Post Office Monthly Income Scheme Calculator
The Post Office Monthly Income Scheme (POMIS) is a secure savings plan offered by India Post. It allows individuals to invest a lump sum and earn monthly interest payouts, making it ideal for regular income after retirement or for conservative investors.
Key Features of POMIS
- Interest Rate: 7.4% per annum (as of current quarter)
- Payout Frequency: Monthly
- Tenure: 5 years
- Minimum Investment: ₹1,000
- Maximum Limit:
- ₹9 lakh (individual account)
- ₹15 lakh (joint account)
Who Can Use POMIS?
- Senior citizens seeking a fixed monthly income.
- Conservative investors looking for secure returns.
- Parents saving in their child’s name (via a minor account).
Steps to Use the POMIS Calculator
- Enter your investment amount (between ₹1,000 and ₹9,00,000).
- Confirm the interest rate (pre-filled or adjustable).
- View your monthly income instantly based on the calculation.
- Optional: Calculate total interest earned at the end of 5 years .
Formula to Calculate Monthly Income
Investment Amount = Amount Invested in
Annual Interest Rate = Rate of Interest
Example
If Priya invests ₹5,00,000 in POMIS at 7.4% p.a., her monthly income is calculated So, Priya will receive ₹3,083/month for the next 5 years.
FAQs
Can I open a POMIS account online?
No, currently, POMIS accounts must be opened at a post office in person.
Is the interest taxable?
Yes, monthly interest is taxable, but there is no TDS deducted by the post office.
Can I reinvest my monthly interest?
Yes, you can direct it into a Recurring Deposit or Savings Account.
Can I open a joint POMIS account?
Yes, up to 3 adults can open a joint account, and the maximum investment increases to ₹15 lakh.
Is nomination facility available under POMIS?
Yes, you can nominate a beneficiary at the time of account opening or anytime later.
Can Non-Resident Indians (NRIs) invest in POMIS?
No, NRIs are not eligible to open or maintain a POMIS account.
Is it possible to extend the account after maturity?
No, the POMIS account cannot be extended. However, you can reinvest the maturity amount in a new POMIS account or other small savings schemes.