Post Office National Savings (Monthly Income Account) Scheme (MIS) is a small savings scheme run by the government that offers a fixed interest rate and monthly income to depositors.
Post Office National Savings (Monthly Income Account) Scheme (MIS) is a small savings scheme run by the government that offers a fixed interest rate and monthly income to depositors. It is for investors who are looking for a safe and reliable way to earn regular income. National Savings Schemes in India are considered safe because they are backed by the government.
Under this scheme, currently an interest rate of 7.4 percent is being provided, which is valid till March 2024. Under this scheme, the maximum investment limit of Rs 1000 is Rs 9 lakh in multiple and single accounts and Rs 15 lakh in joint accounts. A person can invest a maximum of Rs 9 lakh in a monthly income account.
Who can open an account
Under this scheme, a single adult can open a joint account (up to 3 adults) (Joint A or Joint B). On behalf of a minor, a guardian can open his account in his own name and a minor above 10 years of age can open his account.
How to deposit
In this scheme, account can be opened with a minimum amount of Rs 1000 and in multiples of Rs 1000. A maximum of Rs 9 lakh can be deposited in a single account and Rs 15 lakh in a joint account. In a joint account, all joint account holders will have an equal share in the investment. Apart from this, deposits/shares in all MIS accounts opened by an individual will not exceed Rs 9 lakh. The limit for the account opened by a minor as a guardian will be different.
Special information on interest rates
Interest will be payable on completion of one month from the date of account opening and so on till maturity. If the interest paid every month is not claimed by the account holder, then no additional interest will be given on such interest. If any excess deposit is made by the depositor, the excess will be refunded and interest will be applicable only on PO Savings Account from the date of account opening till the date of refund.
Interest can be withdrawn through auto credit into the savings account in the same post office or ECS. In case of MIS account in CBS Post Office, monthly interest can be deposited in the savings account in any CBS Post Offices.
When can the account be closed
No deposit will be withdrawn before completion of 1 year from the date of deposit. If the account is closed after 1 year and before 3 years from the date of account opening, an amount equal to 2% will be deducted from the principal and the remaining amount will be paid. If the account is closed after 3 years and before 5 years from the date of account opening, a deduction equal to 1% of the principal amount will be made and the remaining amount will be paid.
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