Are you happy with the interest of 0.62% per month?

Are you happy with the interest, with a monthly interest of 7.4% every year, approximately 0.62% every month? Did you find it less, me too? Means approximately ₹ 0.667 every day, ₹ 20.42 in a month. If you deposit ₹6000. Are you happy with the interest?

If you deposit a large amount, let us see how much interest you will get on it.

0.62% interest per month Are you happy with the interest

The interest is given below if you keep it running for a year.

Total Investment Amount(₹-)Interest every day (₹-)Monthly Interest
6,0000.66720.42
12,0000.06840.83
30,0003.3943101.83
48,0005.4305162.916
60,0006.7944203.833
1,20,00013.577407.333
2,00,00022.64679.25
3,00,00033.95831,018.75
5,00,00056.61,698
6,00,00067.912,037.33

7.4% per annum interest

How much interest do you get on how much money every year? If you invest ₹ 10,000 every month, your total investment after 5 years will be ₹ 6,00,000. In this, you will get a total interest of ₹ 1,26,971 in 5 years. Are you happy with the interest

Investment amount every month (₹-)Interest per year (₹-)total year (₹-)
500 = 6,0002451
1000 = 24,00019292
2,000 = 72,00087793
5,000 = 2,40,00039,7564
10,000 = 6,00,0001,26,9715
If you are happy with this interest, then Post Office Scheme is better for you. Post Office Monthly Income Scheme (POMIS) is considered a better investment.

Let’s find answers to some questions: –

If you invest in it then – Are you happy with the interest

what is the meaning of POMIS

  • POMIS – It is called the Post Office Monthly Income Scheme.

What is the minimum and maximum amount in POMIS?

  • You can invest a minimum of ₹ 1000 and a maximum of ₹ 9 lakh in POMIS.

Can I withdraw my money whenever I want?

  • No, you have to wait for approximately one year from the date of deposit.

If I want to withdraw all the money from my account?

  • You can withdraw money after 1 year, but you will have to pay some attention. Before 3 years from the date of account opening, a deduction equal to 2% will be made from the principal amount and the remaining amount will be paid. After 3 years and before 5 years from the date of account opening, a deduction equal to 1% will be made from the principal amount and the remaining amount will be paid.

You should contact your local post office department for more information about the Post Office Monthly Income Scheme.

Some thoughts: – Monthly interest

  • This is an investment scheme which is provided by the Indian Post Office Department.
  • In this scheme, investors are provided the facility to open a free account.
  • The monthly interest amount is received under the Post Office Monthly Income Scheme.
  • To apply for the Post Office Monthly Income Scheme, investors have to fill out the form and it is available at Post Office branches. The form contains details of investor information, name, address, PAN card, etc.
  • This scheme is available for 5 years and monthly interest is paid to the investors for 5 years.

My personal opinion – Are you happy with the interest

This is not profitable at all, you can expect better interest than this. This may be very beneficial for someone, there is no risk of losing money at all. Government-sponsored best investment options that provide you assured monthly income are a popular scheme among very investors.

Some Information

  • You need a form to open an account. You can download the form by going to this link.
  • If you need a form to close your account. You can download the form by going to this link.
  • If you want to know more about POMIS, you can visit the website of India Post Office.

Read more blogs – How to stop advertisement on mobile screens. Thank you for reading Are you happy with the interest?

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