Post Office MIS Calculator 🧮️ – Know Your Monthly Income

Post Office Monthly Income Scheme (PO-MIS) is a good scheme to generate fixed income every month by depositing a fixed amount. We have designed a simple excel based Post Office MIS calculator where you can input the investment amount, interest rate and it will calculate monthly income and maturity value.

Post Office MIS Calculator

Calculating Post Office MIS monthly interest payout is pretty simple using the formula below:

Monthly Interest in POMIS = Amount Invested * Annual interest Rate/12

Using this formula, if you invest Rs 1 Lakh at 7.7% interest, the monthly interest payout is Rs 642 (1,00,000 * 7.7%/12)

Post Office MIS Calculator
Post Office MIS Calculator

How to use POMIS Calculator?

As you can see in the picture above, the POMIS calculator is quite simple and easy to use. You just need to input the amount invested and the interest rate. The calculator will calculate the monthly interest income and the maturity value. Just to mention the maturity value is same as amount invested.

Post Office MIS Investment Rules

The maximum investment limit is Rs 4.5 lakh for individuals and Rs 9 lakh in case of joint account.

The minimum investment amount is Rs 1,500 (Investment can be made in multiples of 1500)

The tenure for Post Office MIS is 5 years and can be extended to another 5 years on maturity.

On maturity, the principal amount is returned back to the investor.

From April 1, 2016 the interest rate on Post Office MIS is reset every quarter i.e. in April, July, October and January. For FY 2020-21 (July to September 2020) the interest rate is 6.60%. Check latest and historical interest rates here.

Interests are paid monthly under this scheme. There is no additional interest for senior citizens.

You must also have or open Post Office Savings account where the monthly interest payment would be credited.

Premature closure of POMIS is allowed after completion of 1 year. If the account is closed between 1 to 3 years, 2% of the deposited amount is deducted as penalty. The penalty is 1% if the POMIS is closed after 3 years.

How to generate Regular Monthly Income?

There can be several situations when we look for regular income. This is especially true for people after retirement without any pension. Also there would be new entrepreneurs who need regular income until their start-up stabilises. We tell you 13 investments which can generate regular income for you along with their pros and cons.

Tax on Post Office MIS Scheme

There is NO TDS on the Post Office MIS. However, the interest received is fully taxable at applicable marginal income tax rates. Effective April 1, 2018 Interest income up to Rs 50,000 is exempted from tax for Senior citizens u/s 80TTB [Budget 2018]

Post Office MIS Calculator FAQ

✅How to use the POMIS Calculator?

Just input your investment amount and interest rate. The calculator would give you the monthly payout you would receive and the maturity amount which is same as invested amount.

✅Who can open Post Office MIS?

Any resident Indian can open Post Office MIS account.

✅Is there investment limit for Post Office MIS?

The minimum investment amount is Rs 1,500. The maximum limit is Rs 4.5 Lakhs for individual accounts and Rs 9 Lakh if held jointly.

✅What is the maturity period for Post Office MIS?

The maturity period of POMIS is 5 years and it can be extended for another 5 years. On maturity the invested amount is returned to the investor.

✅Does Post Office MIS give any tax benefit?

Post Office MIS does NOT have any tax benefit.

✅What is the interest rate on POMIS?

The interest on Post Office MIS is reset every quarter. For the July to September 2020 quarter it is 6.6%.

✅Can you take loan against Post Office MIS?

No you cannot borrow against Post Office MIS.

✅Can NRIs invest in Post Office MIS?

NRIs cannot invest in Post Office MIS.

✅Can Post Office MIS be closed prematurely?

Premature closure of POMIS is allowed after completion of 1 year. If the account is closed between 1 to 3 years, 2% of the deposited amount is deducted as penalty. The penalty is 1% if the POMIS is closed after 3 years.

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