If you’ve recently gotten married and are looking for a safe, steady income source for the future, the Post Office Monthly Income Scheme (POMIS) could be a great choice.
It’s a government-backed savings scheme that offers fixed monthly interest on your investment, with very low risk.
Higher Investment Limit with Joint Account
One special feature of this scheme is that you can open a joint account with your spouse. In a joint account, both partners have an equal share.
For a single account, the investment limit is ₹9 lakh.
For a joint account, the limit increases to ₹15 lakh.
If you want to earn more monthly interest, opening a joint account is a better option.
Fixed Monthly Income: How Much Can You Earn?
As of January 1, 2025, POMIS offers 7.4% annual interest, which is credited to your account every month.
For example, if a couple invests ₹12 lakh in a joint account, they will earn ₹88,800 annually in interest—about ₹7,400 every month, guaranteed.
Joint accounts can include two or even three people, and the interest earned is divided equally.
If needed, a joint account can be converted into a single account and vice versa—but this requires written consent from all account holders.
Maturity and Early Closure Rules
Maturity period: 5 years. After this, the full amount is returned.
Premature closure: Allowed after 1 year, but with penalty:
If closed between 1 to 3 years, a 2% penalty is deducted from the principal.
If closed between 3 to 5 years, the penalty is 1%.
Example:
If you invest ₹12 lakh and close the account after 1 year:
A 2% penalty (₹24,000) is deducted → ₹11.76 lakh returned.
If closed after 3 years:
A 1% penalty (₹12,000) is deducted → ₹11.88 lakh returned.
Note: The account cannot be closed before 1 year.
Who Else Can Benefit?
Minors: You can open an account in a minor’s name. Their investment limit is separate from the parents’ limit. This is useful for securing a child’s future.
Senior Citizens: They can also benefit from this low-risk, regular-income scheme.
Since this is a government-backed plan, it is very safe. Your principal is secure, and you get regular monthly interest.
The monthly income can be auto-credited to a post office savings account or sent via ECS (Electronic Clearing Service).
