Post Office Monthly Income Scheme Calculator: The Post Office Savings Scheme is one of the most preferred schemes for safe investment. If you invest in such a post office scheme, which can give you good income every month, then what can be better than this?
Post office monthly income scheme calculator: Post Office Savings Scheme is one of the most preferred schemes for safe investment. If you invest in such a post office scheme, from which you get good income every month, then what can be a better thing than this. On this Independence Day, we are telling you about such a post office scheme that will earn you money every month.
Post Office Monthly Income Scheme (POMIS)
Post Office Monthly Income Scheme is a government savings scheme, in which you get interest every month. The Department of Posts i.e. Post Office runs this scheme. Currently, under this scheme, you get interest at the rate of 7.4 percent per annum.
How to take return in POMIS?
In this scheme, once in a fixed time, you keep earning from it in the form of interest every month. The scheme matures in 5 years, after which you get your money back. That is, once you invest money, you get a fixed amount every month for the next five years and then after the maturity of the scheme, you get all your money back. After maturity, you can reinvest the entire amount in the scheme itself. If on maturity the money is neither withdrawn from the scheme nor re-invested, you will get the entire amount along with interest as per the interest rate of post office savings account.
post office monthly income plan calculator
Now if you want to know whether you want to invest in Post Office Monthly Income Scheme, then you can calculate for it.
How much will be the return on investment of 5 lakhs?
Now suppose that you have to invest Rs 5 lakh in this scheme, then the calculation will be something like this.
Money invested- 5,00,000
Interest rate- 7.4%
Period – 5 years
You will get interest every month – Rs 3,084
Total interest will be – Rs.1,85,000
That is, after maturity on an investment of 5 years, you will get an interest of only Rs 1,85,000 on an investment of Rs 5 lakh. At the same time, more than Rs 3,000 will keep coming into the account every month.