This is a government sponsored savings scheme that aims to provide financial security to the individuals in form of guaranteed monthly income. Under this scheme the investors receives monthly returns as interest payment. The post office monthly income scheme is offered by the Indian Post Office or Department of Post (DOP). For the current quarter the applicable interest rate on POMIS is 6.6%.
On maturity of the POMIS, the individual can choose to reinvest the amount into the scheme or withdraw the amount. The Post office monthly income scheme is a lucrative option of investment for investors who want to avail regular or additional income from their investments. The post office monthly income scheme calculator can be used to compute the monthly interest on investment made towards the scheme.
Read further to know in detail about Post Office Monthly Income Scheme calculator.
Here are some of the benefits of using Post Office MIS calculator.
The post office MIS calculator helps to determine the applicable monthly interest an individual can earn on the investment made towards the POMIS.
The POMIS calculator is very easy to use. All you need to do is to enter the investment amount and the current interest rate; the calculator will display the monthly interest you can earn from the investment.
The Post Office Monthly Income Scheme calculator helps to plan the investment. An individual can compare the results from Post Office MIS calculator to other monthly income scheme and make an informed choice. Moreover, by estimating the interest amount one can also plan their expenses and income effectively.
You can get the results in POMIS calculator within seconds and as it is available freely online. Thus it saves both time and money. The POMIS calculator is reliable, fast, easy and available.
An individual can calculate the interest from post office monthly income scheme by using a simple formula.
POMIS Monthly Interest = Amount Invested *Annual interest rate/12
Let’s take an example, Mr Akash invested Rs 4.5 lakhs at 6.60% interest. The monthly interest would be.
4,50,000*(0.066/12)= INR 2,475
Thus the monthly interest is INR 2,475 and the total interest Mr Akash earns in 60 months would be INR1, 48, 500.
In post office monthly income scheme the investors can invest a lump sum amount and gain monthly income in form of interest for five years. The investors can use post office monthly income scheme calculator to compute the monthly income.
As there are different monthly income schemes available in the market, it is important to compare these schemes and choose the investment option as per one’s requirement and suitability.
Let’s take a look at the features of Post Office Monthly Income Scheme.
The POMIS offers a guaranteed regular monthly income to the investors.
As a government backed savings scheme, POMIS is considered as one of the safest options of investment. The returns are guaranteed under the scheme as monthly payments. Also, this is a 0% risk option of investment.
The POMIS can be opened for tenure of 5 years. Moreover, as per one’s own choice the investors can reinvest into the scheme.
An individual above the age of 10 years can open individual or joint account. A maximum of 3 adults can open a joint account. Also, each joint account member will have equal share.
An individual can make a minimum investment of Rs 1,500 to open the account whereas, the maximum investment one can make towards the scheme is Rs 4.5 lakh.
There is no restriction on the number of accounts one can hold. However, the maximum limit on investment for an individual account is INR 4.5 lakh and for a joint account is INR 9 Lakh.
A minor above the age of 10 years can open post office monthly income scheme account. The maximum limit of investment for a minor is INR 3 lakh. After attaining the age of 18 years the account can be converted to an adult account.
The individual can make premature withdrawal after one year of opening the account with a withdrawal fees. The fee is charges based on the time of redemption. A 1% withdrawal fees is charges for making withdrawal after completion of three years but before 5 years. A 2% fees is charged for withdrawal made before three years but after one year.
The POMIS account can be transferred anywhere in India from one post office to another.
On maturity of the scheme, the account holder can choose to withdraw or reinvest the amount into the scheme. In case the maturity amount is not withdrawn or reinvested then the account will continue to earn interest up to 2years from the date of maturity.