Post Office MIS Calculator

What is the Post Office MIS?

The Post Office Monthly Income Scheme (POMIS) is a popular savings scheme offered by India Post. It's designed to provide investors with a regular stream of income through monthly interest payments. This scheme is considered a low-risk investment option, making it suitable for retirees, senior citizens, and anyone looking for a steady supplementary income with capital protection.

Key Features and Benefits

• Guaranteed Income: Offers fixed monthly interest payments, ensuring a predictable cash flow.
• Low Risk: Backed by the Government of India, making it one of the safest investment options.
• Fixed Tenure: Comes with a fixed maturity period of 5 years.
• Easy Access: Can be opened at any Post Office branch across India.
• Joint Account Option: Allows for joint accounts with up to three adults, expanding investment limits.

Eligibility and How to Open

Any Indian resident individual can open a POMIS account. Minors above 10 years of age can also open an account in their own name. To open an account:

1. Visit your nearest Post Office branch.
2. Fill out the POMIS application form.
3. Submit required KYC documents (ID proof, address proof, passport size photographs).
4. Make the initial deposit via cash or cheque.
5. You will receive a passbook for your records.

Taxation and Important Considerations

• Taxation: Interest earned from POMIS is taxable as per the individual's income tax slab. There is no TDS (Tax Deducted at Source) on POMIS interest.
• Investment Limits: Maximum investment for a single account is $900,000 (₹9 Lakh) and for a joint account is $1,500,000 (₹15 Lakh).
• Premature Withdrawal: Allowed after 1 year, but with penalties. No withdrawal is permitted before 1 year.
• Interest Rate: Rates are subject to change quarterly by the government, though your rate is fixed at the time of opening for the entire tenure.