Post Office MIS & SCSS Calculator — Your Monthly Income

What is a Post Office MIS Calculator?

The Post Office Monthly Income Scheme (MIS, पोस्ट ऑफिस मासिक आय योजना) is a government-backed deposit that pays interest every month for five years and then returns your money in full. The Senior Citizens Savings Scheme (SCSS) is a similar scheme for people aged 60 and above that pays a higher rate every quarter. Both are popular with retirees and anyone who wants a predictable income with no market risk.

This free calculator covers both. Choose the scheme, enter the deposit and it shows the monthly or quarterly income, the yearly income, the total interest over five years and the deposit you get back. It also checks the scheme limits — ₹9 lakh single or ₹15 lakh joint for MIS, and ₹30 lakh for SCSS.

Key Features

• MIS monthly income at the current 7.4% rate.
• SCSS quarterly income at the current 8.2% rate.
• Single and joint MIS limits.
• Yearly income and 5-year total interest.
• Limit check — deposits above the maximum are capped with a note.
• Any rate, so you can test future rate changes.

How to Use It

1. Choose Post Office MIS or Senior Citizens (SCSS).
2. Enter the deposit amount.
3. For MIS, choose a single or joint account.
4. Keep the current rate or type another.
5. Read the income per month or quarter, per year and over five years.

The Formulas

• MIS monthly income = Deposit × Rate ÷ 12. ₹9,00,000 × 7.4% ÷ 12 = ₹5,550.
• SCSS quarterly income = Deposit × Rate ÷ 4. ₹15,00,000 × 8.2% ÷ 4 = ₹30,750.

Interest is simple, not compounded: it is paid out to you rather than added to the deposit. If you reinvest each payout — for example in a recurring deposit — you can earn interest on the interest. Our RD Calculator shows what that adds.

Monthly Income from Post Office MIS (7.4%)

Quarterly Income from SCSS (8.2%)

MIS vs SCSS at a Glance

If you are 60 or older, SCSS pays more and also offers an 80C deduction, so it usually comes first. MIS is useful for younger investors, or for seniors who have already used their ₹30 lakh SCSS limit.

Example: A Retired Couple's Income Plan

A retired couple, both over 60, have ₹75 lakh to invest for regular income.

• SCSS for each spouse: ₹30 lakh each = ₹60 lakh → ₹61,500 × 2 = ₹1,23,000 a quarter.
• Joint MIS: the remaining ₹15 lakh → ₹9,250 a month.
• Total: ₹4,92,000 + ₹1,11,000 = about ₹6,03,000 a year, or roughly ₹50,250 a month, fully government-backed.

Since this income is fixed for five years while prices rise, many retirees also keep part of their savings in growth assets and draw from them through a systematic withdrawal plan — see our SWP Calculator.

Tax and TDS

• Interest is taxable at your slab rate for both schemes.
• SCSS deposits qualify for Section 80C (up to ₹1.5 lakh, old regime). MIS deposits do not.
• Senior citizens can deduct up to ₹50,000 of interest income under Section 80TTB in the old regime.
• TDS applies if your post office interest in a year crosses ₹50,000 (₹1,00,000 for senior citizens). Submit Form 15G (below 60) or 15H (60+) if your total income is below the taxable limit.

Estimate your overall tax with our Income Tax Calculator.

Premature Closure Rules

• MIS: no withdrawal in the first year; after 1 year and before 3 years, 2% of the deposit is deducted; after 3 years, 1%.
• SCSS: can be closed early, with a deduction that depends on how long the account has run; closing in the first year forfeits the interest.

If you may need the money soon, a shorter post office time deposit or a bank FD may suit better — compare with our FD Calculator.

How to Open an Account

1. Visit any post office (SCSS is also offered by authorised banks).
2. Fill in the account opening form and attach identity and address proof (Aadhaar, PAN) and photographs.
3. Deposit by cheque or from your post office savings account — MIS payouts are usually credited to a linked savings account.
4. Collect your passbook or certificate and note the maturity date.

Post Office MIS vs a Bank FD With Monthly Payout

Most banks offer fixed deposits that pay interest monthly. How do they compare with MIS?

• Safety: MIS is backed by the Government of India. Bank deposits are insured by DICGC only up to a set limit per depositor per bank (check the current limit on the DICGC website), though large banks are considered very safe.
• Rate: compare the current MIS rate with your bank's monthly-payout FD rate. Banks pay a slightly lower rate on monthly-payout FDs than on cumulative ones, and senior citizens usually get about 0.5% extra.
• Flexibility: bank FDs come in many tenures from 7 days to 10 years; MIS is fixed at 5 years.
• Convenience: bank FDs can be opened online in minutes; post office accounts usually need a branch visit to open, though India Post offers internet and mobile banking for existing customers.

Remember Inflation

A fixed income loses buying power over time. With 6% inflation, ₹5,550 a month today buys only about as much as ₹4,147 does now by the end of the 5-year term. When the deposit matures, the ₹9 lakh you get back is also worth less in real terms. This does not make MIS a poor choice — its job is safety and steady income — but it is wise to pair it with some growth assets for long retirements. Our Inflation Calculator shows the effect for any amount.

Who Should Consider These Schemes?

• Retirees who need a dependable monthly or quarterly income.
• Conservative investors who want zero market risk.
• Families parking a lump sum — from a property sale, gratuity or maturity proceeds — while earning regular interest.
• Homemakers and parents who want a separate, secure income stream in their own name.

Common Mistakes

• Depositing above the limit — the excess is not allowed under the scheme rules and will be refunded, so plan the split between schemes and family members in advance.
• Forgetting tax — the interest is taxable even though the scheme is government-backed.
• Not submitting Form 15G/15H when eligible, leading to unnecessary TDS.
• Letting the account sit after maturity — claim or extend it on time.

Tips

• Lock in good rates: your rate stays fixed for the full term even if the government cuts it later.
• Use joint accounts to go beyond the single MIS limit.
• Stagger deposits across years so they do not all mature together.
• Add a nominee when you open the account.
• Keep a record of each account's maturity date in your phone calendar so you can claim, reinvest or extend on time.
• Reinvest payouts you do not need into a recurring deposit or SIP to keep your money compounding.

Why Use This Calculator?

Post office schemes are simple, but the limits, payout frequencies and rates differ. This calculator puts MIS and SCSS side by side, checks the limits and shows exactly what lands in your account each month or quarter. It is free, private and runs entirely in your browser. Rates change every quarter, so always confirm the current rate at the post office before investing.

Post Office MIS & SCSS Calculator — Key Facts

Frequently Asked Questions

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