₹9 lakh in Post Office MIS vs ₹9 lakh in bank FD: Which gives a higher monthly income?

A ₹9 lakh investment in Post Office MIS earns ₹5,550 monthly at 7.4% interest, compared with an indicative ₹4,875 from a bank FD at 6.5%. Consider monthly income, tenure, other rules and tax implications before investing.