Post Office Monthly Income Scheme Interest Rate 2023, Calculator: Post Office Monthly Income Scheme (POMIS) is one of the largest government investment schemes. Investors of all age groups prefer to invest in this scheme as it is a great option for guaranteed fixed income. On investing in this scheme, the money is deposited in the savings account of the investor every month.

return on principal

Another advantage of this scheme is that one you are getting guaranteed returns every month, getting a fixed income, secondly your principal means principal will be safe in the government scheme. And when your investment matures in five years, you will get back your entire principal as well.

But how to double money in POMIS?

You can avail double the interest earned on your savings account. You can earn more on this by opening a Recurring Deposit from the interest you get every month under the Monthly Income Plan. 6.9% interest on one year RD compounded every quarter, ie you get interest on interest, ie profit on profit. This means that if you have invested Rs 4.5 lakh in the Post Office Monthly Scheme, then you will not only get interest under this scheme on maturity, but also the interest of recurring deposit investment, ie double benefit.

Post Office Monthly Income Scheme Calculator

5 lakh investment (principal) + [3,083 (हर महीने अर्जित ब्याज) x 60 महीने] = 6,84,980

(5,00,000 + 1,84,980 interest)

Recurring Deposit (at 6.9% interest) for 60 months (5 years)

3,083 per month for 60 months i.e. 3,083 x 60 = 1,84,980

1,84,980 + 36,204 (Interest Earning) = 2,21, 184

Rahul Dev

Cricket Jounralist at Newsdesk

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