1. The goal of Post Office Monthly Income Scheme (POMIS) is to get monthly returns in form of interests on initial investment capital. 2. One can invest a maximum of 4.5 lakhs on a single account and a maximum of 9 lakhs on a joint account. A minimum of Rs. 1000 is required to open the account. 3. Interest rates are in range of ~6.5-10%. The interest rates are decided by government for every quarter. Interests are deposited every month after end of 1st month till the maturity. 4. POMIS has a maturity period of 5 years . In case of death, the account will be closed and amount will be transferred to the nominees. 5. It is like a dividends scheme returns rather than compounding scheme i.e. once interest is deposited in your account every month, it will not get additional interest. 6. The interest earned are taxable. There are no tax benefits. 7. If you quit the scheme after 3 years , 1% of invested amount will be deducted as penalty. If you quit the scheme after 1 years , 2% of inv
1. Senior Citizen Saving Scheme as the name suggest is a saving scheme for senior citizen by the government. You can avail this scheme from Post office or any Bank. The goal of this scheme is to give quarterly interests on the 1 time lump-sum initial investment. 2. Eligibility : A person above 60 years of age, retired civil employee above 55 and below 60 years of age, retired defense employee above 50 and below 60 years. 3. A minimum amount of Rs. 1000 is required to open the account. As it is a one time investment, one can invest up to a maximum of Rs. 15 lakhs . 4. Investment in SCSS can be claimed for tax deductions under section 80C. Also, the interest earned is not taxable provided it is below Rs. 50,000. Interest earned above Rs. 50,000 will be taxable and TDS will be cut automatically. 5. This is a more of a dividends style scheme rather than a compound interest scheme. The interest earned will be deposited to the account every quarter and shall not get additional interes