Post Office Monthly Income Scheme (MIS) Account

FD Interest Rates 512 views

Indian Post Office has been touching the lives of the citizens in multiple ways be it by providing the social network to connect with people or to help them build capital. It offers attractive saving schemes, parking money in which earns good returns. The deposits are accepted under various saving schemes such as PPF, time deposits, RD etc. Also alike MIS scheme in banks, post office provides the facility of Monthly Income Scheme. The customer can open the deposit with the minimum amount of ₹1,500. The maximum amount acceptable under the scheme is ₹4,50,000 in the case of individual accounts and ₹9,00,000 for joint accounts. An individual can invest up to ₹4,50,000 in MIS including his share in joint accounts. The customer opening the deposit gets the benefit of regular monthly income. The details of the scheme and interest rate are as follows:

Post Office Monthly Income Scheme Details

ParticularDetails
Tenure5 years
Minimum Amount₹1,500
Maximum AmountUp to ₹4.5 lakhs in a single account
Up to ₹9 lakhs in a joint account

Post Office MIS Interest Rate

Amount of DepositRate of Interest
₹1,500 - ₹9 lakhs7.60% per annum payable monthly

Post Office Monthly Income Scheme Calculator

This calculator is specifically designed to assist the people in calculating the interest accrued on the deposit and amount of monthly interest that is to be credited to the depositor’s account. To know the monthly income, the customer has to insert the investment amount, tenure and interest rate in the calculator. After entering the relevant values in the calculator click on the submit button and the result will be displayed on the screen. Check the example below.

Must Read  Company Fixed Deposits-Think Before You Invest

For example – Anuj is investing ₹4,50,000 in Post Office Monthly Income Scheme (MIS) Account. The interest rate offered to him is 7.60%. The monthly income on the total investment amount of ₹4,50,000 deposited for the period of 5 years will be ₹2,850.

Amount of DepositRate of InterestMonthly Income
₹4,50,0007.60% p.a.₹2,850

Eligibility Criteria

The account can be opened any Indian resident. The account holding categories are:

  • Individual
  • Joint
  • Minor through the guardian

How to open the MIS Account

The account can be opened at any head or general post office. To open the account, the customer must have a savings account in the post office to link the monthly payout. To open the MIS account following documents are required.

Documentation Needed

To avail the benefit of the saving scheme following documents are to be submitted:

  • Account-opening form, available at the post office
  • Two passport-size photographs
  • Address and Identity Proof (Aadhaar Card, Passport, PAN Card or declaration in Form 60 or 61 as per the Income Tax Act, 1961, Driving Licence, Voter ID Card)

The candidates are required to carry original identity proof for verification at the time of account opening.

Features & Benefits of POMIS Account

  • Availability of nomination facility
  • Attractive interest rate
  • The account can be opened by the individuals and joint account can be by 2-3 adults.
  • Minors are also eligible to open an account
  • The account can be opened through cash or cheque payment
  • The deposit can be made in multiples of ₹1,500. The maximum investment amount for single accounts is ₹4,50,000 and for joint accounts is ₹9,00,000
  • Joint account can be converted into Single account and Vice Versa
    Multiple accounts opening facility.
Must Read  PM announces 8% Fixed Interest Rate on Deposits for Senior Citizens