The MIS post office scheme is a good form of investment for citizens and an excellent choice for retirement planning. This scheme enables the investor to make a monthly income after the scheme's tenure. Using the Post Office Monthly Income Scheme calculator, you can learn how much you will receive every month through this plan.
The Post Office Monthly Income Scheme is a savings scheme offered by India Post to its users. It has been constructed in a way that gives monthly income to its investors. It comes with several perks, such as being accessible to any Indian citizen and being able to be utilized through single accounts, joint accounts, or even minor accounts.
Anyone wishing to invest in this scheme must invest a minimum of Rs. 1,000. The maximum investment for a single account is Rs. 9 lakhs and for a joint account Rs. 15 lakhs. It is a fixed five-year tenure scheme.
The post office MIS interest rate calculator or monthly income calculator is an automated tool for calculating monthly income after an estimated investment in the scheme.
The tool uses a formula box that provides instant solutions as you enter some basic details about the investments.
It helps you know how much you would receive as a monthly income after investing a certain amount for a set period of time at the current rate of interest.
In the MIS calculator, you need to enter some details, such as the investment amount, current interest rate, and lock-in period. After you have entered these details, you will see the monthly income you will earn through the scheme.
As previously mentioned, this online tool uses an in-built calculator to provide instant solutions, and the formula that is used is:
(POMIS) monthly interest = Amount Invested * Annual Interest Rate/12
Let us understand this formula with a calculator:
Mr Ramesh wants to invest Rs. 1,50,000 in the Post of Monthly Income Scheme for five years. The current rate of interest for the scheme is 7.4%. How much monthly income will he receive from the scheme? Let us understand.
Monthly Income = 1,50,000*7.4%/12
Mr. Ramesh's Monthly Income from the Scheme = Rs. 925
The process to use this calculator is simple, and the steps are mentioned in detail below:
Step 1: Navigate to Groww's POMIS calculator.
Step 2: Enter your investment amount.
Step 3: Enter the current interest rate.
Step 4: Provide the lock-in period for your investment.
Your estimated monthly income from this investment will be displayed instantly.
The perks of using this calculator are:
Instant Results: You can find the results of your estimated investment almost instantly without waiting or spending time on calculations.
Avoids Errors: Manual calculations would typically involve the possibility of errors, and the POMIS calculator avoids that possibility.
Promotes Investments: These estimations give you the exact figure you would receive every month from investing in the scheme, making it easy for you to start investing.