Post Office MIS Calculator
Enter your MIS deposit to see the fixed monthly payout for 5 years — plus the principal back at maturity.
Runs entirely in your browser — your numbers never leave this page.
How it works
The Post Office Monthly Income Scheme (MIS) turns a lump sum into a fixed monthly pension-like payout at 7.4% p.a.:
- Monthly payout = Deposit × 7.4% ÷ 12. Rs 9 lakh → Rs 5,550/month, every month for 5 years.
- Limits: Rs 9 lakh single, Rs 15 lakh joint account (raised in 2023).
- Tenure: 5 years; principal returned at maturity. Extendable by reinvesting.
- Tax: no 80C benefit; monthly payouts fully taxable at slab. No TDS, but declare it.
- Premature closure: none before 1 year; 2% penalty in years 1–3, 1% in years 3–5.
- Best for: retirees wanting a fixed monthly cheque without market risk — the "salary replacement" scheme.
Frequently asked questions
How much does MIS pay monthly?
Deposit × 7.4% ÷ 12. Rs 9 lakh → Rs 5,550/month. Rs 15 lakh (joint) → Rs 9,250/month.
What is the current MIS interest rate?
7.4% per annum (since January 2023), paid out monthly.
Is MIS interest taxable?
Yes, fully taxable at your slab rate. No TDS is deducted — declare the payouts in your return.
What is the maximum MIS deposit?
Rs 9 lakh for a single account, Rs 15 lakh for a joint account.
Can I close MIS early?
Not in the first year. Years 1–3: 2% penalty on deposit; years 3–5: 1% penalty.
MIS vs SCSS for retirees?
SCSS pays more (8.2% vs 7.4%) with 80C, but is 60+ only with a Rs 30L cap. MIS is open to all adults — many retirees max SCSS first, then use MIS.
MIS vs FD monthly payout?
Similar concept; MIS rate (7.4%) is competitive with 5-year FDs, and the monthly cadence is built in rather than requiring a payout option.
Is the principal safe?
Yes — government-backed post office scheme. Principal returns in full at the 5-year maturity.
Can I open MIS online?
Deposits can be made at post offices; many banks' post-office integrations and India Post Payments Bank allow digital handling.
What happens at maturity?
Principal is returned; you can open a fresh MIS (at prevailing rates) to continue the monthly income.