POMIS (Post Office Monthly Income Scheme)

Post Office Monthly Income Scheme (MIS) is meant for investors who want to invest a sum amount initially and earn interest on a monthly basis for their livelihood. The scheme is, therefore, more beneficial for retired persons.

Changes in the scheme :

NPS Forms in Excel
Download Post Office Forms
Post Office Deposit Calculators

The maturity period reduced from 6 years to 5 years w.e.f. 01.12.2011.
The rate of interest increased from 8.00% to 8.20% per annum w.e.f. 01.12.2011
No maturity bonus is payable w.e.f. 01.12.2011
The rate of interest increased from 8.20% to 8.50% per annum w.e.f. 01.04.2012
Interest Rate revised to 8.40% per annum w.e.f. 01.04.2013

Salient features of POMIS (Post Office Monthly Income Scheme)

Item	Description
Eligibility	Any individual singly or jointly with other one or two adults. A guardian on behalf of minor or a person of unsound mind. A minor who has attained the age of 10 years.
Minimum amount	Rs. 1,500/-
Maximum amount	Rs. 4.5 lakhs in single account and Rs. 9 lakhs in joint account. Any number of accounts can be opened subject to the maximum prescribed limit.
Maturity period	Six years for accounts opened upto 30th November 2011. Five years for accounts opened after 1st December 2011.
Nomination facility	Available
Interest Rate	8 per cent per annum for accounts upto 30th Novemeber 2011. Additionally bonus of 5 per cent of the deposit amount on maturity after six years for accounts opened upto 30th November 2011. 8.20 % per annum on accounts opened on or after 1st December 2011. No bonus is payable for accounts opened on or after 1st December 2011. Interest rate revised to 8.50% w.e.f. 01.04.2012. Interest rate revised to 8.40% w.e.f. 01.04.2013.
Premature withdrawal	Can be prematurely encashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.) No bonus is applicable to any premature closure of the Account.
Tax benefits	Not available.
Interest Taxability	Taxable.
Other features	Deposits are exempt from Wealth Tax. Non-Resident Indians and HUFs are ineligible to open the account. Facility of automatic credit of monthly interest to saving account if accounts are at the same post office. Interest not withdrawn do not earn any interest. Minors have a separate limit of investment of Rs. 3 lakhs and the same is not clubbed with the limit of guardian. No tax deduction at source. A single Monthly Income Scheme Account can be converted into joint Account and vice versa.
Agency Commission	0.5% w.e.f. 1st December 2011.

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