Post Office MIS Calculator 2022, post office MIS interest rate 2022 calculator, post office monthly income scheme calculator is discussed here.

The monthly Income Scheme (MIS) is the post office Savings Scheme for everyone.

People can invest their valuable money into MIS scheme to gain Interest on a monthly basis.

Before investing money in the Monthly income scheme offered by the post office, you have to check **Post office monthly income scheme interest rate 2022 calculator.**

How interest is calculated for Post office MIS scheme?

Contents

- 1 What is Monthly Income Scheme (MIS) of the post office?
- 2 Current Post Office Monthly Income Scheme interest rate 2022
- 3 Post Office MIS Calculator 2022 formula
- 4 Post Office MIS Calculator 2022 (interest rate calculator in excel)
- 4.0.1 Question 01- Is Post Office monthly income scheme taxable?
- 4.0.2 Question 02- Is post office MIS calculator 2022 available in excel?
- 4.0.3 Question 02– What is the post office monthly income scheme interest rate in 2022?
- 4.0.4 Question 03- How much Lock-in period in the MIS scheme?
- 4.0.5 Question 04- Can I close MIS account before 5 years?

## What is Monthly Income Scheme (MIS) of the post office?

It is a savings scheme offered by the Indian Post Office controlled by the government of India.

An individual can invest a maximum of 4.5 Lakh rupees in MIS.

A total of 9 lakh can be invested in **post office MIS scheme** for a joint account.

The time duration of MIS is five years.

It means you can easily get a specific amount in the form of interest on a monthly basis for up to 5 years.

### Post Office MIS scheme features

Some special and salient features of the MIS scheme of the Post office can check here.

It will help you to know more about the monthly interest scheme.

These areas under-

- A single adult and Joint Account (up to 3 adults), a guardian on behalf of a minor/person of unsound mind, or a minor above 10 years in his own name can open an MIS account.
- MIS Account can be opened with a minimum of Rs. 1000 and in multiple of Rs. 1000.
- A maximum of Rs. 4.50 lakh can be deposited in a single account and 9 lakh in a Joint account.
- In a joint account, all the joint holders shall have an equal share in the investment.
- Deposits/shares in all MIS account opened by an individual shall not exceed Rs. 4.50 lakh.
- Interest shall be payable on completion of a month from the date of opening and so on till maturity.
- If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.
- In case any excess deposit is made by the depositor, the excess deposit will be refunded back and only PO Savings Account interest will be applicable from the date of opening of an account to the date of refund.
- Interest can be drawn through auto credit into a savings account standing at the same post office, or ECS.
In the case of an MIS account at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post Offices.

- Interest is taxable in the hand of the depositor.
- No deposit shall be withdrawn before the expiry of 1 year from the date of deposit.
- If the MIS account is closed after 1 year and before 3 years from the date of account opening, a deduction equal to 2% from the principal will be deducted and the remaining amount will be paid.
- If monthly income scheme account is closed after 3 years and before 5 years from the date of account opening, a deduction equal to 1% from the principal will be deducted and the remaining amount will be paid.
- The account can be prematurely closed by submitting the prescribed application form with a passbook at the respective Post Office where the account is opened.
- Account may be closed on expiry of 5 years from the date of opening by submitting the prescribed application form with passbook at the concerned Post Office.
- In case the account holder dies before maturity, the account may be closed and the amount will be refunded to the nominee/legal heirs.
Interest will be paid up to the preceding month, in which a refund is made.

## Current Post Office Monthly Income Scheme interest rate 2022

As per information available in SB Order no.

05/2022, the interest rate on the monthly income scheme (MIS) is 6.6 % per annum payable monthly.

The interest rate is decided by the Government of India.

It issues an order for the interest rate on the national savings scheme including MIS after every financial quarter.

Right now MIS interest rate is 6.6%.

The current Post office monthly Scheme interest rate 2022 is 6.6% per year.

Name of the Scheme |
Monthly Income Scheme (MIS) |

Maturity years |
Total 5 years |

Current Interest rate on MIS scheme |
6.6% |

Interest Payable |
On monthly Basis |

Home Page |
https://www.inindiapost.com |

## Post Office MIS Calculator 2022 formula

the **formula for calculating monthly income in post office MIS** is –

Monthly interest= (Total invested amount x Rate of interest) / 12

You can invest a maximum of Rs.

4.5 Lakh in a single and individual MIS account.

If you will open a Joint MIS account then a total of 9 lakh can be invested.

**Example:**

If, the total invested amount is 4.5 Lakh for an individual

monthly interest on MIS = (450000 x 6.6%) /12

= 450000 x 6.6 / 12 x 100

= 2475/-

If, the total invested amount is 9 Lakh for a joint account

monthly interest on MIS = (900000 x 6.6%) /12

= 900000 x 6.6 / 12 x 100

= 4950/-

## Post Office MIS Calculator 2022 (interest rate calculator in excel)

I made **post office monthly income scheme interest rate 2022 calculator (Post Office MIS calculator)** in excel.

You can easily download MIS calculator from the below link.

Just enter your invested money in MIS, and check how much monthly interest you will get?

**MIS interest Rate 2022 Calculator**download

**Question 01-** Is Post Office monthly income scheme taxable?

**Answer**– Yes, monthly interest received from the MIS account is taxable.

You have to mention other income and have to pay income tax as per the rule.

**Question 02-** Is post office MIS calculator 2022 available in excel?

**Answer-** Yes.

**Question 02**– What is the post office monthly income scheme interest rate in 2022?

**Answer-** 6.6%.

(It is variable as per the Government of India’s order.)

**Question 03-** How much Lock-in period in the MIS scheme?

**Answer-** 5 Years.

**Question 04-** Can I close MIS account before 5 years?

**Answer-** yes, you have to pay a specific amount in the form of penalty for premature closing of MIS account.

Please check it in the MIS features.

Today we discussed on **Post office monthly income scheme interest rate 2022 calculator (post office MIS calculator 2022)**.

I also provided an MIS calculator.

You can check the monthly interest for your invested money in MIS by using this MIS calculator 2022.