Sarkari Yojana
National Savings (Monthly Income Account) Scheme
About National Savings (Monthly Income Account) Scheme
Better known as the Post Office Monthly Income Scheme (POMIS), the National Savings (Monthly Income Account) Scheme, 2019, is a Ministry of Finance-administered, government-backed small savings scheme that pays investors a steady monthly income through periodic interest on a single deposit made when the account opens. It suits anyone wanting a secure investment with regular monthly returns, and accounts can be opened solo, jointly by up to three adults, or on behalf of an eligible minor. > Key Features
- A government-backed scheme offering assured returns.
- A single deposit, with no recurring contributions needed.
- Interest paid out to the account holder every month.
- A 5-year account tenure.
- Joint accounts allowed, with up to three adults.
- A nomination facility, available under the applicable rules.
- Accounts can be transferred between post offices.
- Multiple accounts may be opened, within the prescribed deposit limits.
Scheme Overview
Central Government
Ministry Of Finance
Individual
Scheme Details
Eligibility Requirements
To qualify for National Savings (Monthly Income Account) Scheme, applicants must satisfy the following conditions:
The applicant must hold Indian citizenship
The applicant must hold Indian citizenship.
The applicant must reside in India
The applicant must reside in India.
A single adult may open the account
A single adult may open the account.
Up to three adults may open the account…
Up to three adults may open the account jointly.
A minor aged 10 or above may open…
A minor aged 10 or above may open and run the account in their own name.
A guardian may open the account for a…
A guardian may open the account for a minor or a person of unsound mind.
Benefits Provided
National Savings (Monthly Income Account) Scheme provides the following benefits to eligible applicants:
Deposit Limits
Minimum deposit
Minimum deposit: ₹1,000, and multiples of ₹1,000 thereafter.
Maximum deposit in a single account
Maximum deposit in a single account: ₹4,50,000.
Maximum deposit in a minor's account or one…
Maximum deposit in a minor's account or one opened by a guardian: ₹4,50,000.
Maximum deposit in a joint account
Maximum deposit in a joint account: ₹9,00,000. Interest
Interest rate
Interest rate: 7.6% per annum (per the 2019 notification, subject to revision by the Government from time to time).
Interest accrues monthly, from the date of deposit
Interest accrues monthly, from the date of deposit.
Interest left unclaimed does not itself earn further…
Interest left unclaimed does not itself earn further interest. Maturity
The account matures 5 years after it was…
The account matures 5 years after it was opened.
At maturity, the deposit plus eligible interest is…
At maturity, the deposit plus eligible interest is paid to the account holder once the prescribed application is submitted. Premature Closure
Premature closure is possible after the account has…
Premature closure is possible after the account has run for one year:
Closing before 3 years
Closing before 3 years: 2% of the principal deposit is deducted.
Closing after 3 years but before maturity
Closing after 3 years but before maturity: 1% of the principal deposit is deducted. Death of Account Holder
Should the account holder die before maturity, the…
Should the account holder die before maturity, the account can be closed, with the deposit refunded along with interest up to the month before the refund month, per the applicable rules.
Documents Required
Applicants should keep the following documents ready before starting the application:
One photograph of passport size
One photograph of passport size
A document proving identity, which may be a…
A document proving identity, which may be a Passport, Voter ID card, Driving License, or Aadhaar Card
Evidence of the applicant's residential address
Evidence of the applicant's residential address
A further document supporting the address
A further document supporting the address
Where the applicant is a minor, a Birth…
Where the applicant is a minor, a Birth Certificate if applicable
How to Apply
Offline Application
Applicants can apply for National Savings (Monthly Income Account) Scheme through the offline application process outlined below.
Application Portal: Open Application Portal ↗
Application Process
Opening an account under the Post Office Monthly Income Scheme involves these steps:
Visit your nearest post office.
Get Form-1 for opening a monthly income account.
Complete the application form with the necessary details.
Attach the prescribed supporting documents.
Hand in the completed form at the post office.
Make a deposit of at least ₹1,000, or any amount in multiples of ₹1,000, within the prescribed maximum limit.
The Post Office checks the application and supporting documents.
Once verified, your Monthly Income Account is opened under the scheme.
Official Application & Website
Verify the latest eligibility, dates and instructions before applying.