POMIS Vs NSC: Post offices are one of the oldest institutions in India and apart from postal related facilities, they also offer many schemes for investment. Two such schemes are National Savings Certificate (NSC) and Post Office Monthly Income Scheme (POMIS). Today we are going to present to you the information, benefits and eligibility of both the schemes so that you can choose the better investment option from these.
Post Office Special Scheme: Post offices are one of the oldest institutions in India. Apart from providing various types of postal related facilities, post offices also offer schemes for investment. National Savings Scheme (NSC) and Post Office Monthly Income Scheme (POMIS) are two such schemes in which you can save a lot of money by investing. While POMIS provides you with regular monthly income, you can also get a great interest of 7.7% per annum on the money invested in NSC.
| POMIS (Post Office Monthly Income Scheme) | NSC (National Savings Certificate) | |
| Awadhi | 5 years | 5 years |
| interest rate | 7.4%p.a. | 7.7% p.a. (compounded annually) |
| Eligibility | Any Indian adult, minor (in the name of guardian) | Any Indian adult, minor (in the name of guardian) |
| Maximum Investment | Single account- Rs 9 lakh, Joint account- Rs 15 lakh | there is no time limit |
POMIS: Benefits and Eligibility
Any adult or minor Indian citizen can invest in POMIS. To invest in it, you have to contact your nearest post office. A minor’s account can be opened in the name of his guardian. 3 people can also open a joint account in this scheme. A person can invest a maximum of Rs 9 lakh in this scheme and a maximum of Rs 15 lakh in a joint account. In the scheme, you get an annual interest of 7.4% which can be received as income every month. Tax deduction is also made on the interest received in this scheme.
NSC: Eligibility and Benefits
The maturity period of NSC is 5 years and you can withdraw the money only after the maturity period is over. Any Indian individual or minor (in the name of guardian) can open a single or joint account in this scheme. This scheme offers 7.7% interest per annum which is compounded annually. There is no maximum limit for investment in the scheme. Tax benefits can be availed on the money deposited under Income Tax Act Section 80C, but tax is deducted on the interest received.
