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 as the maximum deposit limit has been increased.
Finance Minister Nirmala Sitharaman announced in her Budget Speech 2023 that the Monthly Income Scheme (MIS) account deposit limit will be increased from Rs 4.5 lakh to Rs 9 lakh for a single account and to Rs 15 lakh for a joint account.
“The maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account,” Sitharaman said.
Post Office Monthly Income Scheme (POMIS) Interest Rate 2023
Post Office Monthly Income Scheme account is mostly used by senior citizens looking for a guaranteed monthly interest income. Effective from 1st January 2023, the POMIS interest rate is 7.1%. If the interest payable every month is not claimed by the accountholder then such amount doesn’t earn any additional interest.
Earlier the maximum deposit limit for the POMIS account was Rs 4.5 lakh for a single account and Rs 9 lakh for a joint account. Any adult person can open a POMIS account. A minor aged above 10 years can also open an account in his/her name.
How to calculate Post Office Monthly Income Scheme (POMIS) Returns
You can easily calculate the POMIS account interest income using a simple calculator. Or, you can make a calculator yourself on Exel. As the scheme provides simple interest, it is extremely easy to calculate the total return on investment in the POMIS account. As per the Post Office website, each joint holder has an equal share in each joint account for the calculation of the share of an individual in a 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 |
To say it in words, a deposit of Rs 9 lakh in the POMIS account will give a monthly interest income of Rs 5325 while a deposit of Rs 15 lakh in a joint account will give a monthly income of Rs 8875. (Also read: How much monthly income senior citizens can make by depositing Rs 30 lakh in SCSS account). 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.