Here is the whole scheme in one place: what you get, who qualifies, how to apply, and what to check.
| Scheme | Post Office Monthly Income Scheme (POMIS) |
|---|---|
| Department | Department of Posts, Ministry of Communications, Govt of India |
| Benefit | Fixed monthly interest at 7.4 per cent a year, paid every month |
| Who can apply | Indian citizens, including guardians for minors and minors aged 10 or above |
| How it is paid | Monthly interest on a one-time deposit, claimed at the post office |
| Apply at | Any post office in India, or the official India Post website for information |
| Cost to apply | Minimum deposit of Rs 1,000, no application fee |
Key points
- Minimum deposit is Rs 1,000, in multiples of Rs 1,000.
- Maximum deposit is Rs 9 lakh in a single account and Rs 15 lakh in a joint account.
- Interest is paid monthly and must be claimed, or it is not added.
- The account can be closed early, with a small deduction.
So what exactly does an account holder get?
You deposit a lump sum once, when you open the account.
The scheme pays interest every month on that deposit. The current rate is 7.4 per cent a year.
Because the deposit is a one-time sum, the monthly amount depends on how much you put in.
As a rough example, a Rs 9 lakh single account has been reported to pay about Rs 5,550 a month. A Rs 15 lakh joint account has been reported to pay about Rs 9,250 a month. Rates can change, so check the official site before you invest.
Graphic: News Anek, from the facts in this report
Who can open an account, and who cannot?
Any Indian citizen can open a POMIS account.
A guardian can open an account on behalf of a minor. A minor who has reached the age of 10 can also hold an account.
A guardian can also open an account for a person of unsound mind.
A single account can be held by one person. A joint account can have up to three adults.
Why do people choose this scheme?
POMIS is a government-backed small savings scheme. Its returns do not depend on the stock market.
It suits retired people and others who want a steady, secure monthly income.
The scheme is run by the Department of Posts under the Ministry of Communications.
What will you need to keep ready?
Carry a valid identity proof and address proof, as the post office asks for them.
Keep your PAN card ready if the deposit is large, as the post office may ask for it.
Have the cash or cheque for your deposit ready, and a passport size photograph.
Confirm the exact document list with your post office before you go, since the rules can change.
How do you open an account at the post office?
Visit any post office in India and ask for the Monthly Income Scheme account form.
Fill in the form with your personal details, nominee details and the deposit amount.
Submit the form with your documents and the deposit at the counter.
The post office will give you a passbook. Keep it safe, since you need it to claim interest and close the account.
How do you get your monthly interest, and what if it is missing?
Interest is payable every month from the date you open the account.
You must claim it. If you do not claim the interest, no extra interest is earned on it.
Take your passbook to the post office to claim the interest and get it updated.
If your interest is delayed or wrong, first speak to your post office. You can also register a complaint on the India Post website.
Can you withdraw money or close the account early?
You can close the account after one year from the date of opening.
If you close it after one year but before three years, a deduction of 2 per cent is made from the deposit.
If you close it after three years but before five years, a deduction of 1 per cent is made.
The account matures after five years. You can also close it at any time after five years.
What should you watch out for?
Be careful of fake websites and calls that claim to be India Post. Use only www.indiapost.gov.in.
Never share your OTP, bank, card or UPI details with anyone who contacts you about POMIS.
Do not pay money to agents who promise higher returns. Deal only with your post office.
Who can you contact for help?
India Post helpline: 1800 266 6868, open 8:00 AM to 8:00 PM. The IVRS facility works round the clock.
For complaints about post office savings schemes, you can register online through the India Post website.
Frequently asked questions
Can a minor open a POMIS account?
A minor cannot open it alone, but a guardian can open it for the minor. A minor who has reached 10 years can hold an account.
Is the interest taxable?
Interest from POMIS is taxable as per your income tax slab. Check the latest tax rules or ask a tax advisor.
Can I transfer my account to another post office?
Yes. A POMIS account can be transferred to any post office in the country.
What happens if I do not claim my monthly interest?
You must claim the interest every month. If you do not, no additional interest is earned on the unclaimed amount.
Is POMIS safe?
POMIS is a government-backed small savings scheme with low risk. Its returns are not linked to the stock market.
Official links
This guide is based on official scheme rules. Rules and amounts can change, so always confirm on the official website before you apply. News Anek is not a government website.
