Post Office Monthly Income Scheme
in Sikkim
Last updated:
Post Office Monthly Income Scheme in Sikkim
Post Office Monthly Income Scheme is a government scheme available to eligible residents of Sikkim.
Apply for Post Office Monthly Income Scheme in Sikkim
Scheme Overview
POMIS is an investment scheme recognized and validated by the Ministry of Finance. It is one of the highest-earning schemes with an interest rate of 6.6%. The interest in this scheme is disbursed monthly. After opening a POMIS account, individuals can invest a minimum amount of ₹1500.
Eligibility Criteria
The applicant must be a citizen of India.
The applicant must be residing in India.
The applicant should be at least 18 years old.
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**Note:** You can open an account on behalf of a minor who is 10 years old or older. When kids reach the age of 18, they will be able to access the fund. After reaching the age of majority, a minor must apply for conversion of the account in his name.
Benefits
Capital Protection- As the Government backs it, the return is safe.
Low-risk Investment- Post office monthly income schemes online have no risk involved in market capitalization.
Lock-in Period- A minimum of 5 years is the lock-in period which can be withdrawn after maturity.
Affordable Premium Amount- The premium per month is low compared to other schemes and easily payable.
Unbeatable by Inflation- Even during inflation, an investor can get income monthly.
Multiple Fund Owners- Multiple owners can own one account as joint holders.
Ease of Transaction- The transaction of money, including deposits, and withdrawal is very easy.
Good for Risk-averse Investors- Post Office Monthly Income Scheme is the best scheme for risk-averse investors who wants monthly income. It is favorable for those looking for long-term investment and regular income. For senior citizens, it is the best plan.
Duration (in Years): 1, Interest Rate: 5.50%
Duration (in Years): 2, Interest Rate: 5.50%
Duration (in Years): 3, Interest Rate: 5.50%
Duration (in Years): 5, Interest Rate: 7.6%
Single Account - the minimum amount to deposit is ₹ 1500 and the maximum is ₹ 4,50,00.
Joint Account – the minimum amount of investment is ₹ 1500 and the maximum is ₹ 9,00,000.
Minor Account - the minimum amount of investment is ₹ 1500 and the maximum is ₹ 3,00,000.
Single Account: ₹4,50,000; Joint Account: ₹9,00,000; Minor Account: ₹3,00,000
For instance, if an investor invests ₹ 1,00,000 for 5 years with a monthly interest of 6.60%. Fixed monthly income according to the post office MIS scheme will be ₹ 550.
The post office monthly income scheme for senior citizens is 6.6%.
The minimum lock-in period for the post office monthly income scheme 2021 is 5 years.
Required Documents
| # | Document |
|---|---|
| 1 | Proof of Identity: Copy of government issued ID such as Passport / Voter ID card / Driving License/Aadhaar, etc. |
| 2 | Proof of Address: Government-issued ID or recent utility bills. |
| 3 | Passport size photographs |
How to Apply in Sikkim
To open an account under Post Office Monthly Income Scheme, follow the steps given below- First, you must have a Post Office savings account. Open the same account if you do not have one Get an application form from your Post Office or download th…
Offline — https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/Accountopening.pdf To open an account under Post Office Monthly Income Scheme, follow the steps given below- First, you must have a Post Office savings account. Open the same account if you do not have one Get an application form from your Post Office or download the POMIS Account application form from the following link: https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/Accountopening.pdf Fill and submit the form along with the self-attested copies of all the required documents at the post office. You must carry the original documents for verification. Mention the Name, DOB, and Mobile no. of the nominees (if any) Proceed to make initial deposits (Minimum Rs.1000/-) via cash or cheque
Common questions in Sikkim
Who can apply for Post Office Monthly Income Scheme in Sikkim?
Eligible residents of Sikkim who meet the scheme’s overall criteria can apply for Post Office Monthly Income Scheme. Refer to the eligibility section above for the complete checklist.
What documents are required for Post Office Monthly Income Scheme in Sikkim?
Applicants in Sikkim typically need identity proof (Aadhaar), state residency proof, bank account details, and any scheme-specific documents listed in the documents section.
Frequently Asked Questions
You can withdraw the deposited amount from the account either from the post office or you can also get it credited in your savings account through ECS. You can follow the usual way and withdraw the amount monthly. However, the investor is allowed to let some amount accumulate and withdraw it all together after a few months.