Post Office Monthly Income Scheme Calculator(POMIS Calculator)

Principal Amount (INR):

POMIS Interest Rate (% per annum):

POMIS Period:

Interest Type:

Monthly interest rate in post office monthly income scheme :

Guaranteed Monthly Income with the Post Office Monthly Income Scheme (POMIS)

Introduction

The Post Office Monthly Income Scheme (POMIS) is a popular savings scheme offered by the Indian Postal System.

It is designed to provide a steady source of income for individuals, especially retirees or those looking for regular interest earnings.

The POMIS is an attractive option for risk-averse investors seeking a secure investment avenue with fixed returns

What is a Post Office Monthly Income Scheme(POMIS) scheme?

The Post Office Monthly Income Scheme (POMIS) is a deposit scheme that allows investors to invest a lump sum amount and receive fixed monthly interest payments.

It falls under the category of small savings schemes offered by the Government of India, ensuring the safety of the principal amount and interest earned.

Key Features and Benefits of POMIS scheme

Post Office Monthly Income Scheme Account offer several benefits, including:

Regular Income: The primary benefit of the POMIS account is the fixed monthly income it offers. This feature makes it an attractive option for retirees or those in need of a steady income stream.
Risk-Free Investment: POMIS accounts are backed by the government, making them one of the safest investment options available. The risk of losing the principal amount is minimal.
Tenure and Maturity: The tenure of the POMIS account is five years, which can be extended for another five years after maturity. Upon maturity, the investor can withdraw the entire amount.
Nomination Facility: Investors can nominate a person who will receive the corpus in case of the account holder's unfortunate demise.
No Tax Deduction at Source (TDS): Unlike fixed deposits in banks, POMIS accounts do not attract TDS on the interest earned up to Rs. 50,000 for an individual account and Rs. 1 lakh for a joint account.

Using the post office monthly income plan calculator(POMIS Calculator)

Start by entering the amount you wish to invest in the Post Office Monthly Income Scheme . This is known as the Principal Amount, and it represents the initial deposit you make.

Interest rate and tenure will be selected automatically by Post Office Monthly Income Scheme calculator

Once you've provided all the necessary details, click the "Calculate" button. The calculator will display the Monthly Interest Amount you will receive every month on your investment.

Who can open POMIS account

(i) a single adult
(ii) Joint Account (up to 3 adults) (Joint A or Joint B))
(iii) a guardian on behalf of minor/ person of unsound mind
(iv) a minor above 10 years in his own name.

Deposit

(i) Account can be opened with minimum of Rs. 1000 and in multiple of Rs. 1000.
(ii) A maximum of Rs. 9 lakh can be deposited in a single account and 15 lakh in Joint account.
(iii) In a joint account, all the joint holders shall have equal share in investment.
(iv) Deposits/shares in all MIS accounts opened by an individual shall not exceed Rs. 9 lakh.
(iv) Limit for account opened on behalf of a minor as guardian shall be separate.

POMIS Interest rate

Interest rate for mis in post office : 7.4%

(i) Interest shall be payable on completion of a month from the date of opening and so on till maturity.
(ii) If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.
(iii) In case any excess deposit made by the depositor, the excess deposit will be refunded back and only PO Savings Account interest will be applicable from the date of opening of account to the date of refund.
(iv) Interest can be drawn through auto credit into savings account standing at same post office, or ECS. In case of MIS account at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post Offices.
(v) Interest is taxable in the hand of depositor.

Pre-mature closure of account

(i) No deposit shall be withdrawn before the expiry of 1 year from the date of deposit.
(ii) If account is closed after 1 year and before 3 year from the date of account opening, a deduction equal to 2% from the principal will be deducted and remaining amount will be paid.
(iii) 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.
(iv) Account can be prematurely closed by submitting prescribed application form with pass book at concerned Post Office.

Maturity

(i) Account may be closed on expiry of 5 years from the date of opening by submitting prescribed application form with pass book at concerned Post Office.
(ii) In case the account holder dies before the maturity, the account may be closed and amount will be refunded to nominee/legal heirs. Interest will be paid up to the preceding month, in which refund is made.

Conclusion

The Post Office Monthly Income Scheme Account (POMIS) is a reliable and secure investment avenue for individuals seeking regular income with minimal risk.

Its simplicity, assured returns, and tax benefits make it an attractive option, particularly for retirees and risk-averse investors.

However, investors should carefully assess their financial goals and risk appetite before making any investment decision.

Disclaimer: The information provided in this blog post is for general informational purposes only and should not be considered as professional advice. The schemes features, rules, and regulations may be subject to change, and readers are encouraged to verify the latest information from official sources or consult financial experts before making any investment decisions. The author and the website shall not be held liable for any losses or damages arising from the use of the information provided in this blog post.