POMIS investment limit increased from 1st April 2023: Person opening account under Post Office Monthly Income Scheme will get payment of interest every month and investment limit has also been increased.
The government has increased the investment limit for investors of the Post Office Monthly Income Scheme (POMIS). Now individual account holders will be able to invest up to Rs 9 lakh. The investment limit has also been increased for joint account holders. The central government is giving an interest rate of up to 7.1 percent to the investors of this post office scheme. In such a situation, investors have a chance to earn more returns.
Under Post Office Monthly Income Scheme
Investment limit for individual account holders under POMIS has been increased from Rs.4 lakh to Rs.9 lakh. At the same time, the maximum investment limit for joint account holders has been increased to Rs 15 lakh. Earlier it was nine lakh rupees. Investors will be able to deposit the amount under the increased investment limit from April 1, 2023 and earn more profits.
Interest Rate and Minimum Investment on Monthly Income Scheme
The person opening the account under the Monthly Income Scheme (MIS) will get the payment of interest every month. The interest rate for this program is revised every quarter by the government. The interest rate for the current January-March 2023 quarter is 7.1 per cent. The minimum investment limit under the scheme has been fixed at Rs 1000.
How to open post office monthly income scheme account
To open an account under the Monthly Income Scheme (MIS), the applicant has to submit an application to the post office along with some required documents. The applicant can obtain the account opening form from the post office and submit it along with the KYC form and PAN card. Joint account holders will also have to submit KYC documents. The form should be filled correctly and submitted after signing.
How will the interest payment of monthly income scheme
Under Monthly Income Scheme (MIS), interest is paid at the end of each month from the date of account opening till maturity. If the account holder has made an additional deposit, the interest rate applicable to the additional deposit will be applicable at the Post Office Savings Account rate only. The interest earned by the account holder will be taxable.
Period and rules of monthly income scheme
Monthly Income Scheme (MIS) has a tenure of 5 years. No deposit can be withdrawn before one year from the date of deposit. If the account is closed after one year but before three years, 2% of the principal will be deducted and the balance amount will be paid. If the account is closed after three years, 1% of the deposit will be deducted and the balance will be paid.