This scheme is not linked to the market, so it does not make any difference to the fluctuations in the market. This scheme is supported by the government, so this scheme is fully guaranteed. There are two major advantages of this scheme.
There are many post office schemes in which there is an opportunity to earn more interest in less time. One of these is the Post Office Monthly Scheme or POMIS which is a Guaranteed Monthly Income Scheme. Guaranteed income is available in the form of interest on the amount invested. The rate of interest on this is determined by the Ministry of Finance and Government of India. Thus, the question of any kind of error does not arise later.
The interest rate is announced for every quarter of the financial year. Its returns depend on the returns of government bonds that are invested during the tenure of the monthly income scheme. Currently, 6.60 percent interest is being given on POMIS.
Interest is accrued every month in this monthly scheme. This interest money can be used as earning. If investors want, they can put this money in auto transfer. That is, the interest money will continue to be deposited in your savings account every month through post date check or electronic clearing system.
On maturity of the monthly scheme, its money can be deposited in the same scheme. If the post office monthly scheme money is not withdrawn on maturity, then interest will continue to accrue on this account for 2 years. No TDS will be deducted on the interest amount. However, the amount earned in the form of interest is subject to tax.
How much interest will you get in POMIS?
It is very easy to calculate the interest in the Post Office Monthly Income Scheme. With this simple formula, any investor can calculate the interest income. You can understand this with a simple example. Mr. Kumar deposited Rs 4 lakh in the Post Office Monthly Saving Scheme in the year 2020. While opening this investment scheme, the rate of interest was fixed at 6.60 percent. If the interest is calculated on this basis, then Mr. Kumar will earn Rs 2200 per month. In this way, if this scheme runs for 5 years, then Kumar will get Rs 1,32,000 as interest. That is, by depositing a lump sum of Rs 4 lakh, you can earn Rs 2200 comfortably every month.
Benefits of Monthly Scheme
This scheme is not linked to the market, so it does not make any difference to the fluctuations in the market. This scheme is supported by the government, so this scheme is fully guaranteed. There are two major advantages of this scheme.
Guaranteed Return- Fixed interest rate is available in this scheme. Every month the investor gets a fixed income. This income depends on the amount invested. Right now the interest rate is running at 6.6%. Whatever money will be invested, that money will get interest at the rate of 6.6% every month.
Re- investment- If the investor wants, he can re-invest his monthly income. If the lump sum amount of interest is invested in SIP of mutual fund or any other fund, then the money can grow. If the investor wants, then the money of the monthly scheme can be invested in the recurring deposit. On this there is an opportunity to get big profits later.
