Post Office Bumper Scheme: Husband and wife will get Rs 9000 monthly

Post Office Monthly Income Scheme (POMIS). This is a popular Post Office scheme that allows a couple (husband and wife) to potentially receive around Rs 9,000 per month as fixed interest income. Post Office Bumper Scheme: Husband and wife will get Rs 9000 monthly.

Here’s how it works:

Post Office Monthly Income Scheme (POMIS):

To provide a fixed, regular monthly income to investors, especially suitable for retirees, senior citizens, and those seeking low-risk, steady returns. It’s a lump-sum investment scheme. You deposit a certain amount, and then you receive interest on that amount every month. The interest rate for POMIS is currently 7.4% per annum, payable monthly. These rates are subject to change quarterly by the government.

Maximum Investment Limit:

Single Account: A maximum of Rs 9 lakh can be deposited.

Joint Account: A maximum of Rs 15 lakh can be deposited. This is the key for a husband and wife to get a higher monthly income.

Tenure: The maturity period for POMIS is 5 years. After maturity, you can withdraw the principal amount or reinvest it.

How to get Rs 9,000 per month (approx.):

If a husband and wife open a joint POMIS account and deposit the maximum limit of Rs 15 lakh, the annual interest at 7.4% would be Rs 1,11,000. Dividing this by 12 months, the monthly income generated would be approximately Rs 9,250.

Key Features and Benefits:

Government-backed: Your investment is completely safe as it’s backed by the Government of India.

Guaranteed Income: You receive a fixed and assured income every month, regardless of market fluctuations.

Low Risk: Ideal for risk-averse investors.

Accessibility: Easily accessible through all Post Offices across India.

Allowed after 1 year, but with a penalty (2% of deposit if withdrawn between 1 and 3 years, 1% if withdrawn between 3 and 5 years). The interest earned from POMIS is taxable as per your income tax slab. There are no tax benefits on the investment itself under Section 80C.

How to Open a POMIS Account:

Open a Post Office Savings Account: You need to have a Post Office Savings Account to receive the monthly interest payouts.

Get Application Form: Obtain the POMIS application form from your nearest Post Office.

Fill and Submit: Duly fill the form.

Documents Required:

Identity Proof (Aadhaar Card, PAN Card, Passport, Voter ID, Driving License)

Address Proof (Aadhaar Card, utility bills)

Passport-sized photographs

Carry original documents for verification.

Initial Deposit: Make the initial lump-sum deposit via cash or cheque.

This scheme is an excellent option for couples looking for a reliable and steady stream of monthly income without taking on market risk. Always confirm the latest interest rates and rules at your local Post Office before investing.

Also Read: Aadhaar Fraud: How to Check Fake Loans Linked to Your Aadhaar