If you want a fixed monthly income from the POMIS scheme, you have to start investing a minimum of Rs. 1500 per month. You can open a POMIS account in person and jointly.
The maximum limit for investing in a personal account is up to Rs 5 lakh. While you can invest up to Rs. 9 lakhs in a joint account. Let us state here that there is no tax exemption on investment or maturity amount in Post Office Monthly Income Scheme.
The special feature of this scheme is that minors aged 10 years and above can also join but at the age of 18 they have to be changed from minor account to adult account. The maturity period of the scheme is five years from the date of account opening.
Penalties for withdrawals before maturity. If you withdraw money within one to three years of opening the account, two per cent of the deposit will be given as a penalty. In this way, if you withdraw money ahead of time between three and five years, a penalty of one per cent of the deposit will be given. Some documents will also be required to join the scheme.
This document includes IDs issued by the government such as passport, voting card, driving license, Aadhaar card. Proof of residence and passport size photo will also have to be provided.
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