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Post Office Monthly Income Scheme Interest Rate 2022, Calculator: The Post Office Monthly Income Scheme (POMIS) has emerged, over the years, as the most preferred investment schemes for people across ages. The trusted government scheme guarantees a fixed monthly income to account holders. The monthly interest is credited every month as income in the savings bank account of the subscriber.
It is one of the most popular schemes not just because it guarantees monthly income to the subscribers of the scheme but also the invested amount remains safe in a secured government scheme without any risk to the principal amount. The principal amount is returned to the subscriber after the maturity of the scheme in five years.
Tips to double your money in 5 years
The interest credited to savings account of an adult can be used to maximize the overall returns by starting a recurring deposit (RD) using the same monthly payouts from the monthly income scheme. Post office offers good returns on opening a recurring deposit account with them. 5.8% interested is quarterly compounded for a year RD. This means that on the investment amount of Rs 4.5 lakh, an investor will earn not just interest from the MIS scheme but also from the RD at the maturity of the scheme.
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