Post Office Monthly Income Scheme Interest Rate 2023: You can avail double benefit on the interest you are getting on your savings account. You can earn more on this by opening a Recurring Deposit from the interest you get every month under the Monthly Income Scheme.
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Another advantage of this scheme is that one you are getting guaranteed returns every month, a fixed income is coming, secondly your principal amount, which is the principal amount, will be safe in the government scheme. And when your investment matures in five years, then you will get back your entire principal as well.
But how to double money in POMIS?
You can avail double benefit on the interest you are getting on your savings account. You can earn more on this by opening a Recurring Deposit from the interest you get every month under the Monthly Income Scheme. 6.9% interest on one year RD is compounded every quarter, that is, you get interest on interest, that is, you get profit on profit. This means if you have invested Rs 4.5 lakh in the Post Office Monthly Scheme, then you will not only get interest under this scheme on maturity, you will also get the interest of Recurring Deposit investment, ie double benefit.
Post Office Monthly Income Scheme calculator
5 lakhs investment (principal) + [3,083 (interest accrued every month) x 60 months] = 6,84,980
(5,00,000 + 1,84,980 interest)
Recurring Deposit (at 6.9% interest) for 60 months (5 years)
3,083 per month for 60 months i.e. 3,083 x 60 = 1,84,980
1,84,980 + 36,204 (Earnings from interest) = 2,21, 184
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