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Key takeaways:
The MIS Post Office scheme is a good choice as an investment for citizens for their retirement planning.
This scheme offers benefits like it is easily accessible to any Indian citizen and can be utilised via single accounts, joint accounts and even minor accounts.
Bonus tip:
Do you know? The MIS Post Office scheme is one of the highest earning schemes with an interest rate of 6.6%. After opening the Post Office MIS account, you can invest a suitable amount but it should not be less than ₹1500.
The Post Office MIS calculator helps you to estimate how much you can earn monthly by investing in the Post Office Monthly Income scheme (MIS).
Think of a Monthly Income Scheme like renting out your house to the government . In which:
In this, your house remains in the safe hands and you also earn rent (interest) every month. The calculator helps you to estimate the income you will get after making an investment.
For example, I made an investment of ₹5,00,000 with an interest rate of 7.4% for 5 years. I used the Post Office MIS calculator to estimate my monthly earnings.
The Post Office MIS calculator helped me to know my monthly income of ₹3083.
The Post Office Monthly Income Scheme is offered by the India Post to the Indian citizens. By investing in this scheme, investors will receive monthly income. The maximum time period of the Post Office Monthly Income Scheme is 5 years.
It offers low risk and stable income where an investor will invest every month and get interested in MIS in the post office according to the applicable monthly rate.
Read More : Post Office SIP Calculator
Post Office Monthly Income Scheme Interest Rates:
Refer the below table to know the interest rate of the Post Office Monthly Income Scheme:
The scheme provides a steady amount of monthly income.
The Post Office Monthly Income Scheme calculator is an online tool which is used for calculating the monthly income after making an investment in the scheme. You just have to enter a few basic details of your investment like the investment amount, interest rate and time period of your investment.
After providing these details, you will instantly see the monthly income you will earn from your investment in the scheme. There are many online calculators for this like Groww Post Office Monthly Income Scheme calculator, SBI maturity value calculator.
The Post Office Monthly Income Scheme calculator is beneficial for senior citizens to plan their retirement as it provides a clear understanding of their expected monthly income.
For example, Neha made an investment of ₹9,00,000 at the interest rate of 7.4% per annum.
₹37,000
5.50%
*T&C Apply
₹66,600
By using the Post Office Monthly Income Scheme calculator, Neha estimated her income of ₹3,33,000 for 5 years. This also shows that investing in the POMIS is a good choice for citizens who want a fixed monthly amount with zero risks.
Below is the formula used by the calculator to calculate the monthly income:
For example, you made an investment of ₹3,00,000 at 7.4% interest rate. Your monthly income will be ₹1850.
Follow the below steps to use the Post Office Monthly Income Scheme calculator online:
By entering the above mentioned details, you will instantly get your monthly income for the investment made in the scheme.
Also Read : SWP Mutual Fund Calculator
Benefits of using the Post Office Monthly Income Scheme calculator
Refer the below table to know the benefits of using the POMIS calculator:
These advantages of the POMIS calculator makes it more invaluable to use.
Overall, the Post Office Monthly Income Scheme is offered by the India Post to the Indian citizens. The POMIS calculator helps you estimate the monthly income made by the investment in this scheme. You just have to enter your investment details in the calculator and you can compare different situations by adjusting different investment factors.
Is the POMIS calculator accurate?
Yes, the Post Office Monthly Income Scheme calculator gives you accurate results.
What is the POMIS scheme?
The Post Office Monthly Income Scheme is offered by the India Post to the Indian citizens. By investing in this scheme, investors will receive monthly income.
How is POMIS investment beneficial?
The POMIS investment gives you steady monthly income which can be used to plan your future more efficiently.
Can I create a joint account to invest in POMIS and invest ₹15,00,000?
Yes, you can create a joint account to invest in POMIS and invest ₹15,00,000.
How many POMIS accounts can be created by my parents?
There is no specified number of POMIS accounts that can be created.
