POMIS Calculator
Calculate Post Office Monthly Income Scheme returns. Get guaranteed monthly income at 7.4% p.a.
Investment Details
Maximum limit: ₹9.00 L (single account)
POMIS Features
- • Interest Rate: 7.4% p.a. (paid monthly)
- • Tenure: 5 years
- • Single A/c Max: ₹9 Lakh | Joint: ₹15 Lakh
- • Government guaranteed, low risk
- • Premature withdrawal after 1 year (with penalty)
Income Summary
Year-wise Income
| Year | Monthly | Yearly | Cumulative |
|---|---|---|---|
| Year 1 | ₹3,083 | ₹37,000 | ₹37,000 |
| Year 2 | ₹3,083 | ₹37,000 | ₹74,000 |
| Year 3 | ₹3,083 | ₹37,000 | ₹1.11 L |
| Year 4 | ₹3,083 | ₹37,000 | ₹1.48 L |
| Year 5 | ₹3,083 | ₹37,000 | ₹1.85 L |
Frequently Asked Questions
What is Post Office Monthly Income Scheme (POMIS)?
POMIS is a government-backed savings scheme offered by India Post that provides guaranteed monthly income. You make a one-time deposit and receive fixed monthly interest for 5 years. After maturity, you get back your principal. It's ideal for retirees and conservative investors seeking regular income.
What is the current POMIS interest rate?
The current POMIS interest rate is 7.4% per annum (as of April 2024). The rate is revised quarterly by the government. Interest is calculated monthly and paid to your linked savings account or can be withdrawn in cash from the post office.
What is the maximum investment limit in POMIS?
For a single account, the maximum limit is ₹9 lakh. For a joint account (with up to 3 members), the maximum limit is ₹15 lakh. You can open multiple POMIS accounts in different post offices, but total holdings across all accounts cannot exceed these limits.
Can I withdraw POMIS before maturity?
Yes, premature withdrawal is allowed but with penalties: No withdrawal in the first year. After 1-3 years: 2% deduction from principal. After 3-5 years: 1% deduction from principal. For joint accounts, premature closure requires consent of all holders.
Is POMIS interest taxable?
Yes, POMIS interest is fully taxable as per your income tax slab. TDS is deducted at 10% if your total interest from all post office schemes exceeds ₹10,000 in a year. You can claim the interest under 'Income from Other Sources' while filing ITR.
Can I reinvest POMIS interest in another scheme?
Yes, you can link your POMIS account to a Post Office Recurring Deposit (RD) account. The monthly interest can be automatically transferred to the RD, creating a combined income-growth strategy. This is called the POMIS-RD combo strategy.
What happens after POMIS matures?
After 5 years, your principal amount is returned to you. You can reinvest in a new POMIS account immediately. Some post offices allow automatic renewal, but it's subject to the prevailing interest rate at the time of renewal.
Who is eligible to open a POMIS account?
Any Indian resident adult can open a POMIS account. Joint accounts can be opened with up to 3 adults. Minors above 10 years can also open accounts in their name. NRIs are not eligible for POMIS.
How is POMIS better than bank FD for monthly income?
POMIS advantages: (1) Government guarantee (higher safety than banks), (2) No TDS up to ₹10,000/year, (3) Easy to open at any post office, (4) Can open multiple accounts. Bank FD advantages: Higher interest rates sometimes, more flexible tenures.
Can I transfer POMIS account to another post office?
Yes, you can transfer your POMIS account from one post office to another anywhere in India. Fill out a transfer application at your current post office. The process typically takes 2-4 weeks. No charges for transfer.
What documents are required to open POMIS?
Required documents: (1) Identity proof (Aadhaar, PAN, Passport, Voter ID), (2) Address proof, (3) Recent passport-size photographs, (4) Initial deposit (minimum ₹1,000). For joint accounts, all holders need to submit KYC documents.
Is nomination facility available in POMIS?
Yes, you can nominate up to one person in a single account. For joint accounts, nomination is to a third person. Nomination ensures hassle-free transfer to the nominee in case of the depositor's death without requiring succession certificate.