9,250. It means, a maximum of Rs 1.10 lakh interest income in a year can be generated from the scheme in a joint account.
* To earn Rs 9,000 per month, you need to invest Rs 14.6 lakh in a joint account in POMIS.
* Current interest rate: 7.4% per annum
* Rs 14.6 lakh × 7.4% = Rs 9,003 per month, Rs 1,03,680 per year
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POMIS deposit details
A POMIS account can be opened with a minimum deposit of Rs 1,000 or any sum in multiple of Rs 1,000 and there shall be only one deposit in an account. A maximum of Rs 9 lakh can be deposited in a single account and Rs 15 lakh in a joint account.