What Is Post Office Monthly Income Scheme Account (MIS) ?

What Is Post Office Monthly Income Scheme Account (MIS) ?

Peoples Often Call This Scheme As MIS Account, Actually The Full Form Of MIS Is “Monthly Income Scheme”. Basically This Scheme Is One Of Mine Favourite Scheme In India Because Its Directly From Government With 100% Secured Protections. Your Money Will Never In A Risk If You Invest Here.

Also The Best Part Is If We Invest In This Scheme. We Can Withdrawal Our Interest Amount Every Month. Yes You Heard It Right, If We Want To Withdraw Then We Can Definitely Go And Withdraw Some Money Every Month (Maximum 7.3% Interest Every Year).

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For eg. If You Invest 1 Lac. For 5 Year In A MIS Account. Then You Are Going To Get ₹7,300 Every Year For 5 Years. That Means Total Interest Of Money Will Be ₹36,500 (In 5 Years). And Yes, That Means Approx. ₹608 Per Month.

And Don’t Worry About Your One Lakh Rupees That You Have Invested Earlier. You Can Redeem It After 5 Years Or You Can Continue Your Invest.

Please Note :- If You Want To Redeem Your Invested Money Before 3 Years, Then You Will Be Charged 2% As Fine. And If You Want To Redeem After 3 Years And Before 5 Years, Then You Will Be Charged 1% As Fine. And After 5 Years, There Will Be No Charge To Redeem Your Money Back. 🙂

Interest payable, Rates, Periodicity etc.Minimum Amount for opening of account and maximum balance that can be retained
From 01st January 2019, interest rates are as follows:-

  • 7.3 % per annum payable monthly.
  • Minimum investment is INR 1500/-
  • Maximum investment limit is INR 4.5 lakh in single account and INR 9 lakh in joint account
  • An individual can invest maximum INR 4.5 lakh in MIS (including his share in joint accounts)
  • For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.

Terms & Conditions Or Salient features including Tax Rebate (MIS) :-
  • Account may be opened by individual.
  • Account can be opened by cash/Cheque.
  • In case of Cheque the date of realization of Cheque in Govt. account shall be date of opening of account.
  • Nomination facility is available at the time of opening and also after opening of account.
  • Account can be transferred from one post office to another. (If you want)
  • Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
  • Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
  • Joint account can be opened by two or three adults.
  • All joint account holders have equal share in each joint account.
  • Single account can be converted into Joint and Vice Versa.
  • Minor after attaining majority has to apply for conversion of the account in his name.
  • Maturity period is 5 years from 1.12.2011.
  • Interest can be drawn through auto credit into savings account standing at same post office, through PDCs or ECS./In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices.
  • Can be prematurely en-cashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.)

A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.12.07 and up to 30.11.2011. No bonus is payable on the deposits made on or after 1.12.2011.

       1,00,000 ₹608 Monthly
       2,00,000 ₹1216 Monthly
       3,00,000 ₹1825 Monthly
       4,00,000 ₹2432 Monthly
       5,00,000 ₹3040 Monthly
       6,00,000 ₹3648 Monthly
       7,00,000 ₹4256 Monthly
       8,00,000 ₹4864 Monthly
       9,00,000 ₹5475 Monthly

      **Interest Rates Are 7.3% Per Annum. (For More Details Contact To Your Near By India Post Office)

 Documents Required To Open A MIS Account In India Post Office

1. Adhaar Card Is Compulsory,
2. PAN Card Need To Be Submitted When You Become 18 Years,
3. And Just Fill A Opening Form (Find It From Post Office),
4. Minimum Amount Need To Submit Is ₹1500. 

For More Details Please Feel Free To Contact India Post Helpline Directly On 1800 266 6868. Or If You Have Small Or Silly Doubt Please Go And Comment Down Below. I’ll Try To Reply You Soon.
So, Its One Of The Good Method To Invest Your Money In India And Take Good Interest From A Genuine Government Source.


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