New Delhi : The Post Office Monthly Income Scheme (POMIS) continues to be a preferred investment option among individuals of all age groups, thanks to its guarantee of fixed income.
This government-backed scheme deposits money into the investor’s savings account every month.
This ensures a steady and reliable source of earnings for Investors.
Maximize your Profits
One of the key advantages of the Post Office Monthly Income Scheme is the assurance of monthly returns.
You can further increase your earnings by utilizing the interest received each month through the Monthly Income Plan.
By opening a Recurring Deposit (RD) with the interest earned, you can enjoy double the benefits.
The RD interest of 6.9% is compounded quarterly, which means you earn interest on interest.
Let’s consider an example:
If you invest Rs 4.5 lakh in the Post Office Monthly Scheme, you not only receive interest under this scheme upon maturity but also earn interest on your Recurring Deposit investment, resulting in double the returns.
Post Office MIS Calculator
To illustrate the potential returns, let’s take a hypothetical investment of Rs 5 lakh:
Principal Investment: Rs 5,00,000
Monthly Interest (compounded): Rs 3,083
Investment Period: 60 months (5 years)
Total Earnings Calculation:
5,00,000 (Principal) + [3,083 (Monthly Interest) x 60 (Months)] = Rs 6,84,980
Additionally, the Interest on Recurring Deposit for 60 months (at a 6.9% interest rate) amounts to:
3,083 (Monthly RD Interest) x 60 (Months) = Rs 1,84,980
Therefore, the total earnings from the interest and Recurring Deposit are:
1,84,980 (RD Earnings) + 36,204 (Earnings from interest) = Rs 2,21,184
By taking advantage of the Post Office Monthly Income Scheme and utilizing the Recurring Deposit feature, you have the potential to double your investment in just 5 months.
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