Is the Post Office MIS taxable?

Yes, the interest earned from the Post Office MIS is taxable as per the investor's income tax slab.

Can I withdraw my investment before the maturity period ends?

Yes, premature withdrawals are allowed, but they are subject to certain conditions and penalties.

MIS: Post Office Monthly Income Scheme Calculator

Post Office Monthly Income Scheme Calculator helps you to Unlock Financial Clarity

Utilize the Post Office Monthly Income Scheme Calculator, also known as the MIS Calculator, to gain insights into your MIS investments. This handy tool simplifies the process of understanding your potential returns. With an attractive interest rate for MIS in Post Office set at 7.4%, you can start investing with as little as ₹1000, and go up to ₹9 lakh for individual accounts or ₹15 lakh for joint accounts. The Post Office MIS Calculator efficiently computes your monthly income based on your investment amount, providing clarity on your financial growth trajectory. Take advantage of this tool to plan your investments wisely and make informed decisions about your future income streams. Whether you're a novice investor or a seasoned one, the Post Office MIS Calculator serves as a reliable companion in navigating the intricacies of the Monthly Income Scheme, ensuring your financial objectives are met effectively.

Interest rate for MIS in Post Office (last 5 years)

Year	Month	Interest rate
2024	April - June	7.40%
2024	January - March	7.40%
2023	October - December	7.40%
2023	April - June	7.40%
2023	January - March	7.10%
2022	October - December	7.10%
2020	April - September	6.60%
2020	January - March	7.60%
2019	October - December	7.60%
2019	July - September	7.60%
2019	January - March	7.70%
2018	October - December	7.70%
2018	January - March	7.30%
2018	April - September	7.30%

How to open Post Office Monthly Income Scheme Plan

Submission Process:

To open an account, please complete and sign the following forms/documents and submit them at your preferred Post Office:

Account Opening Form
KYC Form (For new customers or modifications in KYC details)
PAN Card
Aadhaar card
If Aadhaar is not available, one of the following documents may be submitted:
- Passport
- Driving License
- Voter's ID card
- Job card issued by MNREGA signed by Government officer
- Letter issued by the National Population Register containing name and address
Proof of date of birth/birth certificate for minor accounts
For Joint Accounts, KYC documents for all joint holders must be submitted

Post Office MIS Calculator : Return, Maturity Value & Formula

The formula for calculating POMIS (Post Office Monthly Income Scheme) Monthly Interest is:
POMIS Monthly Interest = (Amount Invested x Annual Interest Rate) / 12

For example, if you invest ₹1,00,000 at an annual interest rate of 7.4%, the monthly interest payout would be:
Monthly Interest = ^₹_{^1,00,000 x 7.4%}/₁₂ = ₹617

This means, over the course of a year, you would receive ₹7,400 in interest, paid out monthly. The principal amount remains intact and is returned upon maturity. The maturity value of the investment is essentially the sum of all monthly interests plus the initial principal amount. For a 5-year term, the maturity value would be:
Maturity Value = Principal Amount + (Monthly Interest x 12 x 5)
Using the same example:
Maturity Value = ₹1,00,000 + (617 x 12 x 5) = ₹1,37,000

Post Office Monthly Income Scheme Calculator

Post Office Monthly Income Scheme Calculator Chart

The Post Office Monthly Income Scheme (POMIS) is a popular investment option in India, offering a reliable source of monthly income, particularly for those seeking a fixed return. The scheme is backed by the Government of India, ensuring safety and consistency in returns.

To calculate the maturity value and monthly returns of POMIS, investors can use the Post Office MIS Calculator. This tool simplifies the process of estimating the returns on your investment. The formula used by the calculator is:

The Post Office MIS Calculator is an invaluable tool for investors to plan their finances and understand the potential returns from their investment in POMIS. It's user-friendly and accessible online, making it easier for individuals to manage their investments effectively.

What is Post Office Monthly Income Scheme?

Post Office Monthly Income Scheme (POMIS) is backed by Indian government. This savings scheme provides or returns a stable and fixed monthly income to the investors. Post Office Monthly Income Scheme Calculator helps to understand MIS Investment. Interest rate 7.4% & start ₹1000 - ₹9 lakh or ₹15 lakh for single or joint accounts.

Eligibility Criteria for Investing in MIS

To open an MIS account, an individual must meet certain eligibility criteria. The scheme is available to resident Indian individuals above 18 years of age. Minors can also invest, but the account must be opened in their guardian's name. Additionally, joint accounts can be opened with a maximum of three adults.

Key Features of the Post Office MIS

Investment Limit : The maximum investment allowed for a single account is ₹9 lakhs, while the maximum for a joint account is ₹15 lakhs.

Tenure : The MIS has a fixed tenure of 5 years, providing stable returns over the investment period.

Interest Rate : As of Apr 2024, the interest rate for the Post Office MIS is 7.4% per annum, payable monthly.

Interest Payment : The interest is paid out monthly and can be automatically credited to the investor's savings account.

Maturity Amount : Upon maturity, the principal amount is returned to the investor.

Advantages of Investing in MIS

High Interest Rate : High rate of return where 7.4% interest rate that's bitting inflation having almost no risk Invest oppertunity by Post office MIS Plan backed by Government.

Regular Payouts : The monthly interest payouts are beneficial for retirees and individuals seeking supplemental income.

Guaranteed Income : The Post Office MIS provides a steady income stream, ensuring financial stability.

Easy Accessibility : With numerous post offices across the country, opening and managing an MIS account is convenient.

Low Risk : Being a government-backed scheme, the risk associated with the investment is minimal.

FAQ - Frequently asked questions

Which monthly income scheme is best?

Post Office Monthly Income Scheme Calculator helps to understand MIS Investment. Interest rate 7.4% & start ₹1000 - ₹9 lakh or ₹15 lakh for single or joint accounts.

Can we withdraw money from MIS before maturity?

Yes, after 1 year premature withdrawal facility is allowed here. However, if you withdraw before 3 years a deduction of 2% on deposit and after 3 years a deduction of 1% on deposit is applicable.

What is the interest on post office monthly income scheme?

An interest rate of 7.4% p.a. is applicable on Post Office Monthly Income Scheme Account (MIS) currently.

What is the maximum investment limit for a joint MIS account?

The maximum investment limit for a joint account is ₹9 lakhs.

Is the interest rate on the Post Office MIS fixed?

Yes, the interest rate remains fixed for the entire tenure of the investment.

Post Office Monthly Income Scheme Calculator : MIS Interest