Post Office MIS Calculator

Monthly Investment Amount (₹)

Investment Period (5 Years)

Annual Interest Rate (%)

Principal Value: Rs 900000
Monthly Interest : Rs 6300
(Total Interest: Rs 378000)
Maturity Amount: Rs 1278000

If RD Account is opened with the interest of MIS Account (MIS plus RD):
RD Installment: Rs 0 per month
RD Interest: Rs 0
See the detailed calculation using RD Calculator

Now Total Interest: Rs 0

By using the above online Post Office MIS Calculator investor can calculate the accurate return on their investment and compare the benefit of additional interest gained using the monthly earned interest as RD installment for five years. This calcultor calculates MIS and RD both in one go!

Key Features of Post Office Monthly Income Scheme (MIS) Account:

(a) Eligibility to Open MIA account:

1. Individuals aged 18 and above
2. Joint Accounts (up to three adults, designated as Joint A or Joint B)
3. Guardians acting on behalf of minors or individuals deemed legally incapacitated
4. Minors aged 10 and above, in their own name.

(b) Deposits and limitations on investments:

1. Account initiation requires a minimum deposit of Rs. 1000, in increments of Rs. 1000.
2. Maximum limit for single account is Rs 9 lakh and for Joint Account is Rs 15 lakh in Post Office MIS Account.Earlier the limit was set as 5 lakh and 9 lakh respectively which have now been revised.
   
3. Equal investment shares are mandated for all holders in a joint account.
4. Total deposits across all individual MIS accounts are capped at Rs. 9 lakh.
5. Guardian-initiated accounts for minors have separate deposit limits.

(c) Interest rate and earning:

1. Rate of interest in Post Office MIS from 01.04.2024 is 7.4 % per annum payable monthly.
   
2. Interest accrues monthly from the opening date until maturity.
3. Unclaimed monthly interest does not accumulate additional interest.
4. Excess deposits are refunded, with interest earned only on the principal from the opening date to the refund date.
5. Interest can be auto-credited to a linked savings account at the same post office or via ECS. For MIS accounts at CBS Post Offices, monthly interest can be credited to any CBS Post Office savings account.
6. Depositor is liable for tax on interest earned.

(d) Premature Account Closure of MIS Account:

1. Premature closure is not permitted within the first year of account opening.
2. Closure between 1 to 3 years incurs a 2% deduction from the principal; the remaining amount is refunded.
3. Closure between 3 to 5 years incurs a 1% deduction from the principal; the balance is refunded.
4. Premature closure requires submission of a prescribed application form with the passbook at the relevant Post Office.

(e) Maturity benefits:

1. Accounts can be closed after 5 years by submitting the prescribed form and passbook at the Post Office.
2. In the event of the account holder's demise before maturity, the account may be closed, and the amount refunded to the nominee/legal heirs, with interest paid up to the preceding month of refund.

Note: Rules governing National Savings (MIS) Accounts as per 2019 guidelines.