The Post Office has come up with a Monthly Income Scheme Account (MIS) which has become immensely popular among investors who want stable and guaranteed returns and that too with an attractive interest rate.  Anyone who is above the age of 10 years or so can make a Post Office Monthly Income Scheme Account in his own name.
Even a guardian on behalf of a minor or person of unsound mind can also invest in this post office scheme.


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Who Can Open a Post Office MIS Account?


  1. A guardian on behalf of a minor or person of unsound mind.
  2. A minor above 10 years in his own name.
  3. A single adult.
  4. Joint accounts can also be opened for up to 3 adults.


Post Office Scheme MIS Interest Rate 2021


The Post Office Monthly Scheme comes with an interest rate of 6​.6​ percent per annum. 


Investment/Deposit


  1. A Post Office Monthly Income Scheme Account (MIS) can be opened with a minimum of Rs 1000.
  2. A maximum of Rs 4.50 lakh can be deposited in a single account and Rs 9 lakh in Joint account.
  3. You can not withdraw your deposit before 1 year from the date of deposit.
  4. If the account is closed after 1 year and before 3 years from the date of account opening, a deduction equal to 2 percent from the principal will be deducted and the remaining amount will be paid.
  5. If the account closes after 3 year and before 5 year from the date of account opening, a deduction equal to 1 per cent from the principal will be deducted and the remaining amount will be paid.
  6. In case the account holder dies before the maturity, the account may be closed and the amount will be refunded to nominee/legal heirs.
  7. Interest will be paid up to the preceding month, in which refund is made.
  8. Notably, interest accrued on Post Office Monthly Income Scheme Account (MIS) is taxable in the hand of depositor.

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