Post Office Schemes

What is Post office Monthly Income Scheme (MIS)?

  • Another traditionally popular investment avenue is Post Office Monthly Income Scheme Account (MIS). You can invest in multiples of ₹ 1,500. The maximum investment limit is ₹ 4.5 lakh in single account and ₹ 9 lakh in joint account. For calculation of share of an individual in joint account, each joint holder has an equal share in each joint account i.e. 50% for two holders.
  • Post Office MIS account can be opened by an individual. Such an account can be transferred from one post office to another. Any number of accounts can be opened in any post office but they will be subject to maximum investment limit by adding the balance in all such accounts.
  • A Post Office MIS account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account. The maturity period of a Post Office MIS account is 5 years from 1.12.2011. The interest generated can be drawn through auto credit into savings account standing at the same post office. A Post Office MIS account can be prematurely en-cashed after one year but before 3 years at a discount of 2% of the deposit. If you en-cash and after 3 years, then the discount becomes of 1% of the deposit. Discount means deduction from the deposit.
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