Post Office Monthly Income Scheme Calculator is a financial tool that helps to calculate the monthly returns in the form of interest payments of Post Office Monthly Income Scheme (MIS) and also calculate the maturity value at the end of the scheme tenure.
From July 2020, Post Office Monthly Income Scheme (POMIS) offers an interest rate of 6.6%.
(Calculate the monthly returns and maturity value of Post Office MIS account by using this Post Office MIS Calculator)
Detailed Information about Post Office Monthly Income Scheme Calculator:
What is Post Office Monthly Income Scheme Account?
Post Office Monthly Income Scheme (MIS) is a government-sponsored savings scheme. It is offered by the Department of Post (DoP) or Indian Post. It gives the investor monthly returns in the form of interest payment.
The post office monthly income scheme interest rate is 6.6% for the current quarter (July 2020 – Sep 2020). The interest rates on Post Office Monthly Income Scheme (MIS) are announced every quarter. The interest in this scheme, as the name suggests, is disbursed monthly. This scheme, like other post office schemes, is recognized and validated by The Ministry of Finance.
Features of Post Office Monthly Income Scheme (MIS):
- Account may be opened by
(i) a single adult
(ii) Joint Account (Maximum 3 adults)
(iii) Minor above 10 years of age
(iv) A guardian on behalf of a minor or a person of unsound mind. - Account can be opened by cash or Cheque. If anyone wants to open account by Cheque the date of realization of Cheque in Govt. account shall be the date of opening of MIS account.
- Nomination facility for post office MIS account is available at the time of opening of account or also after the opening of account.
- MIS Account can be transferred from one post office to another post office anywhere in India.
- Any number of accounts can be opened subject to maximum investment limit by adding balance in all accounts is Rs. 4.5 Lakh.
- Single account may be converted into Joint or joint account may be converted to single account
- A Minor has to apply for conversion of the account in his name after attaining the majority age.
- Minimum Rs. 1500 required for account opening. Higher amounts in multiples of Rs.1500.
- Maximum amount that a minor can invest is Rs.3 lakh.
- Cumulative maximum balance across all sole operated POMIS accounts is Rs. 4.5 lakhs. For jointly held accounts, the maximum POMIS balance limit is Rs. 9 lakhs.
- Maturity period is 5 years from 1.12.2011.
- Interest can be drawn through auto credit into savings account standing at same post office, or ECS. In case of MIS accounts opened at CBS Post offices, monthly interest can be credited into savings account opened at any CBS Post offices
- Can be prematurely en-cashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.)
- A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.12.07 and up to 30.11.2011. No bonus is payable on the deposits made on or after 1.12.2011
- Interest shall be payable to the account holder on completion of a month from the date of deposit
- If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.
Eligibility for Post Office Monthly Income Scheme Account:
Account may be opened by
- A single adult
- Joint Account (Maximum 3 adults)
- Minor above 10 years of age
- A guardian on behalf of a minor/Person of unsound mind.
Maximum Investment Amount in Post Office MIS
Though there is no limit on the number of accounts held by individuals, there are limits on the maximum amount that can be cumulatively invested across all Post Office MIS accounts.
- In case of sole operated account, maximum investment allowed in POMIS is Rs.4.5 lakhs
- In case of joint holders (up to 3 joint holders), maximum of Rs.9 lakhs can be invested in Post Office MIS
How to open a Post Office MIS account?
To open an account under Post Office Monthly Income Scheme, follow the steps given below-
- First, you must have a Post Office savings account. Open the same account if you do not have one.
- Get an application form from your Post Office or Click here to download MIS Account application form.
- Fill and submit the form along with the copies of all the required documents at the post office.
- Mention the Name, DOB and Mobile no. of the nominees (if any)
- All the documents should be self-attested.
- Proceed to make initial deposits (Minimum Rs.1500/-) via cash or cheque.
Post Office Monthly Income Scheme (MIS) Interest Rate:
The interest rates on Post Office Monthly Income Scheme (MIS) are announced every quarter. The interest in this scheme, as the name suggests, is disbursed monthly. This scheme, like other post office schemes, is recognized and validated by The Ministry of Finance.
