Post Office MIS Calculator

Post Office Monthly Income Scheme Calculator computes of future savings based upon your monthly savings, post office’s interest rate (6.6%) and time horizon of investment (5 Years).

About Post Office Monthly Income Scheme (MIS) 

India's Post offices have a broad variety of schemes which provide fixed returns on investments. All the schemes and investment avenues are government-backed. For these reasons, such schemes are identified as a safer investment option when compared to equity shares and fixed-income options.

Post Office Monthly Income Scheme (Post Office MIS) like any other scheme such as Post Office Savings Account, Post Office Recurring Deposit, Post Office Time Deposit, is one of the highest-earning schemes having an interest rate of 6.6% p.a for Q1 FY20-21 (April – June 2020). This scheme's interest is disbursed monthly, and it is identified and authorised by The Ministry of Finance. The interest rates are fixed and resettled every quarter, depending on the returns yielded by the Government bonds of the same tenure. 

Since the MIS scheme gives interest every month, it is apt for those who are seeking supplementary or regular incomes from their investments. If you desire to invest in Post Office monthly income schemes, you can visit any post office to do the needful. 


How to use Fintra's Post Office MIS Calculator?

To use Finta's MIS calculator accurately, you need to provide the following data:

  1. Amount Invested– This refers to the amount deposited in the account.
  2. Annual Interest Rate – It's the MIS rate of interest. 
  3. Time Period

When all data has been filled in into the MIS calculator, click on “Submit” and instantly results will be shown beside the calculator.


Key Features of Post Office MIS

Key features of Post Office MIS scheme are:

  1. Maturity Period – Effective 1st December 2011, from the account opening date, the scheme's maturity period is 5 years (60 months). 
  2. The Number of Account Holders – MIS accounts can be owned by an individual or jointly, a maximum of three adult holders.
  3. Minimum and Maximum amount of deposit – The minimum limit for depositing in Post Office MIS is Rs. 1500, and then it goes in multiples of 1,000.

The maximum limit for depositing in Post Office MIS is as follows:

For a Single Account, the maximum limit is Rs. 4.5 Lakh

For Joint Accounts, the maximum limit is Rs. 9 Lakh

For Minor Account, the maximum limit is Rs. 3 Lakh

  1. Nomination Facility – This scheme has nominee facility and you can update it later after opening the account by a beneficiary. The beneficiary can only claim the benefits after the account holder has demised.
  2. Transfer Facility – POMIS accounts freely transferred from one Post Office to another.
  3. Post Office Monthly Income Scheme Bonus – Accounts opened on or after 1st December 2011 will have no bonus and the accounts that were opened earlier will be eligible for a 5% bonus on the deposit amount.
  4. Taxability – MIS doesn’t fall under the Section 80C of the Income Tax, hence, it is subject to taxation. It has no TDS either.


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FAQs about Post Office Monthly Income Scheme (MIS) 

What is the eligibility criteria for opting Post Office MIS?

The following are eligibility criteria for those who are seeking to avail this scheme-

  • The person has to be resident of India. NRIs are not eligible to avail this scheme
  • He/she should be 10 years of age or above

 How can Fintra's Post Office MIS Calculator help you?

The benefits of using our Post Office MIS Calculator are as follows:

Determine the monthly interest: The Post Office MIS Calculator enables you to determine the monthly interest you can earn if invested in POMIS.

Financial planning: Using the Post Office MIS Calculator, you can effectively plan your investments. From the results obtained by the Post Office MIS Calculator, you can compare it with other monthly income schemes. Moreover, by estimating its interest amount, you can plan out your budgets (incomes and expenses) effectively.

Easy to use: Our calculator is simple to use. You just have to enter the required details, and the calculator will display the monthly interest you can earn from your investment instantly.

Accessible and accurate: Fintra's Post Office MIS Calculator is quick, reliable, and available online for free. Access it from anywhere.

Saves time: Since Fintra's Post Office MIS Calculator delivers results instantly, it saves your time.

How to withdraw money from Post Office MIS account after the tenure?

To withdraw the deposited amount from the account you can do it either from the post office or get it credited in your savings account through ECS. Use the usual way to withdraw the amount monthly. However, do bear in mind you are allowed to keep some amount accumulating and withdraw altogether after a few months.

Can you transfer Post Office MIS Account?

You can transfer Post Office MIS Account from one post office to another for absolutely free.

Can you reinvest your accumulated amount in Post Office MIS?

Yes, you can as it allows you to reinvest your accumulated money at the end of the tenure.

Is there any Tax deduction at source?

There is no TDS (Tax Deduction at Source), but the interests earned are taxable.

Is there nomination facility available in Post Office MIS?

The scheme does allow to select and appoint a nominee against the account who will receive the accumulated amount in case of unfortunate demise.

Does the scheme offer tax rebate?

Post Office MIS does not provide any tax benefits under Section 80C of the Income Tax Act, 1961.

Is Premature Withdrawal allowed in Post Office MIS?

Premature withdrawal is allowed after one year, but before 3 years at the discount of 2% of the deposit, and after 3 years there's a discount of 1% of the deposit. Keep in mind the discount being described here means the deduction from the deposit.

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