Post Office Monthly Income Scheme Interest Rate 2023: Features (2024)

FAQs

Post Office Monthly Income Scheme Interest Rate 2023: Features? ›

Post Office Monthly Income Scheme Account (MIS)

Post Office Monthly Income Scheme (POMIS) Interest Rate July-September 2023: The POMIS interest rate for the July-September quarter of FY 2023-24 was announced today (June 30). The Government has decided to keep the POMIS interest rate unchanged at 7.4%.

Post Office Monthly Income scheme helps you earn attractive returns on your investments. It's a 5 year investment plan offering an annual interest rate of 7.40% per annum, and provides fixed monthly income. The scheme is available in all post offices in India.

Post Office Monthly Income Scheme Account (MIS)

You can deposit a sum of Rs 1,000 up to Rs 9 lakh in a single account and up to Rs 15 lakh in a joint account. You can earn an interest rate of 7.4% p.a. for Q2 FY 2023-24 through this account and get a monthly fixed income from the scheme.

“Mortgage rates will probably hover around 7 percent through September,” she says. “But we should expect to see Treasury yields and mortgage rates decline as we head toward the end of the year. My current forecast is for mortgage rates to be between 6.5 and 6.75 percent at the end of 2023.”

The USPS stamp price increase went into effect on July 9, 2023. The new rates include a 3-cent increase in the price of a First-Class Mail Forever stamp from 63¢ to 66¢. These increases will raise First-Class Mail prices approximately 5.4% to offset the rise in inflation.

Fannie Mae

The mortgage giant doesn't expect rates to dip below 6% until 2025. All told, Fannie Mae predicts mortgage rates will average 6.6% in 2023 and 6.3% in 2024.

But nearly a year and a half into the effort, the Fed is at or near the end of its rate increases. Officials have projected just one more in 2023, by a quarter of a point, and the president of the Federal Reserve Bank of New York, John C. Williams, said in an interview that he didn't see a need for more than that.

How do I double my money at the post office? ›

This scheme doubles the investor's money in 10 years and three months at an interest rate of 7.5% annually. The minimum investment is Rs 10,000 and people above 18 years can invest under this scheme. The amount invested under this scheme is doubled after every 115 months.

Post Office Fixed Deposit calculation

Rs 1 lakh fixed deposit in 1 year: You can earn Rs 6975 as interest on a deposit of Rs 1 lakh for 1 year in Post Office, the FD calculator shows. The interest rate for this duration is 6.8% for senior citizens as well as others.

Post Office Monthly Scheme: Deposit 5000 rupees every month in this post office scheme, you will get 8,00000 on maturity. POMIS: A huge amount can be made by depositing Rs 5000 every month in the Post Office Recurring Deposit Scheme.

Similarly, if you want to double your money in five years, your investments will need to grow at around 14.4% per year (72/5). If your goal is to double your invested sum in 10 years, you should invest in a manner to earn around 7% every year. Rule of 72 provides an approximate idea and assumes one time investment.

1 At 10%, you could double your initial investment every seven years (72 divided by 10). In a less-risky investment such as bonds, which have averaged a return of about 5% to 6% over the same period, you could expect to double your money in about 12 years (72 divided by 6).

As a rate of return, long-term mutual funds can offer rates between 12% and 15% per year. With these mutual funds, it may take between 5 and 6 years to double your money. Kisan Vikas Patra (KVP): It comes under the Post Office Small Saving Scheme.

The Federal Reserve raised interest rates by 25 basis points in July 2023.

“All FOMC members believe that rates will be stable or higher through 2023 before slowly coming down in 2024–2025 to settle at a comfortable 2.5% for the longer-term,” she says. Elliot Eisenberg, the Chief Economist at Graphs and Laughs agrees.