This special post office scheme gives good income to children, open an account with Rs.1000 and get fixed income every month | This special post office scheme gives good income to children, open an account with Rs.1000 and get fixed income every month

This special post office scheme gives good income to children, open an account with Rs.1000 and get fixed income every month | This special post office scheme gives good income to children, open an account with Rs.1000 and get fixed income every month

Post Office Monthly Income Scheme (POMIS) is a savings plan in which you get a fixed income every month after investing in a deposit. (This special post office scheme gives good income to children, open an account with Rs.1000 and get fixed income every month)

This special post office scheme gives good income to children, open an account with Rs.1000 and get fixed income every month

This special post office scheme gives good income to children

New Delhi: The government has not made any change in interest rates on small savings schemes in the current quarter. This means that interest rates on small savings plans will remain the same till September. This includes post office savings schemes and the government is paying interest at an annual rate of 6.6%. The most important thing is that there are some schemes in the post office which can be availed by children as well as adults and can be refunded. It has a plan, post office monthly income plan. (This special post office scheme gives good income to children, open an account with Rs.1000 and get fixed income every month)

Post Office Monthly Income Scheme (POMIS) is a savings plan in which a fixed income is earned every month after the investment of a deposit. This fixed income is based on fixed interest on accumulated capital. Children below the age of 10 can also avail this post office scheme. Any citizen of India can start a monthly income plan at the post office. A maximum of 3 adults in the family can open this account. Any child above the age of ten can avail the benefit of this scheme in their own name.

How much to deposit

A minimum deposit of Rs.1000 / – is required to open a Post Office Monthly Income Scheme account. If you have a single holder account, you can deposit up to a maximum of Rs. If the same account is opened jointly, two people can have a maximum amount of Rs 9 lakh. In this, each account holder has the same investment and the income on it will also be the same.

How much interest do you get?

Interest has been fixed on this account from the date of opening of the account. Interest is credited to the amount deposited in the account at the end of the month. This cycle continues until maturity. Since the scheme is monthly, interest has to be paid every month. If the amount of interest remains in the account, it will be of no use as no additional income has been added to the interest. Not only that, if you deposit more than the fixed limit of the account, it will be refunded. If you do not take more than the limit, you will be charged interest at the rate of Post Office Savings Account. Interest will be charged from the time of opening the account till the date of return.

If you wish, you can also automatically debit the interest rate on the savings account. If you want to receive money electronically or online, you need to contact the post office. You should also know the tax rule from the interest you get on the deposit. I.e. whether the interest earned under 80C is tax free.

What is the maturity?

It can be closed up to 5 years after the account is opened. For this you have to fill the application with passbook. The account is closed in case of death of the depositor during the scheme. The deposit amount is paid to the nominee or to the legal heirs of the depositor. At the time of account opening, a family name must be entered which will be as a nominee. In case of death of the depositor, the nominee can assert his claim on the deposit. Withdrawals cannot be made within one year from the date on which the money is deposited. If the account is closed within 1 to 3 years, 2% of the amount will be deducted from the original amount and the remaining amount will be refunded. If the account is closed between 3-5 years, the deduction amount will be 1%. (This special post office scheme gives good income to children, open an account with Rs.1000 and get fixed income every month)

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