{"id":2664,"date":"2023-02-04T12:57:58","date_gmt":"2023-02-04T07:27:58","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=2664"},"modified":"2025-03-25T23:32:11","modified_gmt":"2025-03-25T18:02:11","slug":"what-is-post-office-monthly-income-scheme-pomis","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-is-post-office-monthly-income-scheme-pomis\/","title":{"rendered":"What is Post Office Monthly Income Scheme (POMIS)?"},"content":{"rendered":"<h2>Why in News:<\/h2>\n<ul>\n<li>The <strong>deposit limit<\/strong> for the Post Office Monthly Scheme (POMIS) has been <strong>revised for a single account to Rs.4.5 lakh to Rs. 9 lakh<\/strong> and <strong>Rs. 15 lakh from Rs. 9 lakh for joint account<\/strong> holders.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>About Post Office Monthly Income Scheme (POMIS):<\/h3>\n<ul>\n<li>It is a <strong>Government of India backed small savings scheme<\/strong> that allows the investor to invest a specific amount every month.<\/li>\n<li><strong>Eligibility<\/strong>:<\/li>\n<li><strong>A resident of India.<\/strong> NRIs are not eligible to invest in this scheme<\/li>\n<li>Individual <strong>above the age of 10 years.<\/strong><\/li>\n<li><strong>Number of holders<\/strong>: <strong>At least 1 and at most 3<\/strong> individuals can hold post office MIS.<\/li>\n<li><strong>Maturity Period:5 years<\/strong><\/li>\n<li><strong>Maximum limit:\u00a0<\/strong><\/li>\n<li>If you open an MIS scheme <strong>individually,<\/strong> then the maximum amount you can invest is <strong>Rs.4.5 lakh<\/strong>. (Increased<strong> to Rs.9 lakh<\/strong> in Budget 2023-24)<\/li>\n<li>If the account is opened <strong>jointly<\/strong>, the investment limit will be <strong>Rs.9 lakh. (Increased to Rs.15 lakh<\/strong> in Budget 2023-24)<\/li>\n<li><strong>Lock-in period:<\/strong> On opening a Post Office Monthly Income Scheme, there will be a lock-in period of 5 years during which you cannot withdraw any money.<\/li>\n<li><strong>Transferable: <\/strong>POMIS account is transferable from one post office to another.\u00a0<\/li>\n<li><strong>Premature withdrawal:<\/strong> Premature withdrawal <strong>is allowed after one year<\/strong> of opening the account with a penalty.<\/li>\n<li><strong>Taxability<\/strong>: <strong>Any income<\/strong> from this scheme <strong>does not come under TDS or tax deduction.<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1) Who can be a nominee under Post Office Monthly Income Scheme (POMIS)?<\/h3>\n<p>The investor can nominate a beneficiary (a family member) so that they can claim the benefits and corpus if the investor passes away during the account\u2019s term.<\/p>\n<p><strong>Source:\u00a0<\/strong>\u00a0<a href=\"https:\/\/www.financialexpress.com\/money\/post-office-monthly-income-scheme-pomis-calculator-2023-what-rs-9-lakh-rs-15-lakh-deposit-will-give\/2969589\/\" target=\"_blank\" rel=\"nofollow noopener\"><u>Post Office Monthly Income Scheme (POMIS) Calculation 2023: What Rs 9 lakh or Rs 15 lakh deposit will give<\/u><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>POMIS is a Government of India backed small savings scheme that allows the investor to investa specific amount every month.<\/p>\n","protected":false},"author":5,"featured_media":2665,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-2664","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/2664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=2664"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/2664\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/2665"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=2664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=2664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=2664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}