The post office monthly income scheme interest rate is 6.6% for the current quarter (July 2020 – Sep 2020). The following are the historical Post Office MIS Interest Rates:
| Period | Interest Rate on Post Office MIS |
| 1st July 2020 – 30th Sep 2020 | 6.60% |
| 1st April 2020 – 30th June 2020 | 6.60% |
| 1st April 2018 – 30th June 2018 | 7.3% |
| 1st January 2018 – 31st March 2018 | 7.3% |
| 1st October 2017 – 31st December 2017 | 7.5% |
| 1st July 2017 – 30th September 2017 | 7.5% |
| 1st April 2017 – 30th June 2017 | 7.6% |
Interest Rates subject to change as per government notification. Interest payout on POMIS occurs monthly.
Benefits of Post Office Monthly Income Scheme:
There are two major benefits to investing in Post Office MIS. As it is not a market-linked investment scheme and is guaranteed by the government, it is a go-to option for many investors with a low-risk appetite. The benefits are:
Steady returns: You would earn a steady flow of income every month on your investment corpus irrespective of market fluctuations. The current interest rate on Post Office MIS is 6.6% p.a. is fixed by the post office.
Reinvestment: You can decide to invest the interest earned into high-profit yielding securities such as equity shares, equity fund; however, these investment options also entail much higher risk.
You can also reinvest the funds in Post Office Recurring Deposit, a feature recently added by Post Office.
Premature Withdrawal of the MIS Scheme:
Premature withdrawal or closure of POMIS account before maturity period (5 years) is allowed subject to following terms and conditions:
- In case of premature withdrawal between 1 to 3 years of account opening, a 2% discount on deposit is applicable
- In case of premature withdrawal between 3 to 5 years of account opening, 1% discount on deposit is applicable
What is Post Office MIS Calculator?
Post Office Monthly Income Scheme Calculator is a financial tool that helps to calculate the monthly returns in the form of interest payments of Post Office Monthly Income Scheme (MIS) and also calculate the maturity value at the end of the scheme tenure.
Use this Post Office MIS Calculator to calculate the monthly returns and maturity amount of the Post Office Monthly Income Scheme account. This Post Office Monthly Income Scheme Calculator requires some data like – Your investment amount in Post Office MIS, Rate of interest & Frequency of compounding i.e. monthly. After calculation, you will get the Monthly Returns in the form of interest payment & Maturity Amount.
Post Office Monthly Income Scheme Calculator Variables:
This Post Office Monthly Income Scheme (POMIS) Calculator uses some different investment variables that most of the calculator requires. These Post Office MIS calculator variables are:
Investment Amount: This is a fixed amount that is invested in a Post Office Monthly Income Scheme at the time of opening of the account. This deposit amount varies from person to person but it must be fixed for this calculator.
Cumulative maximum balance across all sole operated POMIS accounts is Rs. 4.5 lakhs. For jointly held accounts, the maximum POMIS balance limit is Rs. 9 lakhs.
Rate of Interest: The Rate of Interest is the variable of the Post Office MIS calculator that is required for the calculation of monthly returns calculation. Post Office MIS’s interest rate for Quarter July-September 2020 is 6.6%.
Period of Investment: The length of the investment or period for the investment in months is another factor that plays a major role in the POMIS calculator. It is not required at the time of maturity calculation. This variable is predefined in this Post Office MIS calculator.
Frequency of compounding: The frequency of compounding for Post Office MIS is Monthly.
Monthly return: It is the monthly amount that one will get from this Post Office Monthly Income Scheme.
Maturity Amount: This is the amount that an investor will get at the end of the Post Office Monthly Income Scheme. It is the final maturity amount of the Scheme after completion of 5 years.
How Post Office MIS Calculator Works?
Anyone can calculate his monthly returns from the Monthly Income Scheme account through the online Post Office Monthly Income Scheme calculator available on this page with high accuracy.
Following are the steps to calculate the monthly returns and maturity value through this calculator:
- Step 1: Enter the fixed amount that he wants to deposit at the time of opening of Post Office Monthly Income Scheme.
- Step 2: Then fill the rate of interest of Post Office Monthly Income Scheme. Present rate of interest for Post Office Monthly Income Scheme is 6.6% w.e.f. 01/07/2020.
- Step 3: Thereafter choose the frequency of compounding. The frequency of compounding must be monthly.
- Step 4: After submitting all variables required by the Post Office MIS calculator, one will get the monthly returns and final maturity amount for the investment query.
How to use the Post Office Monthly Income Scheme Calculator?
To use the Post Office Monthly Income Scheme calculator, by simply entering your initial investment amount in POMIS & Frequency of compounding i.e. monthly.
The Post office MIS calculator will show monthly returns and maturity value based on the entered numbers instantly. It will change as per modification.
Who can use this MIS Calculator?
