The Post Office Monthly Income Scheme (POMIS) is an ideal investment option for individuals seeking a reliable source of monthly income, making it especially suitable for retirement planning. By using the POMIS calculator, investors can quickly determine how much they will receive monthly through this scheme.

Post Office Monthly Income Scheme

The Post Office Monthly Income Scheme is a savings plan offered by India Post that provides a regular monthly income to its investors. It is open to all Indian citizens and can be accessed through single, joint, or minor accounts.

To participate in the scheme, the minimum investment amount is Rs. 1,000, with a maximum investment limit of Rs. 9 lakhs for single accounts and Rs. 15 lakhs for joint accounts. The scheme has a fixed tenure of five years.

What is the Post Office Monthly Income Scheme Calculator?

The Post Office MIS calculator is a tool designed to automatically calculate the monthly income based on your investment in the scheme. It allows users to easily compute the monthly returns after entering basic details like the investment amount, interest rate, and lock-in period.

By using the calculator, you can instantly determine how much income you will receive each month from your investment, helping you plan your finances more effectively.

How Does the Post Office Monthly Income Plan Calculator Work?

To use the MIS calculator, you need to provide details such as the amount invested, the current interest rate, and the duration of the investment. The tool will then display the estimated monthly income you will receive from the scheme.

Post Office MIS Calculator Formula

The calculator uses the following formula to determine the monthly income:

(POMIS) monthly interest = Amount Invested * Annual Interest Rate / 12

For example, if Mr. Ramesh invests Rs. 1,50,000 in the POMIS at an interest rate of 7.4%, the monthly income would be calculated as:

Monthly Income = 1,50,000 * 7.4% / 12

Thus, Mr. Ramesh's monthly income from this investment would be Rs. 925.

How to Use the MIS Calculator?

Follow these simple steps to use the calculator:

Step 1: Visit the IPOtank POMIS calculator.

Step 2: Enter the investment amount.

Step 3: Input the current interest rate.

Step 4: Specify the lock-in period for your investment.

The calculator will instantly show your estimated monthly income from the investment.

Benefits of the Post Office MIS Scheme Calculator

The advantages of using the Post Office MIS calculator are as follows:

Instant Results: Get quick results without waiting or manually performing calculations.

Avoids Errors: The calculator eliminates the chances of errors that can occur with manual calculations.

Encourages Investment: By providing accurate monthly income estimates, the calculator makes it easier for individuals to start investing in the scheme.