Minors Above 10 Years Can Now Open Account Under Post Office Monthly Income Scheme

The Post Office Monthly Income Scheme (POMIS) allows a person to get a fixed interest every month by investing a specific amount. Now, people above the age of 10 years can also open an account.

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Post Office Monthly Income Scheme is a savings scheme in which you can invest a specific amount and get a fixed interest every month. This account can be opened in any post office and any Indian resident is eligible to open a POMIS account. Also, a maximum of 3 adults can jointly open such an account. Besides, any child above the age of 10 years can open a POMIS account in his/her name.

Learn about the POMIS 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 Rs 9 lakhs in the joint account, in which all the holders 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 such interest will not earn any additional interest. Also, any deposit above the prescribed limit will be refunded. Moreover, you can withdraw interest through auto credit in your savings account.

Maturity - A person can close the account after 5 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 refunded to your legal heirs. Therefore, at the time of opening the account, the person has to nominate any one of your family members, so that if the person dies during the tenure of the account, the nominated family member can claim the benefit.