The Post Office Monthly Income Scheme (POMIS) is a Government of India backed Saving Scheme launched by India Post. The scheme allows the account holder to make deposits into this account which carries a maturity period of 5 years. Monthly interest is added to these deposits and paid out to the account holder. Listed below are some of the features of this scheme.


  • Deposits are to be made in multiples of Rs. 1,500.
  • An individual can make a maximum investment of Rs. 4.5 lakh in this scheme. If the account is jointly held the maximum deposit limit is Rs. 9 lakhs.
  • Joint accounts in POMIS are held equally by both holders.
  • Nominations are allowed at the time of opening as well as during the operation of the account.
  • The POMIS Account can be transferred between post offices.
  • There is no limit to the number of Accounts an individual can open under this scheme. This is subject to the fact that the sum of the deposits in all the accounts should not exceed the maximum investment limit of Rs. 4.5 lakhs for individuals and Rs. 9 lakhs for jointly held accounts.
  • POMIS Accounts can be opened in the name of a minor.
  • Minors 10 years and above may open and operate a POMIS account.
  • Joint Accounts can be opened by a maximum of three adults.
  • Individual accounts can be converted to Joint Accounts and vice versa.
  • Once a minor Account Holder attains the age of 18 years, they have to convert the POMIS Account in their name.
  • The interest income can be drawn to the account holders saving account held at the same post office through an Electronic Clearing Service (ECS) or Post-Date Cheque (PDC).
  • If there are no withdrawals made from an account, it can continue to collect interest 2 years after maturity.

Documentation Required

Proof of Identity;

  • Driver’s License, Passport, Voter ID, Aadhaar, etc.

Proof of Address;

  • Government Approved Identity with Permanent Address printed on it. (Voter ID, Driver’s License, Passport). If you cannot furnish a Government Approved Identity, recent utility bills of your residence, Ration Card in your name can be used.
  • Photographs

2 Passport-size photographs are required.

Interest Rates Applicable

As on 1st January 2019, the interest rates applicable to POMIS stands at 7.3% per annum. Interest is payable monthly.

Premature Withdrawal

  • Premature withdrawals within 1 year of opening the scheme are not possible.
  • Between 1 and 3 years of opening the scheme, premature withdrawal is permitted with a 2% penalty on the returns.
  • Between 3 and 5 years of opening the scheme, premature withdrawal is permitted with a 1% penalty on the returns.