Saturday, August 4, 2018

Know Post Office Monthly Income Scheme Bonus with Full Details Analysis for 2018

India Post which is India's Postal Service mainly operated under Government of India most widely biggest network in World about over network of 1,00,000 post offices

Post Office Monthly Income Scheme Bonus

It is not only provides postal services but also have financial products like life insurance , saving accounts banking facilities and other saving schemes for people

Post Office Monthly Income Scheme Bonus is one of the famous savings scheme which launched in 2007

In this post we cover on post office mis scheme details

Post Office Monthly Income Scheme Bonus

What is Post Office Monthly Income Scheme (POMIS)

POMIS basically investment scheme which provides good return of your investments on monthly basis or we say it is really monthly income plan offered by post office

Post Office mis plan is a five year saving schemes in which maximum investment is about Rs.4.5 lakh for a single and Rs.9 lakh for join ownership 

This Post Office Monthly Income Scheme Bonus who invest in it able to getting fixed income per month and gives surely investment return at 7.3% per annum  

While its maturity period is 5 years but someone wants to withdraw before given period surely can withdraw with some deduction rate of interest  i.e less than 7.3% 

People have to open their MIS saving account to eligible for this scheme 

Some Highlights on Post Office Monthly Income Scheme Features

  1. It is completely risk free best monthly income plan 
  2. Maturity period is 5 years
  3. Amount will be distributed equal among join ventures 
  4. People get their total money after 5 years but in case of withdraw principal amount in first 3 years getting 2% deduction from total interest rate and for last three years with 1% deduction from total interest rate 
  5. Even children below 10 years can open their MIS saving account in name of parents and after 10 years of age account transferred on his/her name and able to operate it but minors must have to apply for account for his/her name 
  6. There is no any Tax Deduction Source at scheme so interest earned through it is completely taxable 
  7. Invested person can transfer their account from one post office to other post office 
  8.  Single Account easily can convertible to join venture account or join venture to single 
  9. Good thing is nominee option there investor can made nominees on behalf of any misshapen 
  10. Opening of saving account can be either in cash or cheque ,  date of account will be opening from date of realization of the cheque in the Government account.

Advantages of POMIS

Risk free Investments 

For minors maximum investments is Rs.3 lakh and for individual is Rs 4.5 lakh

Easily credit monthly income to your account or even if you have Recurring Deposit Account in post office 

Transfer of account is acceptable but the person would need to apply form or manual application. The application can be given either in transferring office or transferee office.

Scheme suit for also below 10 year old child

7.3% interest rate per annum and best investment scheme for investment purposes who like to decent return rather than risk heavy schemes like mutual fund

Person can use nominee feature for Post Office Monthly Income Scheme Bonus  

It is really useful in rural india 

Post Office Monthly Income Scheme Bonus

Terms and Condition for Post Office Monthly Income Scheme Bonus

To qualify this scheme customer should be citizen of india and NRI not allowed in POMIS

Minimum age requirement is 10 years

Minor can't invest above 3,00,000 rupees

No any tax exemption offered from india post office monthly income scheme on earned interest

To open account for MIS scheme you have to pay only 1500 rupees

Interest Rate Details of MIS

Post Office Monthly Income Scheme Interest Rate is 7.3% and mis interest automatically credit to saving account 

User can request for interest per month and can be also withdraw by cheque but withdraw amount by check is valid only if it is more than 100 rupees 

If you have RD account in post office then interest come first on saving account and then transferred to your recurring deposit rather than direct deposit on RD

Validity of the cheque is only for 3 month

Interest will be credit on next day if postal holiday and interest payout is on same date 

If your account  opened after 30th November 2011 then you will not get 5% bonus because 5% bonus will be credited to those who open account before 30th November 2011 so Post Office Monthly Income Scheme Bonus depend upon when your account opened

Interest Rate Calculator 

If you want to take estimation on how much will i get paid for particular amount PER MONTH and to take better decision if you want to investing in pomis schme go for post office monthly income interest rate calculator from these websites 

Necessary Document Opening for Scheme 

  1. Passport size photographs
  2. Copy of One of following documents - Passport ,Voter ID card,Driving License,Aadhar Card
  3. Copy of One of following documents - Ration Card,Electricity bill,Rental Agreement,Passport

Types of Post Office account Minimum Balance

​Savings Bank(Cheque account)
INR. 500/-
Saving Banks(non Cheque account)
INR. 50/-
INR. 1500/-
Post Office Time Deposit Account
INR. 200/-
Public Provident Fund Account
INR. 500/-
Senior Citizen
INR. 1000/-
So when you open saving account for Post Office Monthly Income Scheme Bonus and from consecutive 3 years if no any transaction done then account considered as silent 
To restart account again , applicant needed  to fill the form again for revive the account

If the balance in the silent account is less than minimum, then INR. 20/- will be charged

So Post Office Monthly Income Scheme Bonus offered by India Post really some have good features and if wanted to take this i undoubtedly advice to you before making final decision please research on its own 

Know reviews of scheme from persons who already taken and they will also some addition knowledge about mis scheme post office 

Concern with objective of after retirement investment and for senior citizens POST OFFICE MONTHLY INCOME SCHEME BONUS will definitely returns good investment to all

post office pension scheme for senior citizens is another scheme offered by post office for further information please visit this link

So i hope you likes this post and we meet on another post

Okay Bye Bye .................................