• Minimum investment is of INR 1000 or in multiples of INR 1000.
• The tenure of the investment is 6 years.
• The interest rate payable is 8% per annum. The interest is payable monthly. This monthly interest can be directly credit to the savings account, if that is also maintained with the post office. The interest income is fully taxable.
• Nomination facility is available.
• Non Resident Indians (NRI) cannot open an account under POMIS
• On maturity of the term, if the maturity proceeds are not withdrawn then post office savings account interest rate is payable on the deposit and that too for only upto maximum 2 years.
• The account is transferable from one post office to another post office.
• This account is more suited for people who want to make a lumpsum investment and are looking for regular return on the lumpsum investment. This scheme is suited for senior citizens who are looking for regular returns on their investment in their retirement years.