Post Office MIS Calculator
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Estimated Monthly Income:
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This calculator provides an estimate. Actual returns may vary.
Visit India Post for Official Scheme DetailsAre you looking for a safe investment that offers guaranteed monthly income? The Post Office Monthly Income Scheme (POMIS) could be an excellent option for you. Use our calculator to estimate your potential earnings.
What is the Post Office Monthly Income Scheme (POMIS)?
The Post Office Monthly Income Scheme (POMIS) is a government-backed savings scheme offered by India Post. It allows investors to deposit a lump sum amount and earn a fixed interest every month. This scheme is popular among retirees and individuals seeking a regular, reliable source of income with minimal risk. The interest earned is credited directly to your post office savings account.
What is the Post Office Monthly Income Scheme Calculator?
Our Post Office MIS Calculator is a simple online tool designed to help you estimate the monthly income you can expect from your investment in the POMIS. By entering your planned investment amount and the current applicable interest rate, the calculator instantly computes your potential monthly earnings. This helps in financial planning and understanding the returns from this scheme before you invest.
How Does the Post Office MIS Calculator Work?
The calculation for monthly income is straightforward:
Monthly Income = (Investment Amount × Annual Interest Rate) ÷ 12
For example, let's say you invest ₹4,50,000 in POMIS, and the annual interest rate is 7.4%:
- Monthly Income = (₹4,50,000 × 7.4%) ÷ 12 = ₹2,775 per month
Our calculator performs this calculation automatically for you based on the inputs you provide.
How to Use the MIS Calculator?
- Enter Investment Amount: Use the slider or type in the desired amount you wish to invest (minimum ₹1,000, maximum ₹9 lakhs for single accounts and ₹15 lakhs for joint accounts - our calculator allows up to ₹15 lakhs for general estimation).
- Set Interest Rate: Adjust the slider or input the current annual interest rate applicable to the POMIS. (The current rate is typically announced by the government and may change periodically).
- View Monthly Income: The calculator will automatically display your estimated monthly income based on the values you've provided. The lock-in period for POMIS is fixed at 5 years.
Note: The interest rates for POMIS are subject to revision by the Ministry of Finance. Always verify the current rate from the official Post Office website or your local post office branch.
Frequently Asked Questions (FAQ)
What is the eligibility criteria for POMIS?
❯Any Indian resident individual can open a POMIS account. Minors above 10 years can also open an account in their own name. Joint accounts can be opened by up to three adults.
Is the interest earned from POMIS taxable?
❯Yes, the interest earned from POMIS is fully taxable as per your income tax slab. However, there is no Tax Deducted at Source (TDS) on the interest paid.
Can I withdraw prematurely from POMIS?
❯Premature withdrawal is allowed, but with certain conditions and penalties. No withdrawal is permitted within the first year. If withdrawn between 1 and 3 years, a 2% penalty on the deposit amount is levied. If withdrawn after 3 years but before 5 years, a 1% penalty is applicable.
What is the maximum investment limit?
❯The maximum investment limit for a single account is ₹9 lakhs, and for a joint account, it is ₹15 lakhs. An individual can invest a maximum of ₹9 lakhs across all their POMIS accounts, including their share in joint accounts.
Disclaimer: The information provided here is for general guidance only and should not be considered financial advice. Please consult with a financial advisor or refer to the official India Post website for the most current and accurate details regarding the Post Office Monthly Income Scheme.