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