Post Office MIS Calculator

The post office monthly income scheme pays a fixed monthly payout for five years. This post office mis calculator multiplies your deposit by the annual rate, then divides by twelve to show the monthly income, alongside the annual income and total interest over the term, so you can see the regular income the scheme will provide.

The maximum is ₹9 lakh in a single account and ₹15 lakh in a joint account, which is why this monthly income scheme calculator caps a single-account deposit at ₹9 lakh. The minimum deposit is ₹1,000, in multiples of ₹1,000.

The MIS interest rate is a current rate that is set and revised by the government each quarter, so there is no permanently fixed number. This mis calculator post office tool lets you enter the latest government-notified rate, which you can verify on the India Post source below.

Yes. The monthly interest from the post office monthly income scheme is fully taxable in your hands, and Post Office MIS does not qualify for a Section 80C deduction. Treat the payout shown by this post office mis calculator as a pre-tax figure when planning your income.

Yes, but not immediately and not without a cost. Premature closure is not allowed in the first year. Close it after that and a percentage of your deposit is deducted as a penalty, with a higher deduction if you close in the earlier years and a smaller one closer to maturity. The monthly payouts you have already received are yours to keep. Confirm the current deduction percentages with India Post before you break the account.

The interest is credited every month from the date the account is opened, not lumped together. You can have it paid into a post office savings account or an ECS transfer to your bank account, which is what most people set up. If you never draw a monthly payout it simply sits in the linked savings account earning the savings rate, so the money does not compound at the MIS rate. Your ₹9 lakh principal is returned in full at maturity.

There is no automatic renewal that keeps paying the same rate. At the end of the 5-year term the principal is returned, and if you want to continue the income you open a fresh MIS account at whatever rate the government has notified for that quarter. That reinvestment risk is the main drawback of MIS as a long-term income plan, since the rate you get in five years may be higher or lower than today's.

SCSS usually carries the higher rate but is restricted to people aged 60 and above (with limited exceptions from 55), pays quarterly rather than monthly, and allows up to ₹30 lakh. MIS is open to any adult, pays every month, and caps at ₹9 lakh single or ₹15 lakh joint. Interest is taxable in both. If you are a senior wanting maximum income, SCSS first; if you want a genuine monthly cheque or are under 60, MIS. Compare both at the current notified rates.