The 1,000/M Investment New Post Office Scheme is part of the Monthly Income Scheme. This scheme is a reliable investment avenue offered by the India Post and this scheme is designed to provide individuals with a steady monthly income. This investment is good for the risk averse investors. This is best for those individuals who seek fixed returns and minimal risks. This scheme allows the individuals to deposit a lump sum amount and earn assured monthly interest for a period of five years. This scheme is supported by the Government of India and ensures capital protection and guarantees a fixed return. This scheme offers safe investment.
1,000/M Investment New Post Office Scheme
The 1,000/M Investment New Post Office Scheme can be part of the passive income which is essential for financial stability. Whether the individual is a retiree, homemaker or salaried professional who is looking for additional earnings. The post office MIS can help you manage expenses with interest payouts. This provides fixed monthly interest. The stock market fluctuations do not affect these fixed monthly returns. This 1000 monthly investment scheme is applicable to all the post offices in India and this makes it accessible for every citizen. The interest is taxable but no TDS on interest is there. If maturity proceeds then this can be reinvested in the same or other post offices schemes.
Post Office Monthly Income Scheme – Overview
| Post Title | 1,000/M Investment New Post Office Scheme |
| Country Name | India |
| Scheme Name | Post Office Monthly Income Scheme |
| Minimum Investment | Rs. 1,000 |
| Interest Rate | 7.4% Per Annum, Payable Monthly |
| Maximum Investment | Rs. 9 Lakh For Single Account and Rs. 15 Lakh for Joint Account |
| Post Office MIS Eligibility Criteria | Indian Qualified Residents |
| Premature Withdrawal | Allowed after one years with a penalty:After One Year but Before three Years: 2% Dedication and After Three Years but Before Five Years: 1% Deduction |
| Post Office Monthly Income Scheme Total Amount | See this Page |
| Category | News |
| Official Web Portal | www.indiapost.gov.in |
Post Office MIS Eligibility Criteria
- Only Indian residents are eligible to invest.
- The applicant must be aged 18 years.
- The minors who are aged above ten years can operate this account under guardian supervision.
- The single individual can invest and with this the joint account is also there. Upto three adults, the individuals can invest in a Joint account.
POMIS Total Investment Amount
The minimum investment under POMIS is Rs. 1,000. The individuals can invest a maximum of 9 lakh and joint account holders can invest a maximum of 15 lakhs. The interest is 7.4% per annum and this interest is payable monthly. Suppose a person invests 3 Lakh and the interest rate is 7.4%. The annual interest that the individual will earn will be Rs. 22,200. The monthly interest payout will be Rs. 1,850. It means that by investing three lakh the investor can earn Rs. 1850 per month as a fixed income. The principal amount is returned back after 5 years.
Fact Check: 1,000 Monthly Income Scheme In India
This Post Office Monthly income scheme is fully reliable and the minimum investment is Rs. 1,000. The individual in a single account can invest 9 lakh and the individual in a joint account can invest 15 lakh. The individual can go to the nearest post office for this investment. The resident must fill the POMIS application form for this investment and the investment amount must also be deposited. For the more updates on this Post office MIS, the residents can see the official page of India Post which is www.indiapost.gov.in.
FAQ Related To 1,000/M Investment New Post Office Scheme
As of now, the interest rate is 7.4% per annum and payable monthly to the POMIS account.
The investment tenure is five years after which the principal is returned.
Yes, the individual can withdraw money before maturity but with a penalty. Before one year no withdrawal penalty is there but if the individual withdraws after one year but before three years, 2% deduction is there. If the individual withdraws after three years but before five years then 1% deduction is there.
Yes, the interest earned is fully taxable but there is no deduction of the TDS.
Yes, the POMIS account can be transferred to another post office in India.
Yes, the individual can open multiple POMIS accounts but the total investment must not cross 9 lakh for an individual and 15 lakh for a joint account.