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**Post Office Monthly Income Scheme (PO-MIS)** is a good scheme to generate fixed income every month by depositing a fixed amount. We have designed a simple **excel based Post Office MIS calculator** where you can input the investment amount, interest rate and it will calculate monthly income and maturity value.

## Post Office MIS Calculator

Calculating Post Office MIS monthly interest payout is pretty simple using the formula below:

Monthly Interest in POMIS = Amount Invested * Annual interest Rate/12

Using this formula, if you invest Rs 1 Lakh at 7.7% interest, the monthly interest payout is Rs 642 (1,00,000 * 7.7%/12)

Click to Download Post Office MIS Calculator

Also Read:11 Investments to get Monthly Income in India

## Post Office MIS Investment Rules:

The** maximum investment limit is Rs 4.5 lakh for individuals and Rs 9 lakh in case of joint account.**

The **minimum investment amount is Rs 1,500 **(Investment can be made in multiples of 1500)

The **tenure for Post Office MIS is 5 years and can be extended to another 5 years on maturity.**

On **maturity, the principal amount is returned back** to the investor.

From April 1, 2016 the interest rate on Post Office MIS is reset every quarter i.e. in April, July, October and January. **For FY 2019-20 (April to June 2019) the interest rate is 7.70%. Check latest and historical interest rates here.**

**Interests are paid monthly** under this scheme. There is no additional interest for senior citizens.

You must **also have or open Post Office Savings account** where the monthly interest payment would be credited.

**Premature closure of POMIS is allowed after completion of 1 year. **If the account is closed between 1 to 3 years, 2% of the deposited amount is deducted as penalty. The penalty is 1% if the POMIS is closed after 3 years.

Also Read:All you wanted to know about Post Office MIS

## Tax on Post Office MIS Scheme:

There is **NO TDS** on the Post Office MIS. However, the **interest received is fully taxable** at applicable marginal income tax rates.

Effective April 1, 2018 **Interest income up to Rs 50,000 is exempted from tax for Senior citizens** u/s 80TTB [Budget 2018]

Download:Free ebook for Income Tax Planning for FY 2019-20

## Conclusion:

Calculating interest payout on Post Office MIS is simple and can be done as explained above in the post. In case you have issue regarding the same just download simple **excel based Post Office MIS calculator.**

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