Product Vyapar

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