Overview of Post Office Monthly Income Scheme
A Post Office Monthly income scheme is one of the most popular investment plan for monthly return that is backed by the government. This scheme offers you 7.5% interest rate on the investment of 5 years. If you are looking for a safe investment plan then you should go with it. It is very easy to open, all you need is to go at the near post office, fill out the application form, and submit at the post office along with the requested documents. The only downside of this plan is interest rates do not apply on the senior citizen and if you are a senior citizen who wants to invest in the post office scheme then you should go for Senior Citizens Savings Scheme. The department of Posts also offers you a post office monthly income scheme calculator (POMIS Calculator) which helps you in calculating return of the investment.
What is a post office monthly income scheme calculator?
POMIS calculator is used to calculate the fixed income that generates every month after depositing a fixed amount for some tenure period. The Post Office Monthly Income Scheme has come with various plans that offer you different monthly fixed incomes . To calculate the fixed income you can take the help of post office monthly income scheme calculator. You can enter your fixed amount, interest rate and this calculator will tell you monthly income. Before launching the calculator investors calculate the fixed income by using mathematical formula. But it is time consuming and associated with errors. To make your fixed income process easier they come with the post office MIS calculator 2019 which offers the accurate fixed income in the result.
A very simple formula to calculate the fixed income of the Post Office Monthly Income Scheme:
Monthly Interest in POMIS = Amount Invested * Annual Interest Rate/12
Features of Post Office Monthly Income Scheme Calculator:
- Post office monthly income scheme calculator is used to calculate the exact fixed income you will get after ending of maturity period.
- This calculator tells you whether you are an eligible investor for this plan or not by asking you to submit current income.
- POMIS calculator helps you to decide whether a tenure suits your requirement or not.
- This calculator can give you result in 0.5 seconds after entering the values.
- POMIS calculator allows you to modify the value until you will get the satisfactory result.
How to use POMIS calculator?
The utilization of this Post office monthly income scheme calculator is straightforward. Below we have mentioned the steps that help you to operate this calculator.
- Open the link of the calculator.
- Enter the information that is vacant.
- Once you entered all the requested details click on the calculate button.
- Get the result.
- You can alter the value until you will get a satisfactory result.
Premature POMIS Withdrawal
|Policy Time||Premature Withdrawal Outcome|
|Before one year of Investment||Zero benefits|
|Close the account between 1st and 3rd year||The whole deposit refunded after 2% penalty|
|If you close the scheme between 3rd and 5th year||Entire corpus refunded with only 1% penalty|
Steps to open PMOIS account:
As of now you understand the basic steps to use POMIS calculator. Now we are going to tell you the steps that make your account opening procedure easier.
- Visit the near post office and ask one of their employees to open your savings account.
- Request him for an application form and fill out all the details.
- Submit all the documents that are required in opening an account.
- You also need to choose a nominee and deposit one cheque.
In case of death of the policyholder, a nominee will get the amount at the end of the maturity period.
POMIS calculator is one of the most important tools that allows you to calculate the fixed income. You can go the official website of the POMIS and click on the calculator and enter all the data. Once you enter the data, click on the calculate button and get the accurate fixed income.