The first step to take benefit of the Post Office Monthly Income Scheme calculator is to check whether the eligibility criteria of the scheme are fulfilled. Post Office MIS account can be opened by
- A single adult
- Joint Account (Maximum 3 adults)
- Minor above 10 years of age
- A guardian on behalf of a minor/Person of unsound mind.
Individuals who meet the aforementioned pre-requisites as well as have the supporting documents for the same are eligible for the scheme and hence can go ahead and use the Post Office MIS calculator online.
How can a Post Office Monthly Income Scheme calculator help you?
The Post Office Monthly Income Scheme calculator will show the monthly return and maturity value based on the entered numbers instantly. The manual calculation is cumbersome and prone to error. This is where the Post Office MIS Calculator comes in handy. According to the monthly return amount, investors can make adjustments to regular contributions to reach the desired corpus. The calculator is free to use and can generate error-free output for multiple iterations.
The Post Office Monthly Income Scheme is a long-term investment scheme that can generate high RoI.
Hence, using a Post Office Monthly Income Scheme calculator online is beneficial to have an overall assessment of your investments and returns.
Few benefits of Post Office MIS calculators include:
- Displays the amount you receive on a monthly basis.
- Displays the amount you receive upon maturity.
- Helps you plan your investment portfolio more effectively.
Advantages of using this Post Office MIS Calculator:
The applicants of the Post Office Monthly Income Scheme can use this calculator to evaluate the monthly return as well as the maturity amount at the end of the scheme tenure. The calculator helps to compute how much savings can be accrued with the scheme.
- This Post Office Monthly Income Scheme calculator is free to use and can generate error-free output for multiple iterations.
- The calculator generates output within seconds.
- The tool is available online and does not require downloading a utility.
- You don’t have to sign up or log in to use the calculator, it does not ask any user information except the input fields.
- There is no limit to the number of times you can use the Post Office Monthly Income Scheme calculator.
- This Post Office MIS Calculator is up to date and any change implemented in the scheme itself, which affects the calculation of the corpus, will get auto reflected in the workings of the calculator.
- The tool works equally efficiently on all devices.
- Enables the applicants to evaluate the amount which gets credited after maturity
- Eliminates the mistakes that are carried out during manual calculations
FAQs about the Post Office Monthly Income Scheme Calculator:
Who is eligible for a Post Office Monthly Income Scheme Account?
Post Office MIS account can be opened by
- A single adult
- Joint Account (Maximum 3 adults)
- Minor above 10 years of age
- A guardian on behalf of a minor/Person of unsound mind.
How many accounts can be created under this scheme?
Any number of accounts can be opened in any post office subject to the maximum investment limit by adding balance in all accounts (Rs. 4.5 Lakh).
What is the minimum amount required to open a Post Office Monthly Income Scheme account?
Minimum Rs. 1500 required for account opening. Higher amounts in multiples of Rs.1500.
What is the maximum amount that I can deposit in a year?
Cumulative maximum balance across all solely operated POMIS accounts is Rs. 4.5 lakhs. For jointly held accounts, the maximum POMIS balance limit is Rs. 9 lakhs.
How can I withdraw money from my Post Office MIS account after the tenure?
You can withdraw the deposited amount from the account either from the post office or you can also get it credited in your savings account through ECS. You can follow the usual way and withdraw the amount monthly. However, the investor is allowed to let some amount accumulate and withdraw it all together after a few months.
Can I transfer the POMIS account?
Yes, your account can be transferred from one post office to another for absolutely free.
Can I reinvest my accumulated amount in the Post Office Monthly Income Scheme?
This is one of the best features of this scheme. It allows the investors to reinvest their accumulated money at the end of the tenure.
Is there any Tax deduction at source?
No, there is no TDS (Tax Deduction at Source).
Is there any nomination facility available in the Post Office Monthly Income Scheme?
Yes, the scheme allows you to select and appoint a nominee against the account who will get the accumulated amount in case of unfortunate demise.
Does the scheme offer a tax rebate?
No, Post Office Monthly Income Scheme (MIS) does not offer any tax benefits under Section 80C of the Income Tax Act, 1961.
Can a senior citizen also invest in the Post Office Monthly Income Scheme?
Yes, the Post Office Monthly Income Scheme is most suitable for senior citizens and retired persons.
You are here to calculate the monthly return and maturity value of your money in the Post Office Monthly Income Scheme account. Calculate the monthly return as well as maturity value with this online Post Office Monthly Income Scheme Calculator.
