POMIS: A huge amount can be made by depositing Rs 5000 every month in the Post Office Recurring Deposit Scheme.
Post Office Monthly Income Scheme: Post Office Monthly Income Scheme is a popular saving option that provides guaranteed monthly income to investors. Investors who want to deposit a huge amount can create huge wealth by depositing Rs.5000 every month.
Come, let’s understand here that in how much time Rs 8 lakh can be collected by making a continuous monthly deposit of Rs 5000 in the Post Office Monthly Income Scheme (POMIS)?
What is Post Office Monthly Income Scheme
POMIS is a low risk investment scheme offered by the Indian Post Service. Investors in this scheme get a fixed amount every month, making it an attractive option for those looking for steady returns. The maturity period of this scheme is 5 years, which makes it a better option for both short term and long term investors.
How long does it take to collect Rs 8 lakh?
To calculate the time taken to deposit more than 8 lakhs in Post Office Monthly Income Scheme, we need to consider the following factors:
Monthly Deposit: Rs 5000
Maturity Period: 5 Years
Using these details, we can calculate the total deposits over 5 years:
Total Deposit = Monthly Deposit × Number of Months
Calculate the interest earned in 5 years:
Interest Earned = Total Deposit × Interest Rate
The interest rate for Post Office Monthly Income Scheme may vary and is subject to change. As per my last knowledge update in September 2021, the interest rate was around 6.6%. Please check the current interest rates provided by the post office to get the exact calculation.
Once you have the total deposit amount and the interest earned, you can determine the total amount deposited after 5 years. Keep in mind that compound interest can also play a role in the final amount.
Significantly, the Post Office Monthly Income Scheme provides a reliable way to deposit savings over time. By depositing Rs 5000 every month and availing the interest rates of the scheme, investors can potentially deposit more than 8 lakhs within a given time frame. It is important to consult a post office or financial advisor for the most accurate information on interest rates and investment strategy.
