Discover the Post Office Monthly Income Scheme, a trusted avenue for secure investments that provide a steady monthly income.
Learn about this government savings scheme offered by India Post, delivering financial stability and consistent returns.
Earning Monthly Income with Post Office Monthly Income Scheme (POMIS)
The Post Office Monthly Income Scheme (POMIS) is a government-backed savings initiative administered by India Post, ensuring regular interest payouts each month.
With a current annual interest rate of 7.4%, this scheme offers a reliable source of income.
Earning Returns with POMIS
By depositing a fixed sum into the POMIS, you unlock a continuous stream of monthly interest earnings. This investment matures over a 5-year period, granting you both monthly income and full principal repayment upon maturity.
Even after maturity, you can reinvest the entire amount, or if left untouched, continue earning interest based on the post office savings account rate.
Tax Implications: While TDS (tax deducted at source) doesn’t apply to your initial POMIS investment, the interest you accrue is subject to taxation.
Determining Returns: Curious about the potential gains from the Post Office Monthly Income Scheme? Compute your possible earnings by considering your investment amount and the prevailing 7.4% interest rate.
Illustrating Returns on a 5 Lakh Investment: Let’s envision a scenario where you invest 5 lakh rupees in this scheme. Here’s the breakdown:
Investment Amount: 5,00,000 | Interest Rate: 7.4% | Investment Duration: 5 years
Anticipated Earnings: As a result, you can anticipate | Monthly Interest Earnings: Rs 3,084
Total Interest Accumulated: Rs 1,85,000
