Due to a rise in the maximum deposit amount, senior citizens will now be able to put more money into their POMIS (Post Office Monthly Income Scheme) accounts.
The Monthly Income Scheme (MIS) account deposit limit would rise from Rs 4.5 lakh to Rs 9 lakh for a single account and Rs 15 lakh for a joint account, Finance Minister Nirmala Sitharaman stated in her Budget Speech 2023.
The maximum deposit amount for the Monthly Income Account Scheme will increase from 4.5 lakh rupees to 9 lakh rupees for single accounts and from 9 lakh rupees to 15 lakh rupees for joint accounts, according to Sitharaman.
Post Office Monthly Income Scheme (POMIS) Interest Rate 2023
Senior citizens searching for a guaranteed monthly interest income frequently use Post Office Monthly Income Scheme accounts. The interest rate on the POMIS is 7.1% as of January 1, 2023. The sum does not earn any more interest if the accountholder does not claim the interest that is due each month.
Previously, the maximum deposit amount for a single POMIS account was Rs. 4.5 lakh and for a joint account, Rs. 9 lakh. A POMIS account can be opened by any adult. Anyone under the age of 10 can open an account in their own name.
How to calculate Post Office Monthly Income Scheme (POMIS) Returns?
Using a simple calculator, you can quickly determine the interest income for the POMIS account. Or you can use Excel to create your own calculator. The total return on investment in the POMIS account is quite simple to compute because the scheme offers basic interest. According to the Post Office website, when determining an individual's part in a joint account, each joint holder has an equal share in each joint account.
Post Office Monthly Income Scheme (POMIS) Returns Calculation
|
Amount (Rs) |
Monthly Interest Income (Rs)* |
|
100000 |
592 |
|
200000 |
1183 |
|
300000 |
1775 |
|
400000 |
2367 |
|
500000 |
2958 |
|
600000 |
3550 |
|
700000 |
4141 |
|
800000 |
4733 |
|
900000 |
5325 |
|
1000000 |
5916 |
|
1100000 |
6508 |
|
1200000 |
7100 |
|
1300000 |
7691 |
|
1400000 |
8283 |
|
1500000 |
8875 |
In other words, a deposit of Rs. 9 lakh in a POMIS account will generate Rs. 5325 in interest revenue each month, but a deposit of Rs. 15 lakh in a joint account will generate Rs. 8875 in interest income each month. POMIS account can be closed after the expiry of 5 years from the date of opening by submitting the prescribed application form with passbook at the concerned Post Office.
