Post Office Monthly Income Scheme (POMIS) Interest Rate July-September 2023 (2024)

Post Office Monthly Income Scheme (POMIS) Interest Rate July-September 2023: The POMIS interest rate for the July-September quarter of FY 2023-24 was announced today (June 30). The Government has decided to keep the POMIS interest rate unchanged at 7.4%.

Earlier, POMIS account holders were hoping for a further hike in the interest rate. However, another hike was unlikely as the POMIS interest rate was revised in the previous quarter. In the April-June quarter of FY 2023-24, the POMIS interest rate was revised upwards to 7.4%.

The POMIS account allows investors to deposit up to Rs 9 lakh in a single account, starting from Rs 1000 and thereafter in multiples of Rs 100. In a joint POMIS account, a deposit of up to Rs 15 lakh is allowed.

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With POMIS, depositors can earn a monthly income at the rate of Rs 62 per Rs 10,000. Further, the interest is compounded monthly and paid into the savings account of the depositor, according to information on the Post Office website.

In the last two quarters of the calendar year 2023, the Government has increased interest rates for small savings schemes such as Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY) account, Kisan Vikas Patra (KVP), and Post Office deposit schemes like Post Office Time Deposit, Post Office Monthly Income Scheme (POMIS) and Post Office Recurring Deposit (RD). However, the PPF interest rate has remained unchanged.

As the Reserve Bank of India (RBI) has paused the repo rate hike, after raising it by 2.5% since May 2022, there was a very small possibility of a further hike in the POMIS account interest rate today.

The interest rates of small savings schemes, including POMIS, are linked to yields of Government Securities (G-Secs). The Finance Ministry reviews the interest rates of small savings schemes like POMIS every quarter of a financial year. The review is done on the basis G-Secs yields of the previous three months.