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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.
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:
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.