During the Union Budget 2023–2024, Finance Minister Nirmala made the announcement that the deposit limit for the Post Office Monthly Income Scheme (POMIS) would be raised. The Post Office Monthly Scheme (POMIS) deposit limit has been increased from Rs 9 lakh for joint account holders to Rs 15 lakh for a single account, respectively.
While presenting the Union Budget 2023 in parliament, Nirmala Sitharaman stated, “The maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account.”
Joint accounts require equal investment participation from POMIS account holders. For both joint and individual accounts, multiples of Rs 1,000 can be deposited.
Rate of interest:
The scheme’s current interest rate is 7.1% annually for deposits. It is paid out every month until maturity. Savings account holders can set up automatic crediting of interest withdrawals.
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Maturity:
After five years, the account can be closed by submitting the required application form and passbook to the appropriate Post Office.
In the event that the account holder dies before the maturity date, the account may be closed and the funds refunded to the nominee or legal heirs. Up until the month before the refund is issued, interest will be paid.
