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POMIS Calculations: How much you need to invest to get Rs 5,000 Rs 7,000 Rs 9,000 monthly income?
- Written by Shriti Aniraj
Published: Zee Business| Updated: Zee Business
Looking for a safe investment with fixed monthly returns? The Post Office Monthly Income Scheme (POMIS) is a government-backed savings plan offering 7.4% interest, ensuring stable income. With a maximum investment limit of Rs 9 lakh (single) and Rs 15 lakh (joint), it’s ideal for retirees and risk-averse investors. This article breaks down how much you need to invest in POMIS to earn Rs 5,000, Rs 7,000, or Rs 9,000 per month, along with maturity benefits and key features.
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Overview of Post Office Monthly Income Scheme (POMIS)
1/10POMIS is a government-backed savings scheme offering a fixed monthly income with assured returns. The current interest rate is 7.4% per annum, payable monthly.
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Minimum and maximum investment limits
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Minimum deposit: Rs 1,000 (in multiples of Rs 1,000)
Maximum deposit: Rs 9 lakh (single account), Rs 15 lakh (joint account)
In joint accounts, the investment is equally divided among account holders.
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Eligibility criteria
3/10Who can open?
Single adult Joint account (up to 3 adults) Guardian on behalf of a minor or person of unsound mind Minors above 10 years in their own name4/10
Interest payment and taxability
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Interest is credited monthly but does not earn additional interest if left unclaimed.
Can be withdrawn via auto credit to a post office savings account or ECS.
Interest earned is taxable as per the depositor’s income tax slab.
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Premature withdrawal rules
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No withdrawals allowed before 1 year.
Between 1-3 years: 2% deduction on principal.
Between 3-5 years: 1% deduction on principal.
Withdrawals require a prescribed application form and passbook.
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Maturity and account closure
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The account matures after 5 years, and the full principal along with interest is paid.
In case of the depositor’s death, the nominee or legal heir receives the funds.
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Investment required for Rs 5,000 monthly income
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Invested Amount: Rs 8,20,000
Total Interest Earned: Rs 3,03,400
Maturity Value: Rs 11,23,400
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Investment required for Rs 7,000 monthly income
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Invested Amount: Rs 11,40,000 (joint account required)
Total Interest Earned: Rs 4,21,800
Maturity Value: Rs 15,61,800
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Investment required for Rs 9,000 monthly income
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Invested Amount: Rs 14,60,000 (joint account required)
Total Interest Earned: Rs 5,40,200
Maturity Value: Rs 20,00,200
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Why to consider POMIS?
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Assured returns with zero market risk.
Fixed monthly income makes it ideal for retirees.
Joint accounts allow higher investment limits.
No TDS deduction, but interest is taxable as per income slab.
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