Post Office Monthly Income Scheme |
|
| Eligibility | anyone 18+ |
| Interest rate | 7.7 |
| How to open | at any post office |
| Investment Limit lumpsum | 15000 to 4.5 lakh for a person |
| Premature closing | after 1 year |
| Lock-in Period | 5 years |
| Extension | auto renewal |
| Tax Benefits | No Benefits |
post office monthly income scheme calculator
The interest rate of 7.7*, 5 years lock-in period
| Investment | Monthly Income |
| 2,00,000 | 1444 |
| 4,50,000 | 2888 |
| 9,00,000 | 5776 |
| 13,50,000 (3 people) | 8664 |
| 18,00,000 | 17328 |
POMIS Vs Bank FD Vs Annuities /pension
- TDS deducted every year if the threshold limit reached.
- NO TDS at the post office
- The high-interest rate at the post office FD may give you 6-7%*
Pensions have some limitations
ex: life insurance Sumsum policy (if more than 10% SUm Assured) Returns are taxed.
annuities some schemes required 60+ Years.
jeevan akshay vs postal mis
lic annuity plans (LIC Jeevan Akshaya VI at lumpsum
the amount of monthly pension depends on the choices as well as the age of the annuitant.
CHoices: after death/pay to the nominee or not etc.
the annual rate for 1 lakh Jeevan Akshay
Ex: we invested 1 lakh they give us 6410 which is 6.41%. but Post office 7.7% for 30-40 years
40-50 age 6.43% , 50-60 age 6.47%, 80+ age 6.7%.
Tax Implications
- There is No Tax Rebate under section 80c for the invested amount
- Your Monthly Returns taxable according to your slab. income from other sources.
- Section 80TTA (10,000 interest from savings accounts rebate) per year may apply*
post office schemes to double the money