Post Office MIS Account Process: Post Office Monthly Income Plan (Post Office Monthly Income Scheme) is an investment with guaranteed returns! Which is available in the Post Office! You get guaranteed monthly income on what you deposit in the post office! Presently the deposit earns an interest of 7.8 per cent per annum, which is paid every month and hence the name ‘Monthly Income Scheme’ (POMIS).
Once you deposit in the post office, you get interest payment every month from the date of investment, not from the beginning of the month! The main objective of the Post Office Monthly Income Scheme is to provide fixed monthly returns to the account holders! And they have to generate regular income! Although POMIS does not offer any tax incentives, it is a preferred tool for small savers thanks to the government offering this product!
How to Open POMIS Account : Post Office MIS Account Process
If you have not opened Post Office Savings Account before!
Get POMIS application form from your post office!
Duly filled in Post Office along with Xerox copies of your ID, Residence proof and 2 passport size photographs
Submit form! Please do not forget to carry the original for verification!
You should take the signature of your witness or nominee on the form.
Make the initial deposit by cash or check! If you issue a post dated cheque, then that date will be counted as the date of opening of the account (POMIS Account).
Interest Rate on POMIS
- Interest rate (annual) on Post Office MIS!
- 1 April 2020 – 30 June 2020 6.60%
- 1 April 2018 – 30 June 2018 7.3%
- 1 January 2018 – 31 March 2018 7.3%
- 1 October 2017 – 31 December 2017 7.5%
- 1 July 2017 – 30 September 2017 7.5%
- 1 April 2017 – 30 June 2017 7.6%
Benefits of Post Office Monthly Income Scheme (MIS)
There are many benefits of investing in Post Office Monthly Income Plan! Because this is not a market linked investment plan! And it’s guaranteed by the government (POMIS), so it’s a low-risk option for many investors! You can invest the earned interest in high yielding securities like equity shares, equity funds! you can decide !
How to open Post Office Monthly Income Account: Post Office MIS Account Process
To open Monthly Income Scheme (MIS Scheme) account you have to go to your local post office branch.
First of all you have to open Post Office Savings Account!
Then, ask for the POMIS application form, fill in the required information, and attach documents including proof of identity and address.
Documentary evidence will need to be self-attested.
As of now there is no online facility available to open this account.
Post Office Account is an account with India Post – a government aided organization that provides postal services at its (Post Office) branches across the country. Post office savings account offers many facilities like e-banking, mobile banking, check facility, deposit and payment facility, loan application etc.
Another advantage of the Post Office Account is that it provides access to other savings schemes of the Post Office! This is for regular savings and investment purpose. Depositors can use their Post Office Savings Account for deposits, payments, withdrawals from their investments in savings schemes!
- Who can open Post Office Monthly Income Account
- Single person (over 18 years)
- Joint Account (Maximum 3 Adults)
- minors over the age of 10
A guardian can open a POMIS account on behalf of a minor or a person of unsound mind.
POMIS account can also be opened by cash or cheque. In case of cheque, the date of receipt of the check in Government Account shall be the date of opening of the account. Single account holders are allowed to convert their accounts into joint accounts or vice versa.
who gets the money from the joint account
All the account holders are considered to have an equal share in the money deposited in the Post Office Monthly Savings (Post Office MIS Scheme) account! Every account holder gets the income in the form of interest (Monthly Income) equally! And the money you get back after maturity! He also gets equally! In this way you can avail more benefits in the Post Office Monthly Income Scheme!