InvestorQ : Is a POMIS better than a POTD scheme?
Akansha Shivdasani made post

Is a POMIS better than a POTD scheme?

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Riya Dwivedi answered.
2 years ago

The POMIS is also a post office deposit which attracts interest rate of 7.70%. There is a maximum investment limit of Rs.4.50 lakhs in an individual account and Rs.9.00 lakhs in a joint account. In case of multiple POMIS accounts, the collective limit for all the accounts put together will be Rs.4.50 lakhs. The scheme is suited to retirees who are dependent on regular income since the interest is credited to your account each month. The POMIS can be cashed prematurely after 1 year by paying a charge of 2% and after 3 years by paying a charge of 1% of the withdrawn amount. There was a 5% bonus payable on POMIS accounts on maturity but this bonus has been scrapped effectively December 2011 and is not payable any longer.