Post Office MIS Calculator

Change Tenure:

Monthly Income Scheme Details

Principal Amount: ₹10000

Interest Rate per Annum: 5%

Tenure: 5 years (60 months)

Results

Monthly Payment: ₹...

Total Interest Earned: ₹...

Total Amount at Maturity: ₹...

What is MIS Calculator?

MIS Calculator is a tool to calculate the monthly interest earned by  Post Office Monthly Income Scheme (POMIS), or simply MIS. So Let’s learn more about this scheme
The Post Office MIS Scheme, short for Monthly Income Scheme, is a saving or investment scheme offered by the Indian Post Office through which any Indian citizen can earn fixed interest every month on their deposits by having a post office account.  This scheme provides returns on a monthly basis for a very optimal rate of interest of 7.4% per annum as of January 21, 2024. This rate of interest changes every 4 months as per the decision of the government of India. An account holder can deposit up to Rs 9 lakh in a single account and up to Rs 15 lakh in a joint account.
This scheme offers Indian citizens a low-risk, fixed-income source with a good rate of interest for a period of 5 years. 
Each month, the depositor gets their interest on the deposited amount in their hand, This monthly earning is like their monthly income, which can be calculated by our MIS calculator.
After the lock in period (tenure), they also get back their deposited money; the tenure is 5 years, and after that, they have the choice to get back their money or extend it further for the next 5 years. 

How do I use the MIS Calculator?

Our calculator helps depositors calculate their monthly returns very accurately and is more user friendly.

  • To use this, you need to enter the deposited amount only. For that, you can either type in the box or use the slider.
  • We already entered the latest rate of interest and kept it updated, but you can also change the value by entering it into the given input field or using the slider.
  • The lock in period or tenure is also preset by us to 5 years, but it can also be changed by switching on the button and then typing the period in months only.
  • The monthly interest can be seen immediately as changing the value; there is no need to use a submit button.

Formula to calculate the Monthly Interest

Monthly interest can be calculated in the following steps:

  • Calculate monthly rate of interest using the given interest per annum
  • Rate of interest per month = rate of interest per annum / 12 .
  • Calculate monthly interests
    monthly interest in Rs. = deposited amount * ( rate of interest per month / 100 )
  • Take, for example, Ramesh deposits ₹ 10,000 for the MIS scheme on February 1, 2024;
    the rate of interest is 7.4% during that period. Then his monthly income is calculated as
  • rate of interest per month =  7.4/12 = 0.62
  • monthly interest = 10,000 * (0.62 /100 ) = Rs 61.7
  • Ramesh will get this amount every month for 5 years
  • After 5 years, Ramesh will get their deposited money of ₹10,000 back.

Pros of Post Office MIS Scheme

  1. It is a more secure and risk-free investment.
  2. Interest is higher than any other fixed deposits provided by government banks.
  3. Unlike other investments, you get the interest amount every month.

Cons of the Post Office MIS Scheme

  1. In case of any emergency, you cannot withdraw your deposited money before 1 year.
    If you withdraw after 1 year, the penalty charges will be deducted.
  2. Between 1 and 3 years, the penalty charges of 3% on deposited money will be deducted, and after 3 years, the penalty charges of 1% on deposited money will be deducted.
  3. If the monthly interest is not claimed, then no additional interest is earned for that month, so one has to always claim the monthly interest.

Use our Fixed deposit return calculator to compare the returns amount of both MIS Scheme and Fixed Deposit of post office – fd calculator

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