Post Office Saving Scheme


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India Post, which also grants banking services besides postal services, offers several savings schemes for small savers. One such product offered by India Post is monthly income scheme (MIS). The post office MIS account gives an interest rate of 7.3 percent per annum. The interest on post office monthly income scheme (MIS) account is payable monthly. The minimum amount needs to set up a monthly income account is Rs. 1,500. Maximum investment limit is Rs. 4.5 lakh in the single account and Rs. 9 lakh in the joint account, noted India Post on its official website- indiapost.gov.in.

Here are 10 things to know about the Post office monthly income scheme (MIS) account:

  1. Post office monthly income scheme accounts can be opened by individuals via cheque or cash.
  2. In case of cheque, the date of realization of the cheque in government account should be the date of opening of the account, stated India Post.
  3. The maturity period of Post Office MIS account is 5 years.
  4. Nomination facility is available at the time of opening and also after the opening of MIS account.
  5. MIS account can be transferred from one post office to another.
  6. Any number of MIS accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
  7. The account can be opened in the name of the minor and a minor of 10 years and above age can also open and operate the account.
  8. The joint account can be opened by two or three adults. All joint account holders have an equal share in each joint account.
  9. Single monthly income scheme (MIS) account can also be converted into a joint account and vice versa.
  10. The account can be prematurely en-cashed after one year but before three years at the discount of 2 percent of the deposit and after three years at the discount of 1 percent of the deposit. The discount means the deduction from the deposit.
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