The Post Office Monthly Income Scheme (MIS) is a savings scheme offered by the Indian government that provides regular income to investors. To invest in this scheme, you need a Post Office Monthly Income Scheme (MIS) Account. It is a popular small savings scheme that helps people save for their future and earn returns in the form of regular income. The MIS Account is a great way to ensure financial security in the long term. So as to help you get the sum of your dreams under this scheme, you can use a post office monthly income scheme calculator and see how much you have to save to get the amount you need for your future plans.

Below we have listed all the necessary information related to the POMIS Account and the post office MIS calculator. Read on!

How to Open Post Office Monthly Income Scheme Account Online 

Opening a Post Office Monthly Income Scheme account online is quite simple. 

The Post Office MIS Account can be opened online by visiting the official website of India Post and registering yourself by filling out the registration form. After registration, you can easily log in to your account and start investing in the Post Office Monthly Income Scheme. 

To open the account, you will have to provide basic details such as your name, address, PAN Card number, and bank account information. 

Once the registration under the POMIS is complete, you will be provided with an account number. 

With your account number, you can start investing in the Post Office MIS.

How to Open Post Office Monthly Income Scheme Account Offline

Opening a Post Office Monthly Income Scheme (MIS) account is relatively easy and can be done by visiting any local post office and filling out the necessary forms. 

Once the forms have been completed and all necessary documents have been submitted, investors will receive an MIS Account statement. 

Along with the statement, investors will also receive an MIS Account passbook that can be used to track all their deposits and withdrawals.

Post Office Monthly Income Scheme for Child

You can invest in the POMIS whether your children are boys or girls. To invest, however, ensure that your child is at least ten years old. The investment must be made with a minimum of INR 1000 each month for a minimum of 5 years.

Post Office Monthly Income Scheme for Senior Citizens

The Post Office MIS for elderly persons also has additional benefits, which you may learn more about below: –

  • The Lock-in period is only one year
  • Minimum INR 1000 and maximum INR 4.5 lacs monthly 
  • The money must be invested in the same plan for five years.

So if you are a senior citizen, this scheme is a win-win for you.

Post Office MIS Calculator

The Post Office Monthly Income Scheme (POMIS) offers investors an array of benefits, most notably a steady source of income with quarterly payouts and tax-free returns. POMIS Calculator is made exclusively to help customers figure out how much interest has accrued on their deposits and how much interest will be awarded to their accounts each month. 

The consumer must enter the investment amount, duration, and other required fields, and the post office MIS interest rate calculator will help you compute the monthly income. Click the submit button after inputting the necessary values in the calculator to see the outcome shown on the screen. 

Benefits of the Post Office Monthly Income Scheme 

  • Post Office Monthly Income Scheme (MIS) offers investors a safe and secure investment option, with the added benefit of guaranteed returns.
  • Investors can use the MIS Account passbook to track their deposits and withdrawals.
  • It also has a nomination facility.
  • Both an individual and a joint account can be created by a group of two to three persons.
  • The Post Office Monthly Income Scheme (MIS) is an attractive investment option for those seeking a safe and secure way to grow their money.
  • Minors are also permitted to establish accounts.
  • The deposit can also be made in multiples of INR 1,000. The maximum investment amount is INR 4,50,000 for single accounts and INR 9,00,000 for combined accounts.
  • The MIS Account also offers flexible tenure options ranging from 5 to 10 years and allows investors to choose a POMIS interest rate that best suits their needs.
  • Cash or checks can be used to open the account.
  • Multiple accounts can be opened, and a joint account can become a single account and vice versa.

POMIS Eligibility and Required Documents

  • The account Holder must be a resident of India
  • Individual Account Holder, Minor and Minor via Parent’s Account
  • The account holder should have the document mentioned below

You must submit the following paperwork to be eligible for the savings plan:

  • The form for opening an account is available at the post office.
  • Two photos the size of a passport
  • Proof of address and identity (Voter ID Card, PAN Card or Form 60 or 61 declarations as per the Income Tax Act, Aadhaar Card, Passport, 1961, Driving Licence)
  • When opening an account, candidates must have an original form of identification on them for verification.

Withdrawal Charges

The POMIS has a minimum lock-in term of one year. However, if you want to withdraw money before the loan’s maturity date, you’ll have to incur the following charges:

  • If you prematurely withdraw before the required three years, 2% of the investment will be taken away.
  • If you take an early withdrawal after three years, 1% of the investment will be taken away.

Conclusion

As the POMIS is a government-backed deposit scheme, investors can be assured of the security of their funds. The MIS Account is an attractive option for investors who want to get a steady and regular income, as it offers higher returns than traditional savings accounts. The MIS Account is also an attractive option for those who want to save for the long term, as the investment can be locked in for up to 5 years. You can use the post office monthly income scheme calculator available at NAVI and make decisions regarding your investments and savings.