Post Office MIS Calculator

What is Post Office Monthly Income Scheme (POMIS)?

The Post Office Monthly Income Scheme (POMIS) is a government-backed savings scheme that provides investors with a fixed monthly income in the form of interest. It's considered a safe investment option for those seeking regular payouts, particularly senior citizens or individuals looking for a steady income stream post-retirement.

Key Features of POMIS

• Eligibility: Resident Indian individuals (singly or jointly, up to 3 adults). Minors above 10 years can also open an account.
• Investment Limit: Minimum ₹1,000. Maximum ₹9 Lakh for a single account and ₹15 Lakh for a joint account (limits subject to change).
• Tenure: Fixed tenure of 5 years.
• Interest Rate: Determined by the government quarterly. The rate applicable at the time of deposit remains fixed for the entire 5-year tenure.
• Interest Payout: Interest is calculated annually but paid out monthly directly to the investor's linked savings account. Interest is not compounded.
• Maturity: The principal amount invested is returned to the investor after the 5-year tenure.
• Premature Closure: Allowed after one year, but with penalties (e.g., 2% deduction if closed between 1-3 years, 1% if closed between 3-5 years).
• Taxation: The investment amount does not qualify for Section 80C benefits. The monthly interest received is fully taxable as per the investor's income slab.

Disclaimer: This calculator provides estimates based on the rules and interest rate entered. Investment limits and interest rates for new accounts are subject to government revisions. Consult the official Post Office website or a financial advisor for the latest information and personalized advice.