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.
The Post Office MIS calculator is used to calculate the monthly income after an investment in the scheme.

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:

Your house is the initial investment amount
Monthly rent is the interest rate
Rent agreement is the maturity period
House returned after rent is the principal amount returned

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.

Investment parameters	Details
Investment amount	₹5,00,000
Interest rate	7.4%
Annual interest	₹37,000
Monthly income	₹3083

The Post Office MIS calculator helped me to know my monthly income of ₹3083.

What is the Post Office Monthly Income 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. 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.

Post Office Monthly Income Scheme Interest Rates:

Refer the below table to know the interest rate of the Post Office Monthly Income Scheme:

Duration	Interest rates
1 year	5.50%
2 years	5.50%
3 years	5.50%
5 years	7.6%

The scheme provides a steady amount of monthly income.

What is the Post Office Monthly Income Scheme Calculator

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.

Investment parameters	Details
Investment amount	₹9,00,000
Interest rate	7.4%
Annual interest	₹66,600
Monthly income	₹5,550

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.

The Post Office Monthly Income Scheme calculator Formula

Below is the formula used by the calculator to calculate the monthly income:

Multiply your initial investment amount by the current interest rate.
Divide the result by 12 to get monthly income.

For example, you made an investment of ₹3,00,000 at 7.4% interest rate. Your monthly income will be ₹1850.

How to use the Post Office Monthly Income Scheme calculator

Follow the below steps to use the Post Office Monthly Income Scheme calculator online:

Go to any page of the POMIS calculator. For example, Groww POMIS calculator https://groww.in/calculators/post-office-monthly-income-scheme-calculator.
Enter your investment amount or adjust the slider.
Enter the current interest rate or adjust the slider.
Enter the lock in period.

By entering the above mentioned details, you will instantly get your monthly income for the investment made in the scheme.

Benefits of using the Post Office Monthly Income Scheme calculator

Refer the below table to know the benefits of using the POMIS calculator:

Benefits	Description
Accurate results	By using the calculator, you will instantly get accurate results. It prevents any manual calculation error.
Easy customisation	You can compare different situations by adjusting different factors.
Time saving tool	The calculator gives instant results within seconds.
Financial clarity	It shows your monthly income which you will get after making an investment in the scheme.

These advantages of the POMIS calculator makes it more invaluable to use.

Conclusion:

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.

FAQs:

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.