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Post Office Monthly Income Scheme (POMIS) Returns Calculator

Investment Amount

Interest Rate

%

Lock In Period

Years

Monthly Income

What is the Post Office Monthly Income Scheme Returns Calculator?

Post Office Monthly Income Scheme Returns Calculator helps you calculate the interest earned on your investment. The Post Office Monthly Income Scheme or POMIS is a Government-sponsored small savings scheme that offers monthly returns in the form of interest payouts. The scheme, offered by India Post, lets you earn an interest of 6.60% on your investments. The interest rate is determined every quarter by the government.

You can use Navi Post Office Monthly Income Scheme Calculator to check your monthly returns in a quick and efficient manner.

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How Does the Post Office Monthly Income Scheme Calculator Work?

The POMIS calculator is an easy-to-use tool that you could use to calculate the interest earned on your investments. You can quickly compute the Monthly Interest using Navi Post Office Monthly Income Scheme Calculator.

Here’s what you would need to do:

Select the principal amount

You can select or enter the principal amount you plan to invest.

Select the tenure

The next step would be to choose the investment tenure.

Select the interest rate

The interest rate was prevalent at the time when the account was opened.

Once done, you would be able to check your monthly returns in a few seconds.

What is the Formula for Calculating Post Office Monthly Income Scheme Returns?

It is quite simple to figure out the interest received from a post office monthly income scheme using the formula. The same formula is also incorporated into the Post Office Monthly Income Scheme calculator to arrive at the results.
The post office monthly income scheme (POMIS) monthly interest = Amount Invested * Annual Interest Rate/12

For instance, Mr. X invested ₹5 lakh in the POMIS scheme in April 2020. The ongoing rate of interest at the time is 6.6%. Hence, by using the formula we get the monthly interest as 5,00,000 * 6.6%/12 = ₹2,750. Therefore, over the period of 60 months, he will be able to earn 2,750*60 = ₹1,65,000.

Advantages of Using NAVI Post Office Monthly Income Scheme Calculator

Here are some of the advantages of Navi’s Post office monthly scheme calculator

User-friendly design

Easy-to-use calculator with a clean interface for quick and easy navigation

Saves time

Just select the details and get the results within a few seconds.

Financial planning

Understand your monthly returns and invest accordingly as per your goals

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Frequently asked questions

Yes, in order to invest in this scheme, one needs to invest a minimum amount of ₹1,000, while the maximum one can invest is ₹4.5 lakh as an individual and ₹9 lakh as a joint account holder.
Yes, there is a lock-in period for the POMIS account which is 5 years. One can choose to either withdraw or reinvest your money after this period.
The rate of interest for POMIS is decided every quarter. Currently, the interest rate stands at 6.6%.
Yes, the interest that is earned from the post office monthly income scheme is taxable. Even though there is no TDS (tax deducted at source) deducted for the interest so earned, one is required to declare this income and pay the applicable tax on it.
No, POMIS doesn’t offer any tax rebate. If you don’t withdraw your monthly payouts after the lock-in period is over, your money just sits idle without earning any interest.
The scheme has a provision to choose and appoint a nominee against the account who shall receive the amount so accumulated, in case of an unfortunate demise.
Yes, premature withdrawal is allowed after 1 year, but before 3 years subject to a deduction of 2% of the deposit, and after 3 years there’s a deduction of 1% from the deposit.
Disclaimer : Navi does not guarantee accuracy, completeness or correct sequence of any of the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained/data generated herein or on its completeness/accuracy. The use of any information set out is entirely at the User’s own risk.

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