Post Office Monthly Income Scheme Calculator in Hindi Post Office Monthly Income Scheme is a scheme in which you invest a certain amount and earn a fixed interest every month. As the name suggests, you can invest in this from any post office.
Post office offers POMIS among a host of banking products and services, under the purview of the Finance Ministry. Hence, it is highly reliable. It is a low-risk Monthly Income Scheme and generates a steady income. You can invest up to Rs. 4.5 lakhs individually or Rs. 9 lakhs jointly, and the investment period is 5 years. Capital protection is its primary objective. For the quarter ending 30 June 2020, interest rate is 6.6% per annum, payable monthly.
Features of Post Office Monthly Income Savings Scheme:
Capital protection: Your money is safe until maturity as this is a government-backed scheme.
Tenure: The lock-in period for Post Office MIS is 5 years. You can withdraw the invested amount when the scheme matures or reinvest it.
Low-risk investment: As a fixed income scheme, the money you invested is not subject to market risks and is quite safe.
Start small: You can start with a nominal initial investment of Rs.1,500. As per your affordability, you can invest in the multiples of this amount.
Guaranteed returns: You earn income in the form of interest every month. The returns are not inflation-beating, but is higher compared to other fixed income investments like FD.
Tax-efficiency: Though your post office investment doesn’t fall under Section 80C and the income is subject to taxation. On the other hand, it has no TDS either.
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