Post Office Monthly Income Scheme is one of the Government of India Scheme supported small savings schemes open to all resident Indian citizens, including minors. Post Office Monthly Income Scheme is an excellent investment option for retired individuals and those looking to earn regular interest income for regular flow of funds. Under Post Office Monthly Income Scheme, individuals are allowed to open more than one account and one account can keep a maximum of 9 lakhs at any point of time but the total amount in all the accounts should not exceed 9 lakhs and in a joint account no at any time the maximum can be 15 lakhs.
MIS Scheme 2023 Website Link |
MIS Scheme 2023 Appliation Form |
Post Office National Savings Monthly Income Account (MIS) Scheme 2023 – Latest Notifications And Updates, Minimum Deposit Amount, Pre Mature Closure, Apply Form Online
The account under Post Office Monthly Income Scheme can be opened with a minimum amount of Rs.1000 and in multiples of Rs.1000 which comes with a lock-in period of five (5) years. The rate of interest on accounts held under the National Savings Monthly Income Scheme was 6.6% per annum but with effect from April 01, 2023 the Government of India has increased it to 7.4% per annum which is paid every month. Interest will be payable on completion of one (1) month from the date of opening and so on till maturity but in case the account holder is not claimed interest payable every month, no additional interest will accrue on such interest.
Post Office National Savings Monthly Income Account (MIS) Scheme 2023 – Eligibility, Minimum Deposits, Maximum Deposits, Interest, Pre Mature Closure, Maturity, Key Features and Benefits
Eligibility:
- A resident of India can apply for this scheme.
- Applicants above the age of 10 years.
MIS Deposit Details:
- Under MIS scheme, Account can be opened with minimum of Rs. 1000 and in multiple of Rs. 1000.
- A maximum of Rs. 9 lakh can be deposited in a single account and 15 lakh in Joint account under MIS scheme.
- Joint holders shall have equal share in investment in a joint account.
- Deposits in all MIS accounts shall not exceed Rs. 9 lakh.
- Guardian of a minor opening an account on his/her behalf those account limits will be different.
Interest in MIS scheme:
- Under MIS scheme, Interest will be payable on completion of one month from the date of opening and so on till maturity.
- In case the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest in this scheme.
- If any excess deposit made by the depositor then and only PO Savings Account interest will be applicable and the excess deposit will be refunded back.
- Interest can be withdrawn through auto credit in the same post office where you have your account and Interest is taxable in the hand of depositor.
Pre-mature closure in MIS Scheme:
- Under MIS Scheme before the expiry of one (1) year from the date of deposit no deposit shall be withdrawn.
- In case the account is closed after one (1) year and before 3 years from the date of account opening, then 2% of the principal will be deducted and the balance amount will be paid.
- In case account closed after 3 year and before 5 year from the date of account opening, a deduction equal to 1% from the principal and and remaining amount will be paid.
- Through Submitting prescribed application form with pass book at concerned Post Office Account can be prematurely closed.
MIS Scheme Maturity:
- Under MIS Scheme Account may be closed on expiry of five (5) years from the date of opening.
- If the account holder dies before the maturity, the account may be closed and amount will be refunded to the nominee or legal heirs.
Interest can be withdrawn through auto credit to savings account in the post office or ECS in the same post office where you have the account Interest is taxable in the hands of the depositor. No deposit shall be withdrawn under Post Office Monthly Income Scheme before the expiry of one (1) year from the date of deposit in case the account is closed after one (1) year and before 3 years from the date of account opening, then 2% of the principal will be deducted and the balance amount will be paid. Under this Post Office Monthly Income Scheme, if the account holder dies before maturity, the account can be closed and the amount will be returned to the nominee/legal heirs and interest will be paid till the last month in which the refund is made. If you want to get updated and detailed information about MIS Scheme 2023 you can visit the official website of the post office.