Post Office Monthly Income Scheme (POMIS)-a government small savings scheme by the government, gives an opportunity to earn every month.
By investing in this scheme, you can earn a fixed amount every month. Under this scheme, you can open a single or joint account and deposit a lump sum and you can earn money based on the investments.
The plan is for 5 years and its maturity period is 5 years. Also, there is a 100 percent guarantee of government security on your investment and any Indian citizen can invest in the Post Office Monthly Income Scheme.
To open an account under this scheme, it is necessary to have a savings account in the post office. For this, you will have to provide ID proof. For this, you will have to provide an Aadhaar Card, Voter ID, DL or Passport, etc.
Along with this, you will also need 2 passport size photos. A maximum of Rs 4.5 lakh can be invested in a single count, while a maximum of Rs 9 lakh can be invested in a joint account.
There can also be 3 adults in a joint account instead of 2, but the investment limit is only Rs 9 lakhs. The government has fixed an annual interest rate of 6.6 percent for the post office monthly income scheme for the current quarter.