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# (POMIS) Post Office Monthly Income Scheme Calculator

The Post Office Monthly Income Scheme (POMIS) is a popular investment option backed by the Government of India. It provides a guaranteed monthly income to investors in the form of interest payments. POMIS is designed primarily for conservative investors who prefer low-risk investments with assured returns.

The scheme offers a fixed interest rate which is determined by the Finance Ministry and the Central Government, with rate revisions happening every quarter. The interest rate is linked to the returns yielded by the Government Bonds of the same tenure. Currently, the interest rate stands at 7.10% per annum.

Investors can start with a minimum investment of INR 15,000, while the maximum limit for a single holder account is INR 9 lakhs and INR 15 lakhs for a joint account. The scheme has a maturity period of 5 years and offers the flexibility of premature withdrawals with a penalty.

POMIS allows for the auto-transfer of monthly interest payouts to the investor’s savings account through a Post Dated Cheque (PDC) or Electronic Clearing System (ECS). Although the interest earned is taxable, there is no TDS deducted from the interest payments. Overall, POMIS is an excellent choice for those looking for a secure and steady monthly income with minimal risk.

## How to use EduPepper’s Post Office Monthly Income Scheme Calculator?

Calculating the interest earned from a Post Office Monthly Income Scheme is simple. You can use the formula below or an online calculator, such as EduPepper’s POMIS calculator, to determine the results.

POMIS Monthly Interest = Amount Invested * Annual Interest Rate/12

### Example

Mr Kumar invested INR 4 lakhs in the Post Office MIS scheme at a 7.10% p.a interest rate. Using the formula, the interest rate is:

POMIS Monthly Interest = 400,000 * 7.10%/12 = INR 2,367

Thus, Mr Kumar will receive INR 2,367 in monthly interest, totalling INR 142,000 over the 60-month period.

EduPepper’s Post Office Monthly Income Scheme calculator quickly calculates the Monthly Interest. The POMIS interest rate calculator requires the user to input the following details:

• Investment Amount: The total corpus amount invested in POMIS.
• Interest Rate: The interest rate when the account was opened.
• Lock-in Period: The investment duration.

### Benefits of using the Post Office Monthly Income Scheme calculator:

1. The POMIS calculator is completely online and accessible at the user’s convenience.
2. The calculator is free to use.
3. The Post Office MIS calculator eliminates human error. The online calculator quickly and accurately calculates the results.
4. The calculator provides real-time results as you input the data, without the need to click any buttons, making it efficient and time-saving.
5. The calculator is designed with a user-friendly interface, making it easy for users with varying levels of financial knowledge to navigate and obtain the desired results.
6. The POMIS calculator assists users in making informed decisions about their investments by providing a clear understanding of the potential interest earnings, which can aid in better financial planning.
7. The POMIS calculator helps in determining the monthly interest one can earn if invested in POMIS.

#### What is the minimum investment amount for POMIS?

The minimum investment amount for opening a POMIS account is INR 15,000.

#### Can NRIs invest in POMIS?

No, NRIs are not eligible to invest in the Post Office Monthly Income Scheme.

#### What is the current interest rate for POMIS?

As of now, the current interest rate for POMIS is 7.10%.

#### What is the maturity period for POMIS?

The maturity period for the Post Office Monthly Income Scheme is 5 years.

#### Are POMIS interest earnings tax-free?

No, the interest earned from POMIS is taxable in the hands of the investor.

#### What is the maximum investment limit for a single-holder POMIS account?

The maximum investment limit for a single-holder account is INR 9 lakhs.

#### Is it possible to open a joint POMIS account?

Yes, you can open a joint POMIS account, and the maximum investment limit for a joint account is INR 15 lakhs.

#### How often is the interest paid in POMIS?

The interest is paid out on a monthly basis in POMIS.

#### Can I change the nominee for my POMIS account after opening it?

Yes, you can change the nominee for your POMIS account after opening it by visiting your post office and updating the nomination details.

#### What are the required documents for opening a POMIS account?

The required documents for opening a POMIS account include two passport-size photographs, address proof, and identity proof (Aadhar Card, Voter ID, Pan Card, Ration Card, Driving License, or Passport).

#### Can I open multiple POMIS accounts?

Yes, you can open multiple POMIS accounts, but the combined investment amount should not exceed the maximum investment limit for the respective account types (single or joint).

#### Is it possible to make partial withdrawals from my POMIS account?

No, partial withdrawals are not allowed in POMIS. You can only withdraw the entire amount after the account matures or opt for premature withdrawal with a penalty.

#### What happens if I don’t withdraw or reinvest the maturity amount in POMIS?

If you don’t withdraw or reinvest the maturity amount, the account will continue to earn interest for up to 2 years at the Post Office Savings Account interest rate.

#### Can I open a POMIS account for my child who is below 10 years old?

No, a POMIS account can only be opened for children who are 10 years old or above.

#### How can I update my personal details in my POMIS account?

You can update your personal details by visiting your post office and submitting the necessary documents along with a request for updating your account information.

## Post Office Monthly Income Scheme Calculator

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Monthly Interest

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5 Years Interest