You must have listened to the name of India Post. India Post controls the postal chain of India. But apart from controlling the postal chain, India Post also runs several Monthly Pension Scheme In Post Office for investors. Like the bank, the post office in India also runs many savings schemes for you. These savings plans make it easy for people to save their money.
Today’s post is related to the Post Office Saving Scheme 2022. In this post, we are going to deliver you all the important details related to this. Such as the procedure to apply for the Post Office Saving Scheme, Purpose, Types of Post Office Saving Scheme, Eligibility, Benefits, etc. The post office runs many savings schemes. Such as National Saving Certificate, Public Provident Fund, Sukanya Samriddhi Yojana, etc.
What Is the Monthly Pension Scheme In Post Office?
The Central Government of India announced the National Savings Monthly Income Scheme through notification GSR 917(E) on 12th December 2019. The scheme was introduced in accordance with Section 3A of the Government Savings Promotion Act, 1873 (5 of 1873). The monthly Income Scheme is available to all resident Indian citizens including minors.
Monthly Pension Scheme In Post Office scheme is an excellent investment option for retired individuals and those looking to earn regular interest income. Under this scheme, a maximum of Rs 4,50,000 can be deposited in an account at any time. People are authorized to open more than one account. However, the total amount in all the accounts should not exceed Rs 4,50,000. The maximum amount that can be held in a joint account at any point in time is Rs 9 lakh. These accounts come with a lock-in period of five years.
Monthly Pension Scheme In Post Office | Eligibility Criteria
The eligibility criteria play a major role for any government or non-government scheme or scheme. Today’s post is about the Post Office Monthly Income Scheme, here we have told you the necessary criteria for this:-
- Only an Indian citizen can open a POMIS account.
- Any adult can open an account after submitting the required documents at their nearest post office.
- POMIS accounts can be opened by minors of the age of 10 years or more.
- When children reach the age of 18, they will be eligible for benefits.
Monthly Pension Scheme In Post Office | Required Documents
There are many documents inside it, in which Personal Document is the main:-
- Aadhar Card,
- Pan Card,
- Voter Card
- Email ID, Phone Number
- Address Proof:- Ration Card, Electricity Bill,
Also Read: How To Open Sukanya Samriddhi Account Online In SBI
Monthly Pension Scheme In Post Office | POMIS Interest Rate
Interest will be payable on completion of one month from the date of account opening and till maturity. If the interest payable every month is not claimed by the account holder, then no additional interest will be earned on such interest. The interest in this is 6.6% per annum payable monthly. Monthly Pension Scheme In Post Office scheme
An investment of Rs 9 lakh in a joint account at the time of opening will provide Rs 4,950 per month. The total income earned as monthly interest would be Rs 2,97,000 (Rs 4,950 * 12 * 5) at the end of five years. Similarly, investing Rs 4 lakh in a personal account will fetch a monthly interest of Rs 2,200. It will be Rs 1,32,000 at the end of five years.
Monthly Pension Scheme In Post Office | Investment Plan
Post Office Monthly Income Scheme | Investment Plan:-
- Account minimum amount of Rs.1000/- and thereafter Rs. 1000/- can be opened.
- Maximum Rs.4.50 lakh in a single account & Rs.9 lakh can be deposited in a joint account.
- All joint holders will have an equal share in the investment in the joint account.
- Deposits/shares in all MIS account opened by an individual up to Rs. 4.50 lakhs.
- The limit of the account opened by the minor will be different from that of the guardian.
Types of Accounts of Monthly Pension Scheme In Post Office
The following accounts are allowed under National Savings Monthly Income Account:-
- Personal account to be operated by an adult with a limit of Rs 4.5 lakh.
- One joint account managed by a maximum of three adults with a limit of Rs 9 lakh.
- Small accounts operated by a legal guardian.
- One can open and handle more than one account, but a person cannot have investments in excess of the said limit, which is spread across all their accounts.
Monthly Pension Scheme In Post Office | Features
Given are some of the salient qualities of the Savings Monthly Income Scheme:-
- Accounts under the National Savings Monthly Income Scheme offer a fixed rate of interest irrespective of the market scenario.
- The current interest rate on these accounts is 6.6% per annum.
- The lock-in duration of these accounts is only 5 years.
- One can invest a minimum of Rs 100 in the deposit.
- Premature closure of accounts with penalty is allowed.
Also Read: How To Get Death Certificate Online
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