An annuity deposit scheme in India is a financial product offered by the government of India through its postal department. The scheme is called the Post Office Monthly Income Scheme (POMIS).

Under the POMIS, individuals can make a lump sum deposit and receive fixed monthly income for a period of 5 years. The interest rate on the scheme is determined by the government and is currently around 6.6% per annum (as of September 2021). The interest is paid out monthly and the principal amount is returned at the end of the scheme tenure.

The minimum investment amount for the POMIS is Rs. 1,500 and the maximum is Rs. 4.5 lakhs (or Rs. 9 lakhs if invested jointly). The scheme is open to all Indian residents and can be availed at any post office branch.

It is important to note that the interest earned on the POMIS is taxable and will be added to the individual’s income for that financial year. However, the scheme does not offer any tax benefits or deductions.

Overall, the POMIS is a safe and reliable investment option for individuals looking for a fixed income stream.

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