BackBudget 2023: Govt increases limit for Post Office Monthly Income Scheme. New rates here
The new limit will be ₹9 lakh from ₹4.5 lakh for a single accounts and ₹15 lakh from ₹9 lakh for joint account holders
PremiumFinance Minister Nirmala today announced to increase the maximum deposit limit of Post Office Monthly Income Scheme (POMIS). The new maximum deposit limit in this Government of India (GoI) backed small saving scheme will be ₹9 lakh from ₹4.5 lakh for a single account holder and ₹15 lakh from ₹9 lakh for joint account holders.
Finance Minister Nirmala Sitharaman made an announcement in this regard during her Union Budget speech.
“The maximum deposit limit for Monthly Income Account Scheme will be enhanced from ₹4.5 lakh to ₹9 lakh for single account and from ₹9 lakh to ₹15 lakh for joint account," said Nirmala Sitharaman while presenting the Union Budget 2023 in parliament.
After this rise in maximum deposit limit from ₹4.5 lakh to ₹9 lakh, minimum amount required to open Post Office Monthly Income Scheme or POMIS account would remain same ₹1000. Similarly, in a joint account, all joint account holders will have equal share in the total deposited amount.
As per the information available on India Post's official website, “Interest shall be payable on completion of a month from the date of opening and so on till maturity." However, if the interest payable every month in Post Office Monthly Income Scheme or POMIS is not claimed by the account holder, such POMIS interest shall not earn any additional interest.
Pre-mature withdrawal is allowed in this small saving scheme but not before before one year of account opening.
“If account is closed after 1 year and before 3 year from the date of account opening, a deduction equal to 2% from the principal will be deducted and remaining amount will be paid," the Department of Post website claimed adding, “If account closed after 3 year and before 5 year from the date of account opening, a deduction equal to 1% from the principal will be deducted and remaining amount will be paid."
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