5 min read
Updated on May 05, 2023
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
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.
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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.
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