Post Office Monthly Income Scheme 2024 Apply Online

Post Office Monthly Income Scheme

Post Office Monthly Income Scheme – Overview

The Post Office Monthly Income Scheme (POMIS) is a highly customizable savings plan that offers a fixed and guaranteed monthly income to investors. Designed to provide financial security with a reliable return, this low-risk investment option ensures a steady income stream.

Currently, the scheme offers an interest rate of 7.4% per annum, translating to a monthly income of approximately ₹1,000 for every ₹1.5 lakh invested. Ideal for those looking to diversify their portfolio, POMIS offers short-term income and a MoneyBack Benefit at the end of the income period, which can be used to meet personal goals or for reinvestment. By investing in this guaranteed return plan, investors can enjoy increasing returns without worry.

Scheme Benefits

Let’s know about the Post Office Monthly Income Scheme (POMIS) and why it might be a great choice for your investments. There is important benefits are listed for beneficiaries.

Guaranteed Monthly Income

First off, POMIS guarantees a fixed monthly income. This means you get a predictable income stream every month, which is great if you like knowing exactly what you’ll get.

Low Risk

This scheme is backed by the Government of India, making it a low-risk investment. Your capital is protected, so you can rest easy.

Accessibility and Convenience

Opening a POMIS account is super convenient since you can do it at any post office across India. No need to worry about finding a branch near you.

No Market-linked Risks

The returns from POMIS are not tied to the market. So, even if the market goes up and down, your returns stay steady. It’s perfect if you prefer a predictable investment.


Moving to a different city? No problem. You can transfer your POMIS account from one post office to another within India.

Joint Account

You can open a joint account with up to three people, and everyone gets equal rights. This makes it a great option for families or partners.


You can set up your account so that the monthly interest is automatically withdrawn through PDCs or ECS, especially if your account is with a CBS Post Office. No need to worry about manual withdrawals every month.

Reinvestment Option

Got your interest earnings and want to invest them further? You can reinvest the interest in high-return securities like equity shares or equity funds.

Tax Benefits

While the interest from POMIS isn’t subject to TDS, it doesn’t qualify for tax benefits under Section 80C. It’s something to keep in mind when planning your taxes.


The scheme is open to all Indian citizens, except NRIs. Even minors over 10 years can open an account in their own name.

Nominee Benefits

In case of the investor’s death, nominees can claim the settlement immediately, even if the lock-in period of 5 years isn’t over. This provides peace of mind for your loved ones.


Need to withdraw your money early? You can do that with POMIS, although there are penalties. Plus, you have the option to reinvest after maturity.

With these benefits, POMIS stands out as a secure and popular investment option, offering a steady income stream and low risk.

If you think POMIS might be right for you, it’s easy to get started at your local post office!


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When thinking about joining the Post Office Monthly Income Scheme (POMIS) in India? You must consider what you need to know to see if you’re eligible.


First off, you need to be an Indian citizen. If you’re a Non-Resident Indian (NRI), unfortunately, you can’t invest in this scheme.


You need to be at least 10 years old to invest in POMIS. There’s no upper age limit, so it’s a great option whether you’re young or a senior citizen.

Investment Amount

The minimum amount you can invest is ₹1,500. For a single account, the maximum investment is ₹9 lakhs, and for a joint account, it’s ₹15 lakhs.

Joint Account

You can open a joint account with up to three people, with everyone having equal rights. Perfect for families or partners who want to invest together.

Minor Account

A guardian can open an account for a minor or someone of unsound mind. Plus, minors over 10 years old can open an account in their own name.

Documents Required

  1. Identity Proof:
    • Bring a copy of a government-issued ID such as a Passport, Voter ID card, Driving License, or Aadhaar card.
  2. Address Proof:
    • Provide a government-issued ID or recent utility bills (like electricity or telephone bills) to confirm your residential address.
  3. Photographs:
    • Include passport-size photographs with your application.


The best part? You can open a POMIS account at any post office across India. It’s super convenient and easily accessible for everyone.

How to apply Post Office Monthly Income Scheme

Now you may be willing to opening a Post Office Monthly Income Scheme (POMIS) account? Here I provide a simple step-by-step guide to get you started. Read each steps carefully to know more about it.

Step-by-Step Guide to Open a POMIS Account:

  1. Open a Post Office Savings Account:
    • If you don’t have one already, head to your local post office to open a savings account.
    • Then fill out the application form and submit it along with the required documents.
  2. Collect POMIS Application Form:
    • Grab a POMIS application form from the nearest post office or download it from the India Post website here.
  3. Complete and Submit the Form:
    • After that fill out the POMIS application form and attach self-attested copies of the necessary documents. Don’t forget to bring the originals for verification.
  4. Provide Nominee Details:
    • During the application process, provide the name, date of birth, and mobile number of any nominees.
  5. Deposit Initial Amount:
    • Deposit at least ₹1,500 in cash or via cheque to start the account opening process.
  6. Witness or Nominee Signatures:
    • Make sure to get the signatures of your witness or nominees on the application form.
  7. Verify Documents:
    • Double-check that all your documents are verified and complete before submitting your application.
  8. Account Opening:
    • Once everything is in order, the post office will open your POMIS account. Then You’ll start receiving interest payments one month from the account opening date.

Additional Tips:

  • Make sure you have all necessary documents ready before visiting the post office.
  • Fill out the application form carefully and accurately.
  • Get the signatures of your witness or nominees on the form.
  • Verify all documents before submitting your application.

By following these steps, you can successfully apply for the Post Office Monthly Income Scheme (POMIS) and start earning a guaranteed monthly income.

POMIS Account Application Process (5-7 Days):

  1. Application Submission: Submit the application form with required documents and initial deposit at the post office.
  2. Verification: The post office verifies the documents and details.
  3. Processing: The application is processed and the account is opened within a few days.
  4. Account Opening: Receive details of your newly opened account from the post office.
  5. Interest Disbursement: Interest disbursement starts one month from the account opening date.

Overall, the process usually takes 5-7 working days, but this can vary based on the post office and application complexity.

What are the common mistakes

When applying for a Post Office Monthly Income Scheme (POMIS) account, be mindful of these common mistakes to ensure a smooth process:

Common Mistakes to Avoid:

  1. Incorrect or Incomplete Application Form:
    • Make sure your application form is fully filled out and accurate. Incomplete forms can cause delays or even get rejected.
  2. Incorrect Documents:
    • Double-check that all submitted documents are correct and complete. Remember to self-attest the photocopies and have the originals ready for verification.
  3. Incorrect Nominee Details:
    • Verify the nominee’s details like name, date of birth, and mobile number. Ensure the nominee knows about their role and responsibilities.
  4. Insufficient Funds:
    • Ensure you deposit the minimum required amount of ₹1,500 correctly. Without this deposit, your application will be rejected.
  5. Incorrect Witness or Nominee Signatures:
    • Make sure the witness or nominee signs the application form correctly. Incorrect signatures can delay or void your application.
  6. Failure to Provide Required Documents:
    • Submit all necessary documents, including identity and address proofs. Missing documents can cause delays or rejections.
  7. Incorrect Account Details:
    • Verify that your account details, like the account number and IFSC code, are correct. Mistakes here can lead to transaction errors.
  8. Failure to Verify Documents:
    • Ensure the post office verifies your documents properly. Unverified documents can cause delays or errors in the application process.

So, avoiding these mistakes, you can ensure a smooth and successful application for your POMIS account.