All You Should Know About Post Office Monthly Income Scheme

Last Updated on March 7, 2024 by admin

Whenever you hear about the post office, there is a general image of posts, letters, telegrams, money orders, etc. But do you know, like banks, you can also open a post office fixed deposit account at the best post office mis interest rate 2022?

The Indian post office provides the most trustworthy market investment schemes. The investments via the post office are risk-free and backed by the government. These features make them the best among other schemes in the market.

One of the best schemes offered by the post office is the Post Office Monthly Income Scheme. Under this scheme, an investor will get several benefits at the best post office mis interest rate 2022, with various features that make it quite popular nowadays.

This blog will assist you in getting more about this scheme.

What Is the Post Office Monthly Income Scheme?

POMIS, i.e., Post Office Monthly Income Scheme, is one of the most favoured post office schemes where you can invest your money with risk and struggle-free terms and with the government’s backing.

  • You can invest under this scheme with a minimum deposit of ₹1,000.
  • This scheme provides you with a post office mis interest rate 2022 of 6.6%.
  • The interest is provided every month under this scheme.
  • This scheme is like a tax-saving scheme for middle and low-income group investors.

This scheme’s many more features can benefit you in many ways.

Features of the POMIS Scheme

Other than those mentioned above, some more features of this scheme are

  • This scheme has a maturity duration of five years with a monthly income. You can’t withdraw before the duration once you invest under this scheme.
  • This scheme allows you to make a maximum investment of upto 4.5 lakhs.
  • This account is easily assignable from one post office branch to another without paying extra charges.
  • Upto three individuals can open a joint account under this scheme.
  • You can select to withdraw your monthly interest amount.

POMIS Account Opening Procedure

This scheme is very simple and struggle-free. However, to invest in this scheme, the first thing you should hold is a Post Office Saving Account. To open an account in the post office, follow the steps below.

  • Acquire a POMIS form from the accessible Post Office Branch.
  • Lodge the form beside the mandatory documents.
  • Submit the original version of the documents for verification.
  • Collect signatures of the beneficiaries or witnesses.

The documents that need to submit with the form are

  • ID proof
  • Address proof
  • Two passport-sized photographs

Eligibility of POMIS Scheme in Post Office

The applicant must fulfil some eligibility criteria for the POMIS scheme. You cannot apply for the post office fixed deposit scheme without completing the criteria below.

  • POMIS account is only applicable for Indian residents.
  • This scheme is not beneficial for non-Indian residents (NRIs).
  • If you are above 18 years, you are eligible for this scheme.
  • You can open this account in the name of a minor or kids under ten years. They can access it after reaching 18 years.
  • When kids reach 18, they must transfer the account under their name.

Benefits of the POMIS Scheme

You can receive many benefits from this scheme. Some of them are

  • This scheme is low risk and struggle-free because you will get a fixed amount every month, whatever the market conditions.
  • Each account holder will have an equal share if you have opened a joint account.
  • You can hold many POMIS accounts. There is no limit to it.
  • A minor can also become a POMIS account holder. However, it is held by an adult till the kid reaches 18.
  • Investors will get monthly post office credits for their accounts via the CBS or ECS process.
  • You can earn post office mis interest rate 2022 upto two years after your account matures via this scheme. However, an investor does not withdraw proceeds.
  • The applicable rate for the above step will be the same as that of a standard post office savings account.

Withdrawal Penalty Terms

There are some restrictions with this scheme. On breaking these restrictions, you need to pay the penalty.

  • You will not benefit from this scheme before completing the one-year investment duration.
  • If you want to refund your deposit within one to three years of the scheme, you will get refunded at a 2% penalty.
  • On withdrawal of investment within the fourth to the fifth year of the scheme, you will get a refund on the entire corpus at a 1% penalty.


Because of the low risk and high post office mis interest rate 2022, the POMIS scheme has become the most sought for scheme. There are more benefits with fewer restrictions under this scheme. Moreover, with the monthly income, this scheme is also the best option for senior citizens. This scheme also allows you to invest under your kids’ names.

Apart from this if you are interested to know more about APPLY FOR A PASSPORT AT  POST OFFICE then visit our Travel category

James Carter

James Carter is a renowned American jazz saxophonist, born on January 3, 1969, in Detroit, Michigan. He grew up in a family of musicians, with his father being a saxophonist and his mother a classical clarinetist. Carter started playing the saxophone at the age of 11 and quickly developed a deep passion for jazz music.

Related Articles

Back to top button