Best Money Back Policy 2023 – Check Feature, Benefits and Eligibility for Money Back Policy
1364
5 min read
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.
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.
There is a simple formula based on which the interest from the Post Office MIS scheme calculator can be computed:
Monthly Interest on POMIS = the sum invested multiplied by the annual interest rate divided by 12
For instance,
Suppose you invested INR 4.5 lakh under the scheme at an interest rate of 6.60%. here, the monthly interest would be-
4,50,000*(0.066/12) = INR 2,475
Thus, you can earn INR 2475 as the monthly interest, which could be INR 1, 48, 500 in 60 months.
So, under the POMIS plan, you can invest a lump sum amount and receive monthly payback for five years in the form of interest. You can use the Post Office MIS calculator to calculate the monthly income.
This way you can compare and check the different monthly income schemes that are there in the market using the Post Office MIS interest rate calculator. Also, you can pick the scheme based on your suitability.
Here’s some best features of POMIS Scheme:
To Sum Up
The option to reinvest the amount on maturity is a huge advantage of the POMIS account. With the MIS Post Office calculator, an investor can compute the monthly interest that can be earned on the investment done for the scheme.
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
One can either withdraw the amount from the post office or can avail the ECS process to credit the amount to his/her savings account directly.
If you are planning to change your residence and move to a different Indian city, you can transfer the POMIS account from one post office to another.
Yes, the scheme allows premature withdrawal after completion of 1 year of the account. However, it levies a charge for such withdrawals during redemption .
Though there is no TDS charged on the POMIS account, the interest earned on the scheme is taxable as per the applicable tax laws.
Yes, senior citizens can invest in POMIS or post office monthly income schemes. They can also use the senior citizen post office monthly income scheme calculator to compute the interest gained under the scheme.
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.
The Social Security Pension Management Information System (SSPMIS) Mukhyamantri Vridhjan Pension Yojana is the Bihar Government’s social security scheme. This scheme was initiated to offer.
Filing the ITR within the due date is very important. By doing so, taxpayers can evade penalties and other consequences due to not filing or.
In India, many opt for life insurance as a smart move to protect themselves and their families, given the unpredictable future. It's a practical step,.
Taxpayers can claim tax deductions under section 80DDB of the Income Tax Act, 1961, on the treatment expenses of certain specified diseases. This deduction can.
In most cases, House Rent Allowance (HRA) is a part of employees' salary and they can claim an exemption for HRA. Hence, if an employee.
Taxes are important for the financial well-being and the good governance of a country. Without taxes, the functioning of the country gets disturbed. The tax.
When joining a new organization in the middle of a fiscal year, employees need to fill out Form 12B. This form informs the new employer.
Payment of Income Tax is directly related to the economy of a country. Hence, every taxpayer in India is expected to pay income tax responsibly.
You may already know that a rental income or the money earned from renting a property is subject to TDS or tax deducted at the.
We know that almost every individual owns a savings bank account. We also know that the interest earned on your savings accumulated in a savings.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue