Monthly Income Scheme - India

Monthly Income Scheme (MIS) is an investment scheme of Indian postal service.

It provides an interest rate of 7.80% per annum which is paid monthly.

You will get the interest each month from the date of making the investment, not from start of the month.

This post office saving scheme does not come under sec 80C so there is no tax-exemption for the amount you invest in this, and interest income is taxable, but there is no TDS cut in this scheme.

Monthly Income Scheme account can also be transferred from one post office to any other post office across the country.

In Monthly Income Scheme Calculator, you need to just entering you’re details like Date of Account opening, Deposit Amount & Rate of Interest (per annum) then you will easily get Maturity Date, Monthly Interest, Total Deposit, Total Interest.

Minimum & Maximum Amount :-

Min Amount Rs. 1,500/- and additional investment in multiples of 1,500/-

Max Amount Rs. 4,50,000/- (if Single) or Rs. 9,00,000/- (if held Jointly).

Features of Monthly Income Scheme :-

* Interest rate of 7.80% per annum payable monthly.
* Maturity period is 5 years.
* No tax deduction at source (TDS).
* No tax rebate is applicable.
* Account can be transferred from one post office to another.
* Minimum investment amount is Rs.1500/-
* Maximum amount is Rs. 4.50 lakhs in a single account and Rs.9 lakhs in a joint account.
* NRI cannot open this account.
* Account can be opened by an individual, two/three adults jointly, and a minor through a guardian.
* Nomination facility is available at the time of opening and also after opening of account.

Features of Monthly Income Scheme Calculator :-

* This Android App is easy to understand & use
* No Internet connection is required for this App
* In Monthly Income Scheme Calculator you can visualize the calculations Graphically.
* With this Monthly Income Scheme Calculator, you can display the reports Yearly or Monthly.
* User Friendly
* Safe Investment