POMIS

Regular Income Scheme
POST OFFICE MONTHLY INCOME SCHEME (POMIS) (8 % Interest payable monthly)
Sl. No.	Name of the Scheme	Interest	Maturity Period	Limit of Deposit	Place of Deposit
	MIS	8 % monthly	6 years	Min: Rs.1500 Max: 4,50,000 for single Account & Rs.9,00,000 for joint Account ( w.e.f 1.8.2007) The maximum limit to be held by an individual will be the deposits in his/her single accounts together with his/her share of the deposits in the joint account which should not exceed Rs.4,50,000/-	Post Offices

Opening of Account

An account under the scheme may be opened by depositing Rs. 1500 or multiples thereof. Any number of accounts may be opened under the scheme, but the total deposit shall not exceed Rs.4.5 lakhs in case of a single account and Rs. 9 lakhs incase of a Joint Account.

Account can be opened in any departmental post office and is transferable from one post office to another Nomination facility is available.

Mode of Deposit

Deposit may be made in cash or cheque or demand draft.

Payment of Interest

Deposit under this scheme shall bear interest at the rate of 8% per annum payable monthly.

Rs.60,000/- will fetch an interest of Rs. 390/- per month.

If so authorised monthly interest shall be deposited by the post office in the Savings Bank Account of the depositor at the post office where deposit has been made subject to the condition that by so depositing the interest maximum limit on balances in Savings bank Account is not exceeded.

The monthly interest from the account will be automatically deposited in the SB Account . It will be credited on the business date immediately proceeding the due date falls on Sunday/holiday .If the deposit made on 29th ,30th or 31st do not come in the following month, payment will be made on the last date of the following month

Premature Closure of Account

An investor may be permitted to withdraw the deposit and closure of the account, at any time after expiry of one year from the date of opening of the account subject to the condition that:

(i)	If the account is closed on or before expiry of three years opening of such account, an amount equal to two percent of the deposit shall be deducted and remainder paid to the depositor and
(ii)	If the account is closed after expiry of three years opening of such account, an amount equal to one percent of the deposit shall be deducted and remainder paid to the depositor