Due to Post Office Monthly Income Scheme, a person can get a fixed interest every month by investing a specific amount. Also, under this scheme, people above the age of 10 years can also open their accounts.
Post Office Monthly Income Scheme is one such savings scheme, in which you can invest a specific amount and get a fixed interest every month. At the same time, such an account can be opened in any post office. Actually, any Indian resident can open an account. Also, a maximum of three adults can jointly open such an account. Apart from this, any child above the age of 10 years can open a promising account in his own name.
Know the things related to the account
Deposit- The minimum amount required to open this account is Rs 1,000, but an account holder can deposit a maximum amount of Rs 4.5 lakh. At the same time, this limit can be up to 9 lakhs in the joint account, in which all the holders will have an equal share in the investment.
Interest- Before opening the account it is important to note that interest is paid on completion of one month from the date of account opening. If you do not claim the interest paid every month, then no additional interest will accrue on such interest. Apart from this, any deposit in excess of the prescribed limit will be refunded. At the same time, any person can also withdraw interest through auto credit in his savings account.
Maturity- According to the information, a person can close the account after five years by submitting the prescribed application form along with his passbook in the post office where the account has been opened. However, if that person dies before the maturity of the Pomis account, it can be closed and the amount deposited is returned to the legal heirs. Therefore, at the time of opening the account, the person has to give the name of one of his family members, so that if the person dies during the tenure of the account, he can claim the benefit.