About POMIS
- You deposit a lump sum once and receive interest every month for 5 years; your deposit is returned at maturity.
- Maximum deposit ₹9 lakh in a single account or ₹15 lakh in a joint account (up to 3 adults).
- The rate is fixed for the full term at the rate when you invest — 7.4% p.a. at the time of writing.
- Premature closure is allowed after 1 year with a deduction (2% of the deposit between years 1 and 3, 1% after that).
- Tax: no 80C benefit; interest is taxable, but no TDS is deducted by the post office.
Tip: link the monthly payout to a post office RD to keep the interest compounding. Also compare SCSS if you're 60 or above.