4 June 2025
6 mins read
The government of India offers several savings schemes to help people secure regular additional income. One such scheme is the POMIS. It stands for Post Office Monthly Income Scheme. Every month, the scheme attracts a fixed interest rate which helps in creating a regular monthly income.
POMIS is quite popular among people who are not willing to invest in a high-risk scheme. Since the post office monthly income scheme offers a fixed interest rate, it becomes easier for people to track their income and consider it more reliable. Whether you are planning for an additional income, saving for a future financial goal, or simply creating a corpus, POMIS can be a good idea. This guide will talk about POMIS and how you can benefit from it.
Under the purview of the Ministry of Finance, the Post Office of India offers several schemes, and one of these is the POMIS (Post Office Monthly Income Scheme). Being a low-risk monthly interest scheme, it is highly trusted since it is under the purview of the central government. The plan offers a steady monthly income that one can rely on.
In an individual account, you can invest up to ₹9 lakhs, while in a joint account, the cap on investment is at ₹15 lakhs. The scheme has a tenure of 5 years. For the FY 2025-26, the interest rate is set at 7.40% per annum. The interest is payable each month. Upon maturity, you can withdraw the saved amount and interest on it. You may open a fresh account on maturity, subject to prevailing rules.
Additonaly Read: What is Monthly Income Plan
Let's understand the various features of the Post Office Monthly Income Scheme:
Your funds are safe during the 5-year tenure since POMIS is a government-sponsored scheme, providing complete capital protection with no risk of market fluctuation.
The scheme has a rigid lock-in tenure of 5 years. On maturity, you can withdraw your investment or invest the same in the same scheme for further returns.
You can invest with a minimum of Rs. 1,000 and invest in multiples of that amount. The maximum permissible limit is Rs. 9 lakhs for individual accounts and Rs. 15 lakhs in joint accounts.
You can open more than one account, but the investment in all the accounts collectively cannot be more than Rs. 9 lakhs in your name.
POMIS permits joint accounts with a maximum of three persons, and a total of Rs. 15 lakhs can be invested together.
You have the option to nominate a kin to get the investment and returns in case of your untimely death during the duration of the scheme.
Monthly interest begins one month from the investment date, not on the date itself, providing an assured monthly income stream after the initial month
Some of the striking benefits of investing in Post Office Monthly Income Scheme are given below:
Being a government-backed small savings scheme, POMIS provides safe, low-risk, stable returns that are perfect for risk-averse investors who want security.
Accrue fixed interest on a monthly basis, generating a consistent income stream. Although not a beat-inflation option, it does better than most other fixed-income instruments.
Interest earned each month can be withdrawn in hand or deposited in your savings account. The interest may also be reinvested in other financial products through an SIP for further growth.
After 5 years, you can reinvest the corpus into a fresh POMIS scheme to earn steady monthly returns without altering your investment strategy.
POMIS does not qualify for Section 80C deductions, and the interest earned on it is liable to tax. TDS is applicable under Section 194A of the Income-tax Act when interest exceeds prescribed thresholds.
If you are planning to start your journey of savings with a POMIS account, you are just a few steps away. Follow these steps to quickly open your account:
Open a Post Office Savings Account, if you don't already have one. This is compulsory for POMIS.
Go to your local Post Office and get the POMIS application form.
Fill the form and affix required documents
Obtain signatures of your nominee(s) or a witness as necessary on the form.
Make your initial deposit by cash or cheque. (If using a post-dated cheque, the cheque date will be treated as the account opening date).
Once processed, you’ll receive your POMIS account details from the Post Office executive.
Before opening your POMIS account, it is essential to check out your eligibility. Here is what you must possess to open a POMIS account for your savings:
Only resident Indians are eligible to open a POMIS account.
NRIs are not allowed to invest in this scheme.
Any adult can open a POMIS account in their name.
You can also open an account on behalf of a minor aged 10 years or above.
The minor can access the funds once they turn 18 years old.
After attaining the majority, the minor must apply to convert the account into their own name to continue operating it.
While opening your POMIS account, you will be required to submit a few documents. These are:
Photocopies of address proof and ID proof
Two passport photographs
Originals for verification.
Similar to POMIS, there are several other schemes offered and backed by the government of India. To help you choose the most suitable one for yourself, here is a quick comparison of POMIS with other savings schemes:
Feature | Post Office MIS (POMIS) | Monthly Income Mutual Fund | Monthly Income Insurance Plan |
Income Type | Assured income at 7.40% annual interest | Market-linked, no guaranteed income | Monthly annuities; rates depend on premium and tenure |
Tax Treatment | TDS applicable as per Section 194A | TDS applicable | Annuity income is taxed |
Return Type | Fixed rate of return | Floating returns based on market | Not applicable (NA) |
Risk Level | Low risk, ideal for risk-averse investors | Moderate to high risk | Low risk, long-term commitment |
Withdrawal Rules | Premature closure permitted after 1 year, with deductions as per India Post rules | Exit load may apply on early withdrawal | High surrender charges |
Investment Limit | Rs. 9 lakhs (individual), Rs. 15 lakhs (joint) | No upper limit | No upper limit |
Additional Benefit | Capital safety and steady income | Potentially higher returns | Combines insurance with investment |
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The current interest rate of POMIS for FY 2025-26 is 7.40% per annum. This is slightly higher than various other savings and investment schemes. One example of investing is through fixed deposits.
POMIS provides guaranteed, low-risk monthly returns with capital protection, as opposed to mutual funds that are market-linked or insurance plans that come with coverage and investment but are more expensive and have fluctuating returns.
POMIS also demands a minimum investment of ₹1,000 in multiples. The maximum permissible is ₹9 lakh for solo accounts and ₹15 lakh total for joint accounts with a maximum of three adults.
No, Non-Resident Indians (NRIs) are not allowed to invest in Post Office Savings Schemes, such as the Post Office Monthly Income Scheme (POMIS). These schemes can only be used by resident Indians.
Yes, the interest earned on the Post Office Monthly Income Scheme (POMIS) is taxable. TDS (Tax Deducted at Source) is applicable if the annual interest exceeds ₹40,000 (₹50,000 for senior citizens).
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