Post Office MIS:- One such program is the Post Office Monthly Income Scheme (POMIS), which allows you to invest a set amount and receive a fixed interest payment each month. You can invest in this from any post office, as the name would imply. We will discuss the following POMIS facets in this article. Under the direction of the Finance Ministry, the Post Office provides POMIS in addition to a variety of banking products and services. As a result, it is very trustworthy. It produces a consistent income and is a low-risk MIS. Over a five-year period, you may invest up to Rs. 9 lakh individually or Rs. 15 lakh jointly. Its main goal is to protect capital.
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Latest Update:
- Budget 2023–24: An increase in the maximum deposit limit of Rs. 4.5 lakh and Rs. 9 lakh to Rs. 15 lakh for a joint account is made for the monthly savings scheme.
- The Post Office has long been a reliable location to deposit and exchange money, just like any other nationalized bank. For the older generation in particular, this is true. Post Office branches all over the nation provide a variety of savings plans.
- One such program is the Post Office Monthly Income Scheme (POMIS), in which you can invest a set amount and receive a monthly fixed interest payment. You may invest in this from any post office, as the name would imply. The following POMIS aspects will be discussed in this article.
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Features & Benefits of Post Office MIS
- Tenure: Post Office MIS has a five-year lock-in period. When the scheme matures, you have the option to reinvest or withdraw the invested amount.
- Low-risk investment: Since it’s a fixed-income plan, your money is safe and not vulnerable to market fluctuations.
- Reasonable deposit amount: A meager Rs. 1,000 initial investment will suffice. You are able to invest multiples of this amount, based on your affordability.
- Assured Returns: Every month, you get interest. While not exceeding inflation, the returns are higher than other fixed-income investments like FDs.
- x-efficiency: TDS is not applicable, and your investment is not protected by Section 80C.
- Payout: Rather than at the start of each month, you will get your payout one month after making your initial investment.
- Ownership of multiple accounts: You are able to open multiple accounts under your name. However, the total deposit amount for all of them combined cannot be more than Rs. 9 lakhs.
- Account joint: Two or three people can open an account jointly. In this instance, the maximum total that can be invested in this account is Rs. 15 lakhs.
- Money transfer: The investor has the option to transfer the money to a recurring deposit (RD) account, a recent addition from the Post Office.
- Nominee: In the event that the investor dies before the account’s term expires, the beneficiary—a family member—may be designated by the investor to receive the benefits and corpus.
- Simple money/interest transactions: You have the option of automatically receiving your monthly interest transfer to your savings account or picking it up directly from the post office. Another profitable option in SIPs is to reinvest the interest.
- To avail of benefits, you can re-invest the corpus in the same scheme after it matures for the next five years.
Disadvantages of Post Office MIS
What occurs if you have to take the money out before five years is as follows:
- It is not possible to withdraw the amount within the first year of the deposit.
- Any funds that remain after the first three years will be transferred to your account, less a 2% principal penalty.
- If you close the account within three to five years, there will be a penalty of 1% of the principal; any amount that remains will be credited back to your account.
Eligibility criteria to open a Post Office MIS account
- To open a POMIS account, one must be a resident Indian.
- The scheme’s benefits are not available to NRIs.
- Any adult can open a POMIS account.
- If the minor is ten years of age or older, you can open an account on their behalf. Once they turn eighteen, they can access the fund.
- After reaching adulthood, a minor must request that the account be converted to his name.
| Account Type | Maximum Deposit Amount Allowed |
| Single Account | Rs. 9 lakhs |
| Joint Account (2 or 3 adults) | Rs. 15 lakhs |
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Who Should Invest?
Investors who want a fixed monthly income but don’t want to take on any risk in their investments can consider the Post Office Monthly Income Scheme. Therefore, it is more advantageous for seniors or retirees who have reached the “no more paycheck” zone. It is appropriate for investors looking for a one-time investment to support their lifestyle with consistent income. Those with the patience to make long-term investments
Maximum Investment Amount in Post Office MIS
The total amount that can be invested across all POMIS accounts is limited, even though there is no cap on the number of accounts that a person may own.
- The maximum amount that can be invested in POMIS for a solely operated account is Rs. 9 lakh.
