1. Home
  2. News

Post Office Monthly Income Scheme 2023: Here’s How to Calculate Returns on Scheme

Post Office Monthly Income Scheme (POMIS) Calculation 2023: Senior citizens will now be able to deposit more money in the Post Office Monthly Income Scheme (POMIS) account.

Shruti Kandwal
Senior citizens searching for a guaranteed monthly interest income frequently use Post Office Monthly Income Scheme accounts
Senior citizens searching for a guaranteed monthly interest income frequently use Post Office Monthly Income Scheme accounts

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.

Take this quiz to know more about radish Take a quiz
Share your comments
FactCheck in Agriculture Project

Subscribe to our Newsletter. You choose the topics of your interest and we'll send you handpicked news and latest updates based on your choice.

Subscribe Newsletters