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POMIS Post Office Monthly Income Scheme vs lic jeevan akshay vi vs Bank FD

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

  1. TDS deducted every year if the threshold limit reached.
  2. NO TDS at the post office
  3. 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

  1. There is No Tax Rebate under section 80c for the invested amount
  2. Your Monthly Returns taxable according to your slab. income from other sources.
  3. Section 80TTA (10,000 interest from savings accounts rebate) per year may apply*

post office schemes to double the money 

 

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