- The maximum amount that joint holders (up to three joint holders) can invest in POMIS is Rs. 15 lakh.
Current Interest Rates on Post Office MIS
The Central Government of India and the Finance Ministry set the interest rate for the Post Office Monthly Income Scheme. Every quarter, the interest rates are frequently adjusted based on the returns produced by government bonds with comparable maturities.
The interest rates from the past and present are shown in the following table:
| Time Interval | POMIS Interest Rate (Per Annum) |
| 1st October 2023 – 31st December 2023 | 7.40% |
| 1st April 2023 – 30th June 2023 | 7.40% |
| 1st January 2023 – 31st March 2023 | 7.10% |
| 1st October 2022 – 31st December 2022 | 7.10% |
| 1st April 2020 – 30th September 2020 | 6.60% |
| 1st January 2020 – 31st March 2020 | 7.60% |
| 1st October 2019 – 31st December 2019 | 7.60% |
| 1st July 2019 – 30th September 2019 | 7.60% |
| 1st January 2019 – 31st March 2019 | 7.70% |
| 1st October 2018 – 31st December 2018 | 7.70% |
| 1st January 2018 – 30th September 2018 | 7.30% |
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Aadhaar and PAN Now Mandatory for Post Office MIS
- According to a recent notification from the Ministry of Finance, in order to create a new POMIS account, you must now supply your PAN and UID. When opening an account, you must show proof that you have applied to be enrolled for an Aadhaar card or enrollment ID if you haven’t already been given one. You also need to give the accounts office your Aadhaar number within six months of opening the account.
- With effect from April 1, 2023, if you currently have a Post Office Monthly Income Scheme account and have not yet submitted your Aadhaar number, you have six months to do so. Furthermore, if you failed to submit your PAN when you opened the account, you must do so within two months of the date that any of the following events occurred, whichever comes first:
- The account balance at any given moment is more than Rs. 50,000.
- In any given fiscal year, the total of all credits in the account exceeds one lakh rupees.
- The total amount of withdrawals and transfers made from the account in a given month exceeds Rs. 10,000.
- Your account will become inactive until your PAN and/or Aadhaar number are submitted to the accounts office if you do not submit your Aadhaar within the allotted 6-month period and your Aadhaar within the allotted 2-month period.
How to Open a Post Office MIS Account?
The procedures listed below can be followed to open an account under the Post Office Monthly Income Scheme:
- You need a Post Office savings account first. If you haven’t got one already, open the same account.
- Obtain an application from the postal service To download the POMIS Account application form, click this link.
- Complete the form and turn it in at the post office with the self-attested copies of all the necessary paperwork. Note: For verification, you must have the original paperwork with you.
- Mention the nominees’ names, dates of birth, and mobile numbers (if any).
- Proceed to deposit the initial funds (minimum Rs. 1000) by cheque or cash.
Application Process
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The procedures listed below can be followed to open an account under the Post Office Monthly Income Scheme:
- You need a Post Office savings account first. If you haven’t got one already, open the same account.
- The POMIS Account application form can be downloaded from the following link or obtained from your local post office: https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/Accountopening.pdf.
- Complete the form and turn it in at the post office with the self-attested copies of all the necessary paperwork.
- For verification, you need to have the original paperwork with you.
- Mention the nominees’ names, dates of birth, and mobile numbers (if any).
- Proceed to make the initial cash deposits (minimum of Rs. 1000).
Documents:-
- Identification proof in the form of a copy of a government-issued ID, such as an Aadhaar, passport, voter ID card, or driver’s license.
- A government-issued ID or recent utility bills serve as proof of address. passport-size photos
FAQ’s
Q. What are the rules of MIS in the post office?
Ans- Tenure: Post Office MIS has a five-year lock-in period. When the scheme matures, you have the option to reinvest or withdraw the invested amount. Low-risk capital: Because it’s a fixed-income scheme, your investment is safe and not vulnerable to market fluctuations.September 6, 2023
Q. What is the limit of Post Office MIS?
Ans- According to the Budget 2023 announcement, the maximum for joint holding has been raised from Rs 9 lakh to Rs 15 lakh, and the limit for single account users under the Post Office Monthly Income Scheme (POMIS) has increased from Rs 4 lakh to Rs 9 lakh.
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