Check the POMIS monthly income amount by entering the principal amount (invested amount) and interest rate. Note that the tenure is fixed to 5 years by post office. Also, the present interest rate is 7.4 % per annum.
*** Rate of Interest & Tenure is fixed.
| Monthly Income |
| ₹617 |
The Post Office Monthly Income Scheme (POMIS) is a popular investment option in India that offers a steady monthly income. It is a good option for individuals who are looking for a safe and secure investment with a guaranteed return.
The Post Office Monthly Income Scheme (POMIS) Calculator helps you estimate your monthly income from investing in the POMIS scheme. This scheme, offered by the Indian government, provides a steady monthly income and is considered a safe and secure investment option.
Post Office MIS interest rates
You can invest a minimum of Rs. 1,000 and a maximum of Rs. 9 lakh in POMIS for an individual account and a maximum of Rs. 15 lakh for a joint account for a tenure up to 5 years. The current interest rate for POMIS is 7.4% p.a. (as of December 2023). This is a fixed rate which is guaranteed by the Government of India. The interest is paid every month directly to your bank account.
| POMIS interest rate | 7.4% p.a. (as of December 2023) |
How To Use Post Office MIS Calculator
Calculating your monthly income from the Post Office Monthly Income Scheme (POMIS) is quite simple using the POMIS calculator. Here is how you can use the calculator:
Step 1: Visit the website for the POMIS calculator.
Step 2: Enter the investment amount
Step 3: Select the tenure
Step 4: The calculator will then display the maturity amount and total interest earned.
How Can Post Office MIS Calculator Help
The Post Office MIS calculator can be a valuable tool for individuals considering investing in this scheme. Here's how it can help:
Accuracy: The calculator ensures accurate results, eliminating the risk of human error.
Planning: This helps you plan your finances efficiently by providing a clear picture of your expected returns.
Comparison: Allows you to compare different investment options and choose the one that best suits your needs.
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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
where:
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 ₹1,00,000 in the Post Office MIS, and the annual interest rate is 7.6%. Also, we know that the teure is fixed to 5 years. So considering simple interest formula:
M.I = P*r*t / 60
M.I = { (1,00,000*7.6*5) / (100)} / 60
M.I = 38,000/60
M.I = ₹633.33/-
So, using the simplified formula, the monthly income from the Post Office MIS investment would be approximately ₹633/-
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Frequently Asked Questions
To help individuals estimate their monthly income and plan their finances based on their investment in the Post Office Monthly Income Scheme (POMIS).
By using the formula: Monthly Income = Investment Amount * Monthly Interest Rate
Investment amount and tenure (investment period). Most calculators automatically use the current interest rate.
Some calculators may allow inputting information for joint accounts, but most only handle single accounts. They are not designed for multiple investments.
Yes, as long as it uses the correct interest rate and calculates based on the correct formula.
Most calculators do not consider tax implications. You need to calculate the tax separately based on your income tax bracket.
Future changes in interest rates will not affect your existing investment. However, you can use the calculator again with the updated rate to estimate future income.
While the calculator doesn't directly calculate income with withdrawals, you can use it to estimate the remaining balance and potential income after factoring in withdrawals.
No, the POMIS Calculator is specifically designed for the Post Office Monthly Income Scheme. It cannot be used for other Post Office schemes.
The current interest rate for MIS in the post office as of December 2023 is 7.4% p.a.
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