Monthly Income Scheme Calculator

Any Indian resident can open an account. Minors above 10 years can also open. Joint accounts allowed with up to 3 adults.

Premature closure allowed after 1 year with 2% penalty on principal. After 3 years, penalty is 1%.

Interest is fully taxable per income slab. No TDS deducted. Principal up to 1,50,000 qualifies for Section 80C.

The account matures after 5 years, and the principal amount is returned to the account holder. You can reinvest the maturity proceeds in a new MIS account if desired, subject to the maximum investment limits.

Yes, nomination is allowed for MIS accounts. The nominee receives the proceeds in case of the account holder's death. Nomination can be made at account opening or anytime during the tenure.

At the current rate of 7.4% per annum, investing Rs 9,00,000 in Post Office MIS yields a monthly payout of Rs 5,550. Calculation: 9,00,000 × 7.4% / 12 = Rs 5,550 per month. Over 5 years, you receive Rs 3,33,000 in total interest.

Yes, you can hold both SCSS and MIS accounts simultaneously. Many retirees combine SCSS for quarterly payouts at higher rates with MIS for monthly payouts, creating a diversified retirement income stream from government-backed schemes.

After 3 years, premature closure incurs a penalty of 1% of principal. If closed between 1 and 3 years, the penalty is 2%. Interest paid is recalculated at the post office savings account rate, and excess interest is deducted from principal.

Yes, the investment in MIS qualifies for Section 80C deduction up to Rs 1,50,000 per financial year. However, the interest earned is fully taxable as per your income tax slab. Unlike PPF, MIS interest does not have EEE tax status.

No, the monthly interest is credited only to the post office savings account of the primary holder. It cannot be credited to a joint holder or third party. For joint accounts, interest goes to the first holder's account.