Post Office Monthly Income Scheme interest rate: What is the latest interest rate?
The Post Office Monthly Income Scheme (POMIS) is a government-backed investment plan offered via India Post. It is designed for individuals seeking a safer, fixed, and reliable monthly income. The government revises interest rates of POMIS along with other small savings schemes every quarter.
The interest rate is 7.4% per annum for the quarter January – March 2025 payable monthly. Interest is paid on completion of a month from the date of opening and so on till maturity.
“The rate of interest on various Small Savings Schemes for the fourth quarter of FY 2024-25 starting from 1st January, 2025 and ending on 31st March, 2025 shall remain unchanged from those notified for the third quarter (1st October, 2024 to 31st December, 2024) of FY 2024-25,” said the Department of Economic Affairs, Finance Ministry, via a press release dated December 31, 2024.
Post Office Monthly Income Scheme details
Under this scheme, investors deposit a lump sum amount for a tenure of 5 years and earn monthly interest on their deposit at a predetermined rate. The principal amount is returned in full at the end of the tenure. With moderate returns and no risk to capital, POMIS is particularly popular among retirees, senior citizens, and risk-averse individuals seeking a steady income source.
Post Office Monthly Income Scheme: Minimum and maximum investment
The Monthly Income Scheme account can be opened for a minimum of Rs. 1000 and in multiples of Rs. 1000 thereafter. A maximum of Rs 9 lakh can be deposited in a singly held POMIS account whereas a maximum of Rs 15 lakh can be invested in a joint POMIS account. An individual can open multiple POMIS accounts but total of deposits in all the POMIS accounts opened by the individual cannot exceed Rs 9 lakh. The limit for an account formed on behalf of a minor as guardian will be separate.
What if an excess deposit is made?
The excess deposit will be refunded, and the applicable interest rate will be the Post Office Savings Account interest rate from the account opening date to the refund date.
Post Office Monthly Income Scheme interest rate- Interest details
Interest is paid monthly, starting one month after the account opening date, and continues until maturity. The interest earned is taxable as per the depositor’s income tax slab.
Post Office Monthly Income Scheme- What happens on maturity?
The account can be closed after 5 years by submitting the closure application form and passbook at the Post Office. The principal amount is returned.
If the account holder dies before maturity, the account will be closed and the invested amount will be refunded to the nominee or legal heirs. Interest is paid up to the preceding month in which the refund is made, as per the post office website.
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