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POMIS SCHEME - Post Office Monthly Income Scheme 2022

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What are the Investment options for pensioners and senior citizens?

Retirement is a crucial stage of life that everyone goes through. And when it comes to planning for your retirement, it looks like a continuous and lifelong process that evolves over time. Whether you are salaried or an entrepreneur, everyone expects to secure their lives after retirement. And, while it is important to plan at every stage of life to secure your life post-retirement, it is also normal to look out for investment options post-retirement. After retirement, income stops but expenses don’t. Considering the inflation rate and high standard of living of the decade, a regular monthly pension is no longer sufficient. We have got a few investment options for senior citizens and pensioners that may help you reduce your stress. Take a look.

Senior Citizen Savings Scheme (SCSS)

A Senior Citizens’ Saving Scheme (SCSS) is a government-backed retirement initiative Indian Senior citizens can invest a lump sum amount in the scheme, individually or jointly, and draw regular income along with tax benefits. If the bank allows, one can open the SCSS online account through internet banking or mobile banking app.

Senior Citizen Fixed Deposits Senior Citizen Fixed Deposits (FDs) offer special interest rates to individuals who are over the age of 60. These FDs have a wide range of benefits attached to them. It creates a safe space for the money to grow at a steady pace. It can also help in saving tax if it is a 5-year tax saver FD.

Pradhan Mantri Vaya Vandana Yojana It is a scheme operated by Life Insurance Corporation (LIC). It is a low-risk investment pension plan for people only over 60 years of age. With a tenure of 10 years, it offers an interest rate of 7.4% for the ongoing financial year. Post Office Monthly Income Scheme (POMIS) POMIS is a government of India-backed small savings scheme that allows the investor (s) to set aside (save) a specific amount every month. This scheme has a tenure of 5 years and once invested the interest rates continue to remain constant till maturity.

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Check your savings with Post Office Monthly Income Scheme Calculator

Post Office monthly saving scheme is an initiative to make people understand the value of savings. Since it is a government entity especially people who have low income. Also, monthly saving is much more suitable as compared to lump sum savings. So, if you have not yet started saving money, you can do it from now onwards.

But first do check your saving status with post office monthly income scheme calculator. It will help to track your financial goal so that you can change your investment amount if possible.

Post office monthly income scheme calculator

Just like other investment calculators such as RD calculator, FD calculator or SIP calculator, there is a post office monthly income scheme calculator as well. You can check whether your decided amount is going to help you achieve the target or not.

What is the minimum and maximum amount you can invest in POMIS?

The minimum amount you can save in Post Office MIS account is Rs. 1,500 and the maximum limit is Rs. 4.5 lakhs. You can select the amount as per your budget. MIS is a great choice for those who want a secure saving option.

What are the documents required to open Post Office MIS account?

The needed documents for opening an account are:

An account opening form

Two passport size photographs

Address proof such as the Aadhaar card, passport, driving license, voter ID card, ration card, PAN card or declaration in Form 60 or 61 as per the Income Tax Act, 1961

Identity proof

What are the features of POMIS?

An account can be opened by cash/cheque by an individual.

Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.

You can transfer the account from one post office to another.

Nomination facility is available.

An account can be opened in the name of a minor. A minor of 10 years and above age can open and operate the account.​​​

After attaining majority she/ he has to apply for conversion of the account in her/ his name.

Joint account can be opened by two or three adults. All joint account holders have equal share in each joint account.

You may convert your Single account into Joint and Vice Versa.

The maturity period of this account is 5 years.

How can you open POMIS account online?

This facility is not available online. To open an account you will have to visit the nearest post office branch along with the required details. You can choose to pay offline every month on the date of investment or opt for automatic deduction. The day your account is activated and you invest money is the date considered for next investments. So, even if you open an account on the last day of the month, your money will be deducted at the same date of next month.

So, if you have not yet started saving money because you have been looking for a safe investment option, POMIS is a great choice to start with.

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