Post office MIS Yojana 2024 : Check Interest Rate, Eligibility and Benefits

Are you looking for a safe way to save money and get regular income? The Post Office Monthly Income Scheme (POMIS) could be the right choice for you. It’s a government-backed plan that gives you fixed monthly returns. Many people who don’t want to take risks with their money choose this scheme because it provides steady earnings.

In this article, we’ll tell you everything about POMIS. We’ll cover the current interest rates, who can invest, what benefits you get, and how to open an account. If you’re planning for your future or just want to grow your savings, the Post Office MIS Yojana 2024 might be a good option to consider.

Interest Rates of Post office MIS Yojana

The Post Office Monthly Income Scheme is giving a good 7.40% interest rate from April to June 2024. Let’s see how this works for you. If you put in Rs 1,00,000, you’ll get about Rs 617 every month. It’s like getting a small payment every 30 days! You don’t need to do any hard math – the post office does all the calculations for you.

Time PeriodInterest Rate (per annum)
April 2024 – June 20247.40%
January 2024 – March 20247.40%
October 2023 – December 20237.40%

Historical Rates

The POMIS interest rates have changed over the years. In 2019, they were around 7.60%. Then they went down to 6.60% in 2020. But good news for savers – the rates have been going up since then. It’s like a up-and-down ride for your money, but ending well as we see rates staying at 7.40% in recent months.

Account Types

POMIS gives you choices – you can open an account alone or with others. If you’re opening an account just for yourself, you can put in up to Rs 9 lakh. That’s a lot of money! But if you open a joint account, you and your partners can put in up to Rs 15 lakh together. It’s like making your investment bigger!

Account TypeMaximum Investment Limit
Single AccountRs 9 lakh
Joint AccountRs 15 lakh

How to open account in post office monthly income scheme

Want to start with POMIS? It’s not hard! Just follow these steps, and you’ll be on your way to getting extra money regularly. It’s like setting up a small business, but instead of selling things, you’re making your savings work for you.

  1. Go to your nearest post office – it’s probably not far!
  2. Ask for the POMIS form – this is how you start
  3. Get your papers ready – they need to know who you are
  4. Put in your first amount of money – this is what will grow
  5. Get your account information – it’s like an address for your money

Eligibility Criteria of Post office MIS Yojana

Want to know if you can open a POMIS account? Here’s who can do it:

  • If you’re an adult living in India, you can open an account.
  • Children who are at least 10 years old can have an account too, with some rules.
  • You can open a joint account with up to two other people.
  • Guardians can open accounts for children or people who need help.

Required Documents

Before you go to the post office, make sure you have all the papers you need. You’ll need some important documents to show who you are and where you live. It’s like showing your ID to get into a special place, but here, you’re letting your money in to grow!

  • Something to prove who you are – your Aadhaar card is good, or you can bring your passport
  • A paper that shows where you live – like a recent bill or your ration card
  • A few photos of yourself – smile, it’s for your money’s future!
  • Your PAN card – you must have this one


Putting your money in POMIS is like finding a safe place for it. It’s good if you don’t like taking big risks with your savings. Think of it as a friend who always pays you back on time. Every month, you’ll see some extra money in your account. And you don’t have to worry about the market going up and down affecting your money.

  • You get a monthly payment from your savings – isn’t that nice?
  • The government backs it, so it’s very safe
  • Great for people who don’t like risky investments
  • No tax taken from your interest – you keep more money!
  • After 5 years, you can start again if you like it

Premature Withdrawal

Want to take out your POMIS money early? Wait a minute! The post office has rules about this. It’s like a game where the longer you play, the more you win. For the first year, you can’t touch your money. After that, you can get your money, but you’ll have to leave some behind.

  • In the first year? Your money is locked – no taking it out!
  • If you take out money between one and three years, you lose 2% of it
  • From three to five years, it’s a bit better – you only lose 1% if you take out early

Tax Implications

Let’s talk about taxes. The good news? The post office gives you your full interest without taking any tax. But don’t get too happy yet! When it’s time to pay taxes, you need to tell about your POMIS earnings. It’s like getting a full meal, but you might have to share a little later.

Here’s something good though – you might be able to keep some of your interest away from taxes. There’s a rule called Section 80TTA. It lets you protect up to Rs 10,000 of your post office savings account interest. So, some of your POMIS earnings might not be taxed!

Also Read : Ts ePass Scholarship 2024


Q: Can NRIs invest in POMIS?

A: Sorry, but POMIS is only for people living in India. If you’re an NRI, you can’t join this scheme.

Q: Is there a senior citizen scheme in post office with higher interest rates?

A: Yes! If you’re older, the post office has a special plan for you. It’s called the Senior Citizen Savings Scheme (SCSS), and it usually gives even better interest rates than POMIS.

Q: Can I transfer my POMIS account to another post office?

A: Yes, you can! Your POMIS account can move with you. If you go to a new city, your account can come too. And it’s free to move it!

Q: What happens if I don’t take out the money when it’s ready?

A: If you forget about your POMIS money after five years, don’t worry. The post office will keep it safe. It will earn simple interest at the savings account rate for up to two more years. But it’s better to check when your five years are over!

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