Monthly Income scheme from the Post Office (POMIS)

We have a monthly income scheme from the post office.

Interest rate: 8.4% pa (payable monthly)
Maximum Investment: 4.5L (individual) and 9L (joint)
Nomination facility: Available
Transferable: Yes
Can I open multiple accounts: Yes but sum of all can't exceed the max amount mentioned above.
Maturity Period: 5 years

So, here one can get a monthly income of (4.5L * 8.4/100 = 37800/12 =) 3150 Rs
For 9L, it will be 3150 * 2 = 6300 Rs

One can use this option in many ways:

• Get the monthly income and use to buy an SIP in a fund
• Get the monthly income and use it to make an RD (monthly investment amount)

 Let me know if you ca think of some other ways on the same.