Saving Schemes

Post Office Monthly Income Scheme (POMIS)

An individual can open a Monthly Income Scheme either singly or jointly. A minor who has
attained the age of ten years can also open a POMIS account. The features of this scheme are as under:

1. There shall be only one deposit in the account.
2. The minimum deposit required is Rs.1000 and the maximum permissible deposit is Rs.3,00,000 for a single account and Rs.6,00,000 for a joint account.
3. 8% p.a. payable monthly.
4. The tenure of account is 6 years.
5. 10 % Bonus on maturity is payable.
6. The amount deposited can be withdrawn after 3 years. If the amount is withdrawn before 3 years then 3.5% of the amount deposited shall be deducted.
7. Nomination facility is available.