Monthly Income Scheme

Post Office Monthly Income Saving Scheme:

• Interest rate of 8% per annum payable monthly.
• Maturity period is 6 years.
• Minimum investment amount is Rs.1500/- or in multiple thereof.
• Maximum amount is Rs. 4.5 lacs in single account and Rs. 9 lacs in a joint account.
• Account can be opened by an individual, two/three adults jointly and a minor through a guardian.
• A minor having attained 10 years of age can open an account in his/her own name directly.
• Non-Resident Indian / HUF cannot open the Account.
• Minor has a separate limit of investment of Rs. 3 lacs and the same is not clubbed with the limit of guardian.
• A separate account is opened for each deposit.
• Any number of accounts can be opened subject to the maximum prescribed limit.
• Facility of automatic credit of monthly interest to saving account if accounts are at the same post office.
• Facility of premature closure of account after one year @ 3.50% discount.
• No deduction of 3.5% if account is closed on completion of three years.
• Facility of reinvestment on maturity of an account.
• Interest not with-drawan does not carry any interest.
• Maturity proceeds not drawn are eligible to saving account interest rate for a maximum period of two years.
• Account is transferable from one post office to any Post office in India free of cost.
• Nomination facility available.
• Rebate under section 80 C not admissible.
• Interest income is taxable, but no TDS
• Only scheme in Post office where monthly interest is payable.
• Most suitable scheme for senior citizens and for those who need regular monthly income.
• Deposits are exempt from Wealth Tax

FAQ’s on MIS Click Here.

For Buy Purchase online Post office Mothly Income Schemes Small Savings Postal Saving Schemes by Goverment of India.

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9 Comments

• 

  By T.SARAVANAN, March 27, 2010 @ 4:58 pm

  FOR THIS SCHEME I HAVE TO GO THROUGH AGENT OR CAN I OPEN DIECT FROM POST OFFICE
• 

  By Sameer Trivedi, March 28, 2010 @ 11:41 am

  Both are the same choice is yours…
• 

  By soni parasmal, January 4, 2011 @ 11:40 am

  DEar sir,
  can you explain me in simple words and the process of this monthly income scheme. i am intersted
• 

  By subhash dewan, August 8, 2011 @ 3:21 pm

  Sir
  Perhaps following info need explaining correct position: (1) max limit for minor above 10 years age opening MIS a/c in his name directly should be 4.5 lakhs; not 3 lakhs. (ii) what would be max limit under MIS for a minor a/c opened through his/her guardian? Whether this would be counted together with the guardian, if guardian also has MIS a/c in his name. that means 4.5 lakhs or 9 lakhs? (iii) the deduction on withdrawing MIS amount after 1 year and before 3 years is 2%; not 3.5% (iv) no withdrawal is allowed before 1 year(v) Withdrawal made after 3 years but before 6 years deduction from principle amount is 1% of the principle amount. Kindly confirm. Thanks
• 

  By admin, August 11, 2011 @ 6:01 pm

  deduction from applicable interest amount is 1% not on principle amount.
• 

  By bairavi, August 26, 2011 @ 12:01 pm

  sir,
  my mis a/c exceeds by just rs.6000/= (ie:456000).what can i do to rectify this without loosing my principle?is there any option to change the excess to my husband’s a/c or make it as a joint a/c?
• 

  By hemant, October 13, 2011 @ 1:34 pm

  please send the lic presentetion for jivan saral
• 

  By Maclina, November 4, 2011 @ 12:51 pm

  Im Interested In Investing For Monthly Income Saving Scheme, But Need To Know More About It In Details
• 

  By admin, November 5, 2011 @ 11:47 am

  The Presentation is already available our website for LIC Jeevan Saral.

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