Post Office Monthly Income Scheme Calculator

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%.

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7.7 Crore

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

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.

Benefits of Using Post Office Monthly Income Scheme Calculator

Here are some of the benefits of using Post Office MIS calculator.

Determine the Monthly Interest

The post office MIS calculator helps to determine the applicable monthly interest an individual can earn on the investment made towards the POMIS.
Easy to Use

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.
Financial Planning

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.
Saves Time

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.

Plan better with: SIP Calculator

How Does Post Office Monthly Income Scheme Calculator Works?

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.

Features of Post Office Monthly Income Scheme

Let’s take a look at the features of Post Office Monthly Income Scheme.

Regular Payments

The POMIS offers a guaranteed regular monthly income to the investors.
Low Risk

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.
Lock-in Period

The POMIS can be opened for tenure of 5 years. Moreover, as per one’s own choice the investors can reinvest into the scheme.
Single Account and Joint Account

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.
Maximum & Minimum Investment

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.
Number of Accounts

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.
Minor

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.
Premature Withdrawal

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.
Transferable

The POMIS account can be transferred anywhere in India from one post office to another.
Maturity

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.

FAQs

Q1. How to withdraw money from post office monthly income scheme account after completion of the tenure?

Ans- An individual can withdraw the deposit amount either from the post office or can use the ECS process to get it credited directly to the savings account.
Q2. How can I transfer Post Office Monthly Income Scheme Account?

Ans- In case, you are changing the residential status to a different city anywhere in India, you can transfer the post office monthly income scheme account from one post office to another. The accumulated amount and the interest disbursal will be carried forward to the post office where the account is transferred.
Q3. Is premature withdrawal is allowed in POMIS?

Ans- Yes, the subscriber can make premature withdrawal from the scheme after completion of 1 year of opening the account. However, premature withdrawal charges are levied at 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.
Q4. Is post office monthly income scheme taxable?

Ans- The post office monthly income scheme do not offer any tax benefit under section 80C. Thus, the amount invested in POMIS is not tax exempted. There is no TDS on the POMIS, however the interest income is taxable as per the applicable tax law.
Q5. Can Senior Citizen invest in post office monthly income scheme?

Ans- Yes, senior citizens can invest in post office monthly income scheme.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Past 10 Years' annualised returns as on 01-12-2024

^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

Tax benefit is subject to changes in tax laws. Standard T&C Apply
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%

¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.

**Returns are based on past 10 years’ fund performance data (Fund Data Source: Value Research).