NSMIAS

The scheme provides a fixed monthly income to investors through periodic interest payments on a one-time deposit made at the time of account opening.

The National Savings (Monthly Income Account) Scheme, 2019, popularly known as the Post Office Monthly Income Scheme (POMIS), is a government-backed small savings scheme administered by the Ministry of Finance. The scheme provides a fixed monthly income to investors through periodic interest payments on a one-time deposit made at the time of account opening. The scheme is designed for individuals seeking a secure investment option with regular monthly returns. Accounts can be opened individually, jointly by up to three adults, or on behalf of eligible minors.

> Key Features

• Government-backed savings scheme with assured returns.
• Single deposit account with no recurring contributions.
• Monthly interest payout to the account holder.
• Account tenure of 5 years.
• Joint accounts permitted with up to three adults.
• Nomination facility available as per applicable rules.
• Transfer of an account from one post office to another is permitted.
• Multiple accounts may be opened subject to the prescribed deposit limits.

• The applicant must be a citizen of India.
• The applicant must be residing in India.
• The account may be opened by a single adult.
• The account may be opened jointly by up to three adults.
• A minor who has attained the age of 10 years may open and operate the account in his/her own name.
• A guardian may open the account on behalf of a minor or a person of unsound mind.

> Deposit Limits

• Minimum Deposit: ₹1,000 and thereafter in multiples of ₹1,000.
• Maximum Deposit in Single Account: ₹4,50,000.
• Maximum Deposit in Minor Account/Account opened by Guardian: ₹4,50,000.
• Maximum Deposit in Joint Account: ₹9,00,000.

> Interest

• Interest Rate: 7.6% per annum (as specified in the 2019 notification; subject to revision by the Government from time to time).
• Interest is payable monthly from the date of deposit.
• Unclaimed monthly interest does not earn additional interest.

> Maturity

• The account matures after 5 years from the date of opening.

• On maturity, the deposited amount along with eligible interest is payable to the account holder upon submission of the prescribed application.

> Premature Closure

• Premature closure is allowed after completion of one year from the date of account opening:
• Closure before completion of 3 years: Deduction of 2% of the principal deposit.
• Closure after 3 years but before maturity: Deduction of 1% of the principal deposit.

> Death of Account Holder

• In the event of the account holder's death before maturity, the account may be closed and the deposit refunded along with interest up to the month preceding the month of refund, as per applicable rules.