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Post Office Monthly Income Scheme

Pradhan Mantri Shram Yogi Maandhan is a government scheme meant for old age protection and social security of Unorganized Workers (UW).Unorganized Workers (UW) are mostlyPost Office Monthly Income Scheme (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 suitable amount based on affordability, which, however, should not be less than ₹1500. It provides low risk and steady income where an investor can deposit every month and get interested of MIS in the post office according to their applicable monthly rate. The income on investment is given by the concerned post office every month.

Features of the POMIS scheme:
  1. Maturity period- The maximum tenure of the Indian post office monthly income scheme is 5 years.
  2. Number of holders- At least 1 and at most 3 individuals can hold post office MIS.
  3. Nomination- Only the nominee will get all scheme benefits after the investor’s demise. Nominee can be assigned later on after opening an account.
  4. Transfer- Individuals can transfer their MIS account in one post office to another anywhere in India.
  5. POMIS bonus- Accounts opened after 1st Dec 2011 have no bonus facility. However, those opened before that enjoy a 5% bonus.
  6. Taxability- Any income from this scheme does not come under TDS or tax deduction. The post office monthly income scheme tax benefit is zero.

Eligibility Criteria

  1. The applicant must be a citizen of India.
  2. The applicant must be residing in India.
  3. The applicant should be at least 18 years old.


  1. Capital Protection- As the Government backs it, the return is safe.
  2. Low-risk Investment- Post office monthly income schemes online have no risk involved in market capitalization.
  3. Lock-in Period- A minimum of 5 years is the lock-in period which can be withdrawn after maturity.
  4. Affordable Premium Amount- The premium per month is low compared to other schemes and easily payable.
  5. Unbeatable by Inflation- Even during inflation, an investor can get income monthly.
  6. Multiple Fund Owners- Multiple owners can own one account as joint holders.
  7. Ease of Transaction- The transaction of money, including deposits, and withdrawal is very easy.
  8. 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.

How to Apply

  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
    To open an account under Post Office Monthly Income Scheme, follow the steps given below-
    1. First, you must have a Post Office savings account. Open the same account if you do not have one
    2. Get an application form from your Post Office or download the POMIS Account application form from the following link: Click Here
    3. 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.
    4. Mention the Name, DOB, and Mobile no. of the nominees (if any)
    5. Proceed to make initial deposits (Minimum Rs.1000/-) via cash or cheque

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