There are many types of investment and savings schemes available in the post office, but one of these schemes is named Post Office Monthly Income Scheme (POMIS).
The post office is seen as an old and trusted partner in terms of investment. Although, there are many types of investment and savings schemes available in the post office, but one of these schemes is named Post Office Monthly Income Scheme (POMIS), in which you can get up to 7.6 percent interest by investing.
What is the minimum amount that can be invested?
A minimum of 1000 has been earmarked for investing in the Post Office Monthly Income Scheme. Any amount over 1000 can be used to open an account.
What is the maximum limit for investment?
You can easily invest up to 4.5 lakh rupees in a single account. On the other hand, if you have a joint account, you can invest up to 9 lakh rupees. You can run this scheme individually or jointly. But you cannot invest more than the maximum limit.
There is no tax exemption
The Post Office Monthly Income Scheme is excluded from the purview of tax exemption. You have to pay tax to the Government of India on the interest received in this scheme.