Budget 2023: Govt raises deposit restrict of Post Office Monthly Income Scheme

Finance Minister Nirmala at present introduced to extend the utmost deposit restrict of Post Office Monthly Income Scheme (POMIS).  The new most deposit restrict on this Government of India (GoI) backed small saving scheme might be   ₹9 lakh from ₹4.5 lakh for a single account holder and ₹15 lakh from ₹9 lakh for joint account holders.

Finance Minister Nirmala Sitharaman made an announcement on this regard throughout her Union Budget speech.

“The most deposit restrict for Monthly Income Account Scheme might be enhanced from ₹4.5 lakh to ₹9 lakh for single account and from ₹9 lakh to ₹15 lakh for joint account,” said Nirmala Sitharaman while presenting the Union Budget 2023 in parliament.

After this rise in maximum deposit limit from ₹4.5 lakh to ₹9 lakh, minimum amount required to open Post Office Monthly Income Scheme or POMIS account would remain same ₹1000. Similarly, in a joint account, all joint account holders will have equal share in the total deposited amount. 

As per the information available on India Post’s official website, “Interest shall be payable on completion of a month from the date of opening and so on till maturity.” However, if the curiosity payable each month in Post Office Monthly Income Scheme or POMIS just isn’t claimed by the account holder, such POMIS curiosity shall not earn any further curiosity.

Pre-mature withdrawal is allowed on this small saving scheme however not earlier than earlier than one 12 months of account opening. 

“If account is closed after 1 12 months and earlier than 3 12 months from the date of account opening, a deduction equal to 2% from the principal might be deducted and remaining quantity might be paid,” the Department of Post website claimed adding, “If account closed after 3 year and before 5 year from the date of account opening, a deduction equal to 1% from the principal will be deducted and remaining amount will be paid.”

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