Post office mis interest rate 2023

Post Views: 76 What is Post Office Monthly Income Scheme (POMIS)? Post Office Monthly Income Scheme (POMIS) is a savings scheme offered by the Indian Post Office that provides fixed monthly income to investors. Deposits under the POMIS can be made in the range of Rs. 1500 to Rs. 4.5 lakhs. The interest earned and the deposit are both eligible for tax benefits as per the prevailing tax laws. Post Office Monthly Income Scheme for senior citizens The Post Office Monthly Income Scheme (POMIS) also has a special variant for senior citizens, which offers a slightly higher interest rate of 7.4% p.a. The other terms and conditions of the scheme remain the same as the regular POMIS. To be eligible for the senior citizen variant of the POMIS, the depositor must be at least 60 years of age. This scheme provides a regular and stable source of income for senior citizens and is considered to be a safe investment option. Post Office Monthly Income Scheme: Interest Rate for POMIS 2023 The post office monthly income scheme offers an interest rate of 6.6% p.a., payable monthly, and has tenure of 5 years. Post Office Monthly Income Scheme: Features The features of the Post Office Monthly Income Scheme (POMIS) are: • Fixed monthly income: POMIS provides a fixed monthly income to investors, with an interest rate of 6.6% p.a. for regular depositors and 7.4% p.a. for senior citizens. • Tenure: The scheme has a fixed tenure of 5 years, after which the deposit can be renewed for another term. • De...

To open an MIS scheme, a person has to visit a post office and fill up a common account opening form. Photographs of the applicants with KYC documents for identity and address proof have to be provided with the form. The post office will also need an initial contribution cheque with the application. An MIS account is valid for five years. The account cannot be closed for a year. If the account is closed after a year but before three years, the account holder will forfeit 2% of the principal. If it is closed after 3 years but before 5 years from the date of opening, 1% of the principal will be forfeited. (a)Who can open:- (i) a single adult (ii) Joint Account (up to 3 adults) (Joint A or Joint B)) (iii) a guardian on behalf of minor/ person of unsound mind (iv) a minor above 10 years in his own name. (b)Deposit:- (i) Account can be opened with minimum of Rs. 1000 and in multiple of Rs. 1000. (ii) In a joint account, all the joint holders shall have equal share in investment. (iii) Deposits/shares in all MIS accounts opened by an individual shall not exceed Rs. 4.50 lakh. (iv) Limit for account opened on behalf of a minor as guardian shall be separate. (c)Interest:- (i) Interest shall be payable on completion of a month from the date of opening and so on till maturity. (ii) If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest. (iii) In case any excess deposit made by the depositor, the excess deposit wi...

POMIS (full form – Post Office Monthly Income Scheme) is a popular savings scheme offered by the Indian Postal Service. The scheme aims to provide a fixed monthly income to investors seeking a regular source of income. You can open a POMIS account with just Rs.1,000. The lock-in period (maturity period) is 5 years and the current POMIS interest rate stands at 7.40%. POMIS Post Office MIS Details Interest Rate 7.40% Minimum Amount Rs.1,000 Maximum Amount Rs.9 lakh (for a single account)* Rs.15 lakh (for joint account) Lock-in Period 5 years Eligibility Indian Resident above 10 years Tax Benefits Nil Penalty Fee or Premature Withdrawal 1% – 2% (depending on the timeframe) *Note that as per the latest announcement in Budget 2023, the Finance Minister has proposed to increase the single and joint account investment limit to Rs.9 lakh and Rs.15 lakh, respectively. Post Office Monthly Income Scheme (POMIS) Post Office Monthly Income Scheme is a savings scheme launched by the Department of Post. Depositors/investors can open a POMIS account with a deposit of Rs.1,000. The current interest rate of POMIS stands at 7.40% interest rate. The interest is paid at the end of each month from the account’s opening date until it achieves maturity. Post Office MIS Interest Rate 2023 Post Office Monthly Income Scheme interest rates are subject to change. For instance, from January 2023 to March 2023, the Post Office MIS interest rate is set at 7.4%. However, between January and March 2023, th...

What is Post Office Monthly Income Scheme? Equity funds, depository funds, and SIP are the most sought-after investment options in India. But for someone with lower risk tolerance, government-authorized policies like employee provident funds, public provident funds, and post office depository schemes are the safer routes to earning returns on investments or parking the surplus income. The post office offers multiple depository plans that promise decent returns on investments like Post Office Savings Account, Post Office Monthly Income Scheme (POMIS ), and Post Office Recurring Deposit. However, POMIS is the most popular depository service of the Indian Post Office since the POMIS interest rate is one of the highest at 6.7% . With POMIS , investors deposit a specific amount every month. The interest is generated at the specified rate every month. This postal MIS scheme might not be the first choice for seasoned investors owing to the capped returns, but it has several benefits. To learn more about the POMIS scheme , read on. *By signing up you agree to our Key Features of the Postal MIS Scheme Although Post Office investment options are not much popular in metropolitan areas, they are the most credible investment avenues backed by the Indian Ministry of Finance. POMIS is perhaps the best investment option offered by the post office. Let us look at some of the crucial features of the Post Office Monthly Income Scheme . • Monthly Returns- As the name indicates, the Post Offic...

Investment Plans • Investment Plans for NRIs • Pension Plans for NRIs • Guaranteed Return Plans for NRIs • Child Plans for NRIs • SIP Plans For NRIs • Investment Plans with High Returns • Market Linked Investment Plans (ULIP) • Capital Guarantee Plans • Tax Saving Investments • Endowment Policy • LIC • Money Back Policy • Annuity Plans • Health Insurance Health Insurance • Health Insurance Plans • Family Health Insurance • Health Insurance for NRIs • Senior Citizen Health Insurance • Health Insurance for Parents • Best Health Insurance Plans • Maternity Insurance • Health Insurance Portability • Mediclaim Policy • Critical Illness Insurance • Health Insurance Calculator • Health Insurance Companies • Health Insurance Claim • Motor Insurance Post Office Monthly Income Scheme - MIS Interest Rate 2023 Post Office Monthly Income Scheme (POMIS) is an investment scheme of the Indian postal service. It promises the investor guaranteed returns at 7.1% per annum in the form of fixed monthly income. The Union Government revises these interest rates each quarter. Read more Key Features of Post Office Monthly Income Scheme Some notable features of the scheme are as under: • POMIS account is transferable from one post office to another free of cost. • For every post office deposit, investors can open multiple accounts. • The maturity amount realized at the end of the term can be reinvested in POMIS. • The investor can also appoint a nominee for their Post Office Monthly Income Scheme a...