MIS Calculator
Monthly Interest: ₹0
Total Interest Earned: ₹0
Total Amount after 5 years: ₹0
The Post Office Monthly Income Scheme (MIS) is a reliable investment option, ideal for retirement planning. It allows investors to generate a steady monthly income after the scheme’s tenure ends. By using a Post Office Monthly Income Scheme calculator, you can determine the monthly payout you would receive from this plan.
Post Office Monthly Income Scheme Overview
The Post Office MIS is a savings plan offered by India Post, designed to provide a monthly income to investors. It is accessible to all Indian citizens and can be opened as a single account, joint account, or even in the name of a minor. The scheme requires a minimum investment of Rs. 1,000, with a maximum limit of Rs. 9 lakhs for single accounts and Rs. 15 lakhs for joint accounts. The tenure of the scheme is fixed at five years.
What is the Post Office MIS Calculator?
The Post Office MIS Calculator is an automated tool that helps investors calculate the monthly income they will receive based on their investment in the scheme. By entering basic investment details, the calculator provides an instant estimate of the monthly returns based on the current interest rate.
How Does the Post Office MIS Calculator Work?
To use the MIS calculator, you need to input the investment amount, the prevailing interest rate, and the lock-in period. The tool will then calculate the monthly income based on these inputs.
Post Office MIS Calculator Formula
The formula used by the calculator is straightforward:
Monthly Interest = Amount Invested * (Annual Interest Rate / 12)
For example, if Mr. Ramesh invests Rs. 1,50,000 in the scheme with an interest rate of 7.4%, his monthly income would be:
Monthly Income = Rs. 1,50,000 * (7.4% / 12) = Rs. 925
How to Use the MIS Calculator
Using the Post Office MIS calculator is simple. Follow these steps:
- Go to Groww’s POMIS calculator.
- Enter your investment amount.
- Input the current interest rate.
- Enter the lock-in period.
The calculator will instantly display the estimated monthly income.
Benefits of the Post Office MIS Calculator
- Instant Results: Get immediate estimates without the need for manual calculations.
- Error-Free: Avoid mistakes that can occur with manual computations.
- Investment Planning: Knowing the exact monthly income helps you make informed investment decisions and encourages you to start investing in the scheme.