Post office monthly income scheme calculator: If you invest in such a Post Office Scheme, so that you get good income every month, then what can be better than this.
Post office monthly income scheme calculator: Post office savings schemes are one of the most preferred schemes for safe investment. And if you invest in such Post Office Scheme, so that you get good income every month, then what can be better than this. On this Independence Day, we are telling you about one such scheme of the post office which will earn you every month.
Post Office Monthly Income Scheme (POMIS)
Post Office Monthly Income Scheme is a government savings scheme, in which you earn interest every month. Department of Post or India Post runs this scheme. Right now under this scheme you get interest at the rate of 7.4% per annum.
How to get returns in POMIS?
In this scheme, you have to deposit a fixed amount once and you keep earning from it every month in the form of interest. The scheme matures in 5 years, after which you get your money back. That is, by investing money once, you get a fixed amount every month for the next five years and then after the maturity of the scheme, you get your entire money back. After maturity, you can re-invest the entire corpus in the scheme itself. If the money is neither withdrawn nor reinvested from the scheme on maturity, then you continue to get interest on the entire amount as per the post office savings account interest rate.
What is the tax rule?
TDS (tax deducted at source) is not deducted on the investment you make in the Post Office Monthly Income Scheme, but the interest earned in your hands is taxable.
Post Office Monthly Income Scheme Calculator
Now if you want to know that if you want to invest in the Post Office Monthly Income Scheme, then you can calculate for it. For this, you have to see how much amount you will invest and according to 7.4% (current interest rate) you will get interest every month.
How much will be the return on investment of 5 lakhs?
Now suppose that you have to put 5 lakh rupees in this scheme, then this will be the calculation-
- Amount Invested- 5,00,000
- Amount Interest Rate- 7.4%
- Time Period- 5 years
So it would mean-
- You will earn interest every month – Rs 3,084
- Total interest earned will be – Rs 1,85,000
That is, on an investment of 5 years, after maturity, you will earn an interest of 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.
