POMIS Calculator
Calculate Post Office Monthly Income Scheme returns
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About Post Office Monthly Income Scheme (POMIS) Calculator
POMIS is a safe, government-backed investment scheme offering fixed monthly income. It's ideal for risk-averse investors like senior citizens and retirees who need regular monthly income for daily expenses. The scheme has a 5-year tenure with guaranteed returns and 100% capital protection. Principal is returned at maturity while monthly interest provides steady income.
How POMIS Works
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Minimum deposit: ₹1,000, Maximum: ₹9 lakhs (₹15L joint)
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Tenure: 5 years (fixed)
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Interest paid monthly from the month following deposit
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Interest rate: Currently 7.4% p.a. (revised quarterly)
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Principal returned at maturity after 5 years
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No tax deduction benefit (not eligible for 80C)
Example:
Deposit ₹9 lakhs at 7.4% - you'll receive ₹5,550 every month. After 5 years, total interest = ₹3.33 lakhs + your ₹9 lakhs principal back!
Key Benefits
Fixed Monthly Income: Regular income for daily expenses
100% Safe: Backed by Government of India
Capital Protection: Full principal returned at maturity
Post Office Access: Available at all post offices
Joint Account: Can invest up to ₹15 lakhs with spouse
Stable Returns: Fixed interest, no market risk
Frequently Asked Questions
What is the maximum investment limit in POMIS?
₹9 lakhs per individual account. ₹15 lakhs for joint account (₹4.5L each for two holders). You can open multiple accounts but total across all accounts cannot exceed these limits.
When do I get monthly income in POMIS?
Monthly income is credited from the month following the month of deposit. For example, if you deposit on Jan 15, first income is credited on Feb 1, then every 1st of month thereafter.
Can I withdraw money before 5 years?
Yes, with penalties: Before 1 year - no interest paid, principal returned. After 1 year, before 3 years - 2% of deposit deducted. After 3 years - 1% of deposit deducted. You get interest earned till date of closure.
Is POMIS interest taxable?
Yes, interest is fully taxable as per your income tax slab. TDS is deducted if yearly interest exceeds ₹40,000 (₹50,000 for senior citizens). POMIS doesn't qualify for 80C deduction.
Can NRIs invest in POMIS?
No, POMIS accounts cannot be opened by NRIs (Non-Resident Indians). Only resident Indians are eligible to invest in Post Office Monthly Income Scheme.
What happens at maturity after 5 years?
Principal amount is returned to you. Monthly income stops after 5 years. You need to manually withdraw the maturity amount - it doesn't auto-transfer. You can reinvest in new POMIS account if you wish.
Can I get a loan against POMIS?
Yes, loan facility is available after 1 year from account opening. You can get loan up to 50% of your deposit amount from the 3rd financial year. Interest on loan is 2% above POMIS interest rate.
How is POMIS different from bank FDs?
POMIS: Monthly income, 7.4% interest, Government-backed, ₹9L limit. Bank FD: Monthly/quarterly/yearly interest, 7-7.5%, DICGC insured (₹5L), unlimited amount. POMIS is safer and better for monthly income.
Can I convert POMIS to another account?
Yes, you can convert: Single account to joint account, Joint account to single account (requires both account holders' consent), Transfer from one post office to another. No charges for conversion.
Is nomination mandatory for POMIS?
Nomination is not mandatory but highly recommended. You can nominate one person in single account, or both can nominate separately in joint account. Nomination can be changed anytime.
What is the minimum deposit in POMIS?
Minimum deposit is ₹1,000 and thereafter in multiples of ₹1,000. For example, you can deposit ₹1,000, ₹2,000, ₹5,000, but not ₹1,500 or ₹2,300.
Can I open POMIS for minor children?
Yes, guardian can open POMIS account in minor's name. Minor becomes holder and can operate account after turning 18. However, this is not recommended as returns are taxable in guardian's hands.