What You Need to Know About Post Office Monthly Income Scheme (POMIS): Benefits, Eligibility, How to Open Account & Required Documents

Post Office Saving Scheme: The Post Office Monthly Income Scheme (POMIS) is an investment scheme that has been approved by the Ministry of Finance. It is meant for those investors who are looking for a low-risk investment option with fixed monthly returns. With an attractive rate of interest of 6.6% per annum for senior citizens, POMIS is one of the most trustworthy investment options for risk-averse investors. This scheme also provides investors with the facility to invest a minimum of ₹1,500 with fixed monthly returns as per the applicable rate of interest.

Key Features of the POMIS Scheme

• Maturity Period: The scheme has a maximum maturity period of 5 years.
• Number of Holders: Only 1 to 3 persons can hold an account as joint holders.
• Nomination: The nominee can be nominated at the time of opening the account or later. Only the nominee will get the benefits in case of the death of the investor.
• Account Transfer: The investor can transfer his POMIS account from one post office to another in any part of India.
• POMIS Bonus: The accounts opened before 1st December 2011 get a bonus of 5%. There is no bonus for new accounts.

Benefits of Investing in POMIS

• Capital Protection: Returns are protected by the government, making it absolutely safe.
• Low-Risk Investment: The returns are not affected by market fluctuations.
• Fixed Lock-in Period: There is a minimum 5-year lock-in period, which promotes disciplined saving.
• Affordable Investment: Monthly investments are very manageable and flexible.
• Inflation Resilience: It provides a stable monthly income even during inflation.
• Joint Ownership: More than one person can hold an account.
• Ease of Transaction: Easy deposits and withdrawals are available at post offices across the country.
• Ideal for Senior Citizens: It is perfect for those who are looking for long-term security with a regular income.

POMIS Eligibility Criteria

• A citizen of India and resident of India.
• At least 18 years of age.
• Minor accounts can also be opened under the above conditions.

Exclusion: Non-Resident Indians (NRIs) cannot invest in POMIS.

How to Open a POMIS Account (Offline)

• Open a Post Office savings account if you don’t already have one.
• Get the POMIS application form from your post office or download it from here.
• Fill out the form and submit it along with self-attested copies and original copies of your documents for verification.
• Enter the nominee details such as name, date of birth, and mobile number.
• Initial deposit of ₹1,500 or more to be made through cash or cheque.

Required Documents to open POMIS Account

• Proof of Identity (Passport, Voter ID, Driving License, Aadhaar, etc.)
• Proof of Address (Government ID or utility bill)
• Passport-size photographs

The Post Office Monthly Income Scheme is ideal for those looking for secure, regular, and predictable returns on their investments. The scheme is ideal for senior citizens and conservative investors due to the government support, easy transactions, and tax-free returns.

Disclaimer: This article is for information purposes only and is not financial advice. Please consult a certified financial advisor before investing.