Did you know that you can earn up to ₹5,550, ₹7,400, ₹7,400, or ₹9,250 in monthly income through post office monthly income scheme? Yes, you can have a monthly income with post office income schemes. Wonder how? A Post Office Monthly Income Scheme (POMIS) is a popular investment option in India that offers a steady monthly income.
In this comprehensive guide, we’ll understand you can earn up to ₹9240 every month to fit your financial goals with a government-backed program.
How Post Office’s Monthly Scheme Work?
For the post office’s monthly income schemes (POMIS), the initial deposit varies as individuals have to select an option that fits their financial capabilities.
After enrollment, the post office handles the management of the invested funds and ensures the timely disbursement of the monthly income payments. These schemes allow people to generate a predictable monthly income from the comfort of their homes with government-backed post office schemes.
Now that you know how a post office scheme works, follow the table to learn the basic details of the scheme:
|
Post office Monthly Income Scheme Calculator Details |
|
| Minimum Amount | ₹1000 |
| Maximum Amount (single acc holder) | ₹9,00,000 |
| Joint Account Limit | ₹15,00,000 |
| Interest Rate | 7.4% p.a. |
| Lock-in Period | 5 years |
Eligibility of Post Office Savings Scheme Account
The table below provides a detailed understanding of eligibility criteria. For you to be well-prepared to open a POMIS account and start earning a monthly income on your investment:
| Factors | Details |
| Nationality | Indian |
| Age | 10 years old to open an account in their names. |
| Identity Proof | Aadhaar card, passport, or driving license. |
| Minimum Deposit: | ₹20 is required to open a Post Office Savings Account. |
Note: Check the official India Post Website or the specific post for the latest information
Document Required For Post Office Saving Schemes
The table provides you with the documents to open a Post Office Saving Scheme. However, for the latest information, you can also visit the India Post Office Website:
| Identity Proof | Aadhaar card, Passport, Voter ID, Driving license, PAN card. |
| Address Proof | Aadhaar card, Passport, Voter ID, Utility bills, Bank statement |
| Photograph: | Passport-size photographs of the account holder(s) |
| Age Proof | Birth certificate, School leaving certificate, Passport. |
| Income Proof (optional) | Salary Slips, Income tax returns, For, 16 |
| Nomination Form | Signed nomination form |
| Senior Citizen Certificate | Age proof to confirm eligibility. |
| Other documents | Documents establishing guardianship for accounts opened on behalf of minors. |
Note: Check the official India Post Office Website or the specific post for the latest information
Post Office Saving Scheme Calculator
The Post Office Saving Scheme Calculator is an online calculator tool that helps individuals calculate and understand the details of the various monthly income investment schemes offered by the post office. The key factor that you should be aware of before using the calculator is your total investment amount.
How to use the Post Office MIS Calculator
Using the POMIS calculator has never been easier, you can arrive at your desired monthly income in just a click. Follow these quick steps for a better understanding.
- Step 1: Visit the website for the POMIS calculator.
- Step 2: Enter the investment amount or you can use the slide below to determine your desired income
- Step 3: The lock-in period, along with the rate of interest, is fixed in the calculator.
- Step 4: After selecting your desired investment plan, the calculator will then present the total maturity amount and total interest.
How To Calculate Monthly Income For Post Office MIS
The Monthly Income Scheme (MIS) offered by the Indian Post Office provides a fixed monthly income to investors. The formula to calculate the monthly income from Post Office MIS is as follows:
M.I= (P*R * T)/60 months
Here:
M.I – Monthly Income
P – Amount Invested
R – Annual Rate of Interest.
T – Tenure (Fixed to 5 years or 60 Months)
Let’s go through an example:
Suppose you invest 1,000 in the Post Office MIS, and the annual interest rate is 7.4%. Also, we know that the tenure is fixed to 5 years. So consider the simple interest formula:
M.I = P*r*t / 60
M.I = ₹1,000 * 7.4% * 60 months / 60
M.I = ₹1,000 * 0.074 * 1 (since dividing by 60 cancels out)
M.I ≈ ₹74.00 (rounded to two decimal places)
Hence, with the simplified formula, the monthly income from the Post Office MIS investment would be ₹74.00.
Also Read: 6 Best Post Office Saving Schemes To Double The Money
Investment Wise Post Office Saving Scheme Calculation
The table below provides you with a clear picture of the required investment to arrive at your desired monthly income under the POMIS scheme.
| Monthly Income | Required Investment | Monthly Interest Rate |
| ₹5,550 | ₹900000 | 7.4% |
| ₹7,400 | ₹1200000 | 7.4% |
| ₹9,250 | ₹1500000 | 7.4% |
Note: The interest rate of 7.4% p.a with the lock period of 5 days remains fixed.
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Frequently Asked Questions
Q. What is the monthly income of post office monthly income scheme?
A. The monthly income under the Post Office Monthly Income Scheme (POMIS) is calculated based on the interest rate set by the government, currently at 7.4% per annum.
Q. What is the monthly interest of 1 lakh in post office?
A. The monthly interest rate of 1 lakh in post office is 7.4% p.a.
Q. What is the 1000 per month scheme in post office?
A. There is no specific “₹1,000 per month” scheme in the post office. However, you can open a POMIS account with a minimum deposit of ₹1,500, and the monthly interest earned on this would be around ₹110.
Q. What is the post office’s monthly income scheme 5000 per month?
A. While you open a POMIS account with a deposit that would generate around ₹5,000 per month in interest. For example, a deposit of approximately ₹8,10,000 (₹5,000 / 0.074 * 12) would provide a monthly income of ₹5,000.
Q. Which is the best monthly income scheme in the post office?
A. Post office scheme is a government backed program, to know the best monthly income scheme visit the official website of post office India
Q. What is the post office monthly income scheme for 2024?
A. The POMIS scheme continues to be available in 2024 with the same terms and conditions as it has in the current year.
