Post office MIS Calculator – Post Office Monthly Income Scheme Calculator 2023
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The Post Office Monthly Income Scheme (POMIS) is a government backed savings policy that aims to offer financial security to people in the form of assured monthly proceeds. Let us take a look at the Post Office MIS interest rate 2025 calculator
Under the POMIS policy, the investor or the person who is the account holder gets monthly income in the form of interest payment. The scheme is offered by the Department of Post (DOP), India with 6.6% interest rate for the current quarter.
Let’s read further to understand the Post Office Monthly Income Scheme (POMIS) calculator in detail.
What is the Post Office Monthly Income Scheme (POMIS)?
The POMIS is a government-backed savings scheme that provides a fixed monthly interest payout. It is suitable for conservative investors who want assured returns without market risks.
Key Features of POMIS
- Guaranteed Monthly Income – Earn fixed interest every month.
- Low Risk – Backed by the Indian government.
- Investment Limit – Maximum ₹9 lakh (single account) and ₹15 lakh (joint account).
- Tenure – 5 years.
- Interest Rate – Updated quarterly by the government.
Why to use the Post Office Monthly Income Scheme Calculator? What are POMIS Calculator Benefits?
The scheme of POMIS is a rewarding plan of investment for people who would like to avail an additional income or a regular income from their investments. Here are some benefits of using the post office monthly income scheme calculator.
- It allows the investor to determine the monthly interest offered under the plan – The POMIS calculator can be used easily to determine the monthly interest that the account holder can earn on the investment
- It is easy to use – The scheme calculator is simple to handle. The investor simply has to submit some relevant investment details like the investment amount and the interest rate to know the monthly interest that they can earn from the savings plan
- It allows one to make financial planning – The post office monthly income scheme calculator helps people to plan an investment. Since the calculator can be used to compare the income earned from the POMIS plan to several different monthly income plans, it allows the investor to take a decisive decision. This way, they can plan their income and the expenses effectively.
- The calculator saves time – Since the POMIS calculator helps the investor to know the interest rate in seconds, it helps in saving time. Also, it is freely available online and can be used as many times as the investor wants without getting charged. Hence, this reliable and quick tool helps to save both time and money.
Features of Post Office Monthly Income Scheme
Here’s some best features of POMIS Scheme:
- The POMIS plan offers assured monthly payment on a regular basis to the investors
- Being a low risk and government backed plan, it is regarded as a safe option of investment
- This is a zero-risk plan that allows guaranteed returns as monthly income
- The lock-in duration of the POMIS scheme is 5 years, but it allows the investor to reinvest into the scheme as per their choice
- The scheme allows anyone above 10 years of age to have a POMIS Single or Joint Account. It can be shared by 3 adults at the max, where each one can receive equal share
- The minimum investment allowed under the scheme is INR 1,500 for account opening, whereas the maximum investment amount that one can invest is INR 4.5 lakh
- Further, the best part about this scheme is that it doesn’t levy any restriction on the count of POMIS account hold by a person. But the maximum investment limit in case of an individual account is INR 4.5 lakh. In case of joint account, it is INR 9 Lakh
- This scheme can be opened by minors of 10 years and above with a maximum investment limit as INR 3 lakh. Once the minor attains the age of 18 years, the account can be transformed into an adult account
- Premature withdrawal on the POMIS account is available after aa year of account opening. However, you have to pay a withdrawal fee charged on the basis of redemption time. The charge can be 1% (if the plan completes 3 years but withdrawn before 5 years) and it can be 2% (if the plan completes 1 year but withdrawn before 3 years)
- The scheme can be transferred anywhere across India to any post office
- Once the scheme matures, the account holder can either withdraw the money or reinvest the amount for another 2 years on the same rate of interest
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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