POMIS Calculator
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The POMIS scheme calculator is a plan where you make a lump-sum investment and earn a monthly income to cover your monthly expenses and manage your daily financial needs. The POMIS Scheme Calculator is a tool that quickly estimates the monthly interest you will receive on your investment, saving you time and providing you with the information in just a few seconds.
What is Post Office Monthly Income Scheme?
In simple terms, the POMIS (Post Office Monthly Income Scheme) is a scheme where you receive a monthly income on your lump-sum investment. An account can be opened with a minimum deposit of ₹1000. The maximum investment limit for a single account is ₹9 lakh, and for a joint account, it is ₹15 lakh. There is no age limit to open this account; anyone can benefit from this scheme.
What is POMIS Scheme Calculator and how does it help :-
The POMIS Scheme Calculator helps you estimate your monthly income based on the amount you invest, according to the scheme’s rules. This not only allows for accurate calculations but also provides you with a better option to plan your investment amount according to your expenses.
How to use POMIS Scheme Calculator :-
• Account Type – According to this option, you have to select the type of account (single or joint account).
• Investment Amount – Under this, you select the investment amount (the investment amount limit for a single account is ₹9 lakh and the investment amount limit for a joint account is up to ₹15 lakh).
• Interest Rate – Although the interest rate is set manually, you can still customize the new interest rate using the slider.
• Language Selection – In this tool, you can select Hindi and English languages as per your convenience when needed.
Rules and Eligibility of POMIS Scheme Calculator :-
• Age Limit – Individuals above 10 years of age can open an account under this scheme. (However, there are different specific rules for different age groups.)
• Single Account Investment Limit – The investment limit for a single account under this scheme is ₹9 lakh.
• Joint Account Investment Limit – The investment limit for a joint account is approximately ₹15 lakh.
• Lump-Sum Investment – This scheme requires a lump-sum investment. Therefore, no one should be under the misconception that you can earn income by depositing small amounts in the POMIS scheme.
• Extension Rules – There is no provision for extending the tenure of an account associated with this scheme. However, if you wish to continue investing under this scheme, you can open a new account and avail of the benefits of the scheme again.
(Disclaimer – The interest earned on the invested amount in this scheme is not compounded. Therefore, those who are looking to build a large corpus over the long term should not invest in this scheme.)
POMIS Scheme Interest Calculation Method :-
• In this scheme, the annual interest is not compounded; instead, the interest is credited to your bank account every month as monthly income.
• Only the principal amount is received upon account maturity.
• The main objective of this scheme is to provide people with a regular monthly income to meet their needs.
Benefits of using POMIS Scheme Calculator :-
• Accurate estimate without visiting the bank – Using this tool, you can get an accurate estimate of the monthly income from your investment from the comfort of your home, without having to visit the bank.
• Time-saving – If someone calculates manually on paper for different investment amounts, it takes a lot of time, but with this tool, the same calculation is completed in just a few seconds.
• User-friendly – The POMIS Scheme Calculator has a clean and simple interface that can be easily used by people of all ages.
• Helps in planning income – By making changes to the investment in the POMIS tool, you get the facility to plan your monthly income according to your expenses, which is a good option.
• Mobile-friendly – The interface of this tool is designed so that everyone can use it easily.
• Language selection – In this calculator, you can select the language from Hindi to English, or English to Hindi.
[Disclaimer – This tool provides only estimated calculations, and the rules and interest rates of this scheme may change over time.]
conclusion :-
The POMIS Scheme Calculator is a tool that helps you plan your investments according to your monthly needs and simplifies the calculations.
Frequently asked FAQs by people:-
Does the POMIS Scheme Calculator tool calculate correctly?
Yes, it gives accurate approximate calculations, but if you want calculation with new rates then you have to select the latest interest rate.
Is there an extension facility in the POMIS scheme?
No, currently there is no extension facility in POMIS Scheme.
Why is interest not compounded in the POMIS scheme?
The interest rate is not compounded as the interest is already credited to your account as monthly income.
How many years is the tenure of Post Office Monthly Income Scheme POMIS account?
The tenure of the POMIS scheme is locked for 5 years.
Can I withdraw money before the maturity period in POMIS scheme?
Under this scheme, money cannot be withdrawn before the account matures. However, if you still wish to withdraw it, you may have to pay a penalty charge of a certain percentage of the principal amount at the post office.
What is the maximum investment that can be made in Post Office MIS scheme?
In the Post Office MIS scheme, investors with a single account can invest up to ₹9 lakh, while those with a joint account can invest up to ₹15 lakh.
What is the age of a person eligible to invest in the POMIS scheme?
The post office is very liberal towards this scheme, in which people above 10 years of age can easily avail the benefits of the scheme.
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