Yes, this Post Office MIS Calculator is completely free to use without any charges, subscriptions, or hidden fees. You can calculate your monthly income scheme returns unlimited times without creating an account or providing any personal information. StoreDropship provides this tool as a free public service to help Indian citizens plan their post office investments effectively. There are no premium features locked behind paywalls. Every feature you see is available to everyone at no cost.

Your data is completely safe and private when using this Post Office MIS Calculator. All calculations are performed locally in your web browser using JavaScript, meaning your investment amounts and financial data never leave your device. No information is sent to any server, stored in databases, or shared with third parties. You can use this calculator with complete confidence knowing your financial privacy is fully protected. We do not track, collect, or store any calculation data.

This Post Office MIS Calculator provides highly accurate results based on the standard MIS interest calculation formula used by India Post. The calculator uses simple interest methodology as officially applied by the Post Office Monthly Income Scheme. Results match official calculations to the paisa. However, always verify final amounts with your local post office as interest rates may change quarterly based on government notifications. We update the default rate regularly to reflect current rates.

The current Post Office Monthly Income Scheme interest rate is 7.4% per annum as per the latest government notification for Q1 2024-25. Interest rates for small savings schemes including MIS are revised quarterly by the Ministry of Finance. Our calculator uses this rate as default but allows you to enter any rate to calculate returns at different interest scenarios. Always check the latest rates from India Post official sources before making investment decisions.

The minimum investment in Post Office MIS is ₹1,000 with subsequent deposits in multiples of ₹1,000. For maximum limits, a single account holder can invest up to ₹9,00,000, while joint account holders can invest up to ₹15,00,000. In joint accounts, all holders have equal share. Our calculator automatically validates these limits based on the account type you select, ensuring you get accurate calculations within permissible investment limits.

The Post Office Monthly Income Scheme has a fixed maturity period of 5 years (60 months). After maturity, you receive your original principal amount back in full. During these 5 years, you receive monthly interest payments credited to your linked savings account. Premature withdrawal is allowed after 1 year with certain deductions - 2% deduction if withdrawn between 1-3 years and 1% deduction if withdrawn between 3-5 years from the principal amount.

Monthly income in Post Office MIS is calculated using simple interest formula. The formula is: Monthly Income = (Principal × Annual Interest Rate) ÷ 12. For example, if you invest ₹5,00,000 at 7.4% annual interest, your monthly income would be (5,00,000 × 7.4%) ÷ 12 = ₹3,083.33. This amount is credited to your linked savings account every month without any TDS deductions. The principal remains intact and is returned at maturity.

Yes, the interest earned from Post Office Monthly Income Scheme is fully taxable as per your income tax slab. There is no tax deduction at source (TDS) on MIS interest by post office, but you must declare this income in your ITR under 'Income from Other Sources'. If your total interest income from all sources exceeds ₹40,000 (₹50,000 for senior citizens), TDS provisions may apply from banks. Consider using our Income Tax Calculator to estimate your tax liability on MIS returns.

Yes, you can open multiple Post Office MIS accounts at different post offices, but the total investment across all accounts combined must not exceed the maximum limit of ₹9 lakh for single accounts or ₹15 lakh for joint accounts. This limit is applied per individual across the entire India Post network using your PAN and Aadhaar details. Opening accounts at multiple offices does not increase your overall investment limit.

To open a Post Office MIS account, you need identity proof (Aadhaar, PAN, Passport, or Voter ID), address proof (Aadhaar, utility bill, or bank statement), two passport-size photographs, and the MIS account opening form available at any post office. For investments above ₹50,000, PAN card is mandatory. You also need to link a post office savings account where monthly interest will be credited automatically each month.

No, Non-Resident Indians (NRIs) are not eligible to open or invest in Post Office Monthly Income Scheme. MIS is available only to resident Indian citizens. If an existing account holder becomes an NRI after opening the account, the account continues until maturity but no fresh investments can be made. The scheme is specifically designed for resident Indians looking for safe, government-backed monthly income from their savings.

If you don't withdraw the monthly interest from your Post Office MIS, it gets credited to your linked savings account automatically. Unlike some compound interest schemes, MIS interest does not compound on itself - you will not earn additional interest on the credited interest unless you reinvest it. The monthly interest simply accumulates in your savings account at the regular savings account interest rate of around 4% per annum.

Yes, you can transfer your Post Office MIS account from one post office to another anywhere in India. You need to submit a transfer application at your current post office with valid reasons such as relocation. The transfer process is usually completed within 7-15 working days depending on distance. Your account details, maturity date, and interest rate remain completely unchanged after the transfer is processed.

In a single MIS account, one person is the sole holder with a maximum investment limit of ₹9 lakh. In a joint account, up to three adults can be holders with a higher combined limit of ₹15 lakh, where each holder has equal share in the investment. Joint accounts can be operated jointly or on either/survivor basis. Monthly interest is divided equally among all holders for income tax calculation purposes. Joint accounts work well for married couples pooling their savings.

Post Office MIS and bank Fixed Deposits serve different purposes and have distinct advantages. MIS is ideal for those seeking guaranteed monthly income with sovereign government backing and currently offers 7.4% interest. FDs may offer slightly higher rates at certain banks but lack sovereign guarantee. MIS provides fixed monthly payouts while FD interest can be monthly, quarterly, or at maturity. MIS has a mandatory 5-year tenure while FDs offer flexible tenures from 7 days to 10 years. Choose MIS for guaranteed regular income and absolute capital safety.