Post Office Monthly Income Scheme Calculator (MIS Calculator)
Withdrawal per Month
₹ 0
Total Interest Earned
₹ 0
How to Calculate Post Office Monthly Income Scheme Using Our MIS Calculator?
Follow these simple steps to estimate your monthly income from the Post Office MIS scheme:
1. Open the MIS Calculator Page
Go to our Post Office MIS Calculator. This tool is specially designed to help you plan your monthly budget by calculating exact returns.
2. Enter Your Investment Amount
Type the amount you want to invest. You can start with as little as ₹1,000. Keep in mind the maximum limit is ₹9 Lakh for single accounts and ₹15 Lakh for joint accounts.
3. Check Your Tenure & Interest Rate
The calculator automatically sets the 5-year tenure and uses the latest government interest rate (currently 7.4%). This ensures your estimates are always up to date and you don't need to remember this.
4. View Your Monthly Income Results
As soon as you enter the amount, the results appear instantly! You can see your 'Withdrawal per Month' and the 'Total Interest Earned' over the full 5-year period.
How does our Post Office Monthly Income Scheme Calculator work?
Here is the formula to find the Interest earned in Post Office Monthly Income Scheme. This calculation includes the formula for Monthly interest & Total interest.
Post Office Monthly Income Scheme Calculator Formula
Total Interest = (Investment Amount × Rate of Return × Duration) / 100
- Investment Amount = The amount you invest
- Rate of Return = Annual interest rate (currently 7.4%)
- Duration = Investment period in years
Monthly Interest = Total Interest / (Duration × 12)
Example: MIS Interest Calculation for a ₹1,00,000 Investment
Imagine you invest ₹1,00,000 at an interest rate of 7.4% for a period of 5 years.
Total Interest is calculated as:
(1,00,000 × 7.4 × 5) / 100 = ₹37,000
The Monthly Interest you would receive is:
37,000 ÷ (5 × 12) ≈ ₹617
Frequently Asked Questions:
1. What is the Post Office Monthly Income Scheme (MIS)?
The MIS is a savings scheme offered by the Indian Post Office that provides a fixed interest rate with monthly interest payments. It is ideal for individuals looking for regular income from their investments.
2. What interest rate does the MIS offer?
As of 01.01.2024, the interest rate is 7.4% per annum, and the interest is paid out monthly.
3. How is the interest credited?
Interest is credited every month starting from the first completed month after opening the account. It can be automatically credited to a linked savings account at the same post office or via ECS. If not claimed, the interest does not earn additional interest.
4. What is the minimum and maximum investment amount in an MIS account?
A single MIS account can be opened with a minimum deposit of ₹1,000 in multiples of ₹1,000, with a maximum of ₹9 lakh. For joint accounts (up to 3 adults), the maximum deposit is ₹15 lakh, but an individual’s total investment (including their share in joint accounts) must not exceed ₹9 lakh.
5. Who is eligible to open an MIS account?
You can open an MIS account if you are a single adult, part of a joint account (up to 3 adults), a guardian on behalf of a minor or a person of unsound mind, or a minor above 10 years old in your own name.
6. What happens if I deposit more than the maximum allowed amount?
If you deposit more than the maximum limit, the extra amount will be refunded. The refunded amount will earn interest at the rate applicable to a Post Office Savings Account from the date of deposit until the refund.
7. How does premature closure of an MIS account work?
If you close your account before its maturity:
- After 1 year but before 3 years: 2% of the principal is deducted.
- After 3 years but before 5 years: 1% of the principal is deducted.
You need to submit the prescribed application form along with your passbook at the concerned post
office.
8. When does the MIS account mature, and how can it be closed?
The account matures in 5 years from the date of opening. You can close it by submitting the required application form along with your passbook at the post office. In case the account holder passes away before maturity, the nominee or legal heirs can close the account.
9. How can I estimate my returns using an MIS Calculator?
An MIS Calculator or Post Office monthly income scheme calculator can help you estimate the monthly interest income based on your deposit amount and the current interest rate. These online tools are useful for planning your investment and understanding your returns.
10. Is the interest earned from the MIS taxable?
Yes, the interest earned on the MIS is taxable as per the prevailing tax laws in India.