Post Office Monthly Income Scheme (MIS)

The Post Office Monthly Income Scheme (MIS) is designed for individuals seeking guaranteed, fixed monthly income with the safety of a government-backed investment. Earn 7.4% per annum, payable monthly, while preserving your capital securely.

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Key Highlights

✅ 7.4% annual interest, paid monthly
✅ Investment in multiples of ₹1000
✅ Maximum limit: ₹9 lakh (single), ₹15 lakh (joint)
✅ Safe, government-backed investment
✅ Steady, predictable monthly income

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Latest Interest Rate (From 01 Jan 2024)

• 7.4% per annum, payable monthly.

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Salient Features

(a) Who Can Open:

• A single adult
• Joint Account (up to 3 adults, Joint A or Joint B)
• Guardian on behalf of a minor or person of unsound mind
• A minor above 10 years in their own name

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(b) Deposit:

• Open with a minimum of ₹1000 and in multiples of ₹1000.
• Maximum deposit:
  • ₹9 lakh in a single account
  • ₹15 lakh in a joint account (equal share for each holder)
• An individual's share across all MIS accounts (including joint accounts) should not exceed ₹9 lakh.
• The investment limit for a minor’s account opened by a guardian is separate.

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(c) Interest:

• Interest is payable monthly, starting one month from the date of deposit.
• Unclaimed monthly interest will not earn additional interest.
• In case of excess deposits, the excess will be refunded, and only PO Savings Account interest will apply on that excess from the date of deposit until refund.
• Interest can be credited automatically to a Post Office Savings Account or via ECS.
• Interest is taxable in the hands of the depositor.

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(d) Pre-mature Closure:

• Withdrawal is not allowed before 1 year from the date of deposit.
• If closed after 1 year but before 3 years:
  • 2% of the principal will be deducted.
• If closed after 3 years but before 5 years:
  • 1% of the principal will be deducted.
• Closure requires submission of the prescribed application form along with the passbook at the Post Office.

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(e) Maturity:

• The account matures 5 years from the date of opening.
• On maturity, the account can be closed by submitting the required application form with the passbook at the Post Office.
• In the event of the account holder's death before maturity, the nominee/legal heir can claim the funds. Interest will be paid up to the month preceding the refund.

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Why Choose Post Office MIS?

✅ Ideal for retirees and conservative investors seeking a regular income stream
✅ Low-risk, government-backed investment ensures capital safety
✅ Simple to open and manage at your nearest Post Office
✅ Provides a reliable supplement to your monthly cash flow

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Start your Post Office MIS investment today to secure a stable, fixed monthly income while preserving your capital with government-backed safety. 👉 Check out our MIS Calculator

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