Saturday, January 24, 2009

Post office Monthly Income Scheme (MIS)

Post Office Monthly Income Scheme (MIS)
This is one of the very good scheme from post office the best part is it gives you interest every month. you can open this account in following ways at the post office near by your home

  • An adult individual in his own name
  • An adult on behalf of minor
  • An adult jointly with maximum joint holder restricted to three.

How Much

  • Minimum Rs 1,000/-
  • Maximum Rs. 3,00,000/- in single account
  • Maximum Rs 6,00,000/- in joint account

This limit has been increased recently to 4,50,000 for individual


  • 8% per annum payable monthly
  • In some post office ECS facility is available where the interest is credited every month directly to saving bank account of the depositor.
  • Depositor may open SB account with the same post office where he deposited his MIS and give standing instruction for crediting the interest amount directly to the SB account on monthly basis.


  • 6 year Interest rate remains the same for the entire period


  • No premature repayment is permitted within one year of deposit
  • After one year but before completion of 3 years, premature withdrawal of entire balance is permitted with 2% penalty on the deposit amount, no deductions on interest already paid
  • If withdrawn after 3 years the penalty is restricted to 1% of the deposit amount.
  • Part withdrawals are not permited. ( TIP: that is why even if you want to deposit 3 lakh , you should deposit 3 different amounts of 1 lakh)

Bonus on maturity

  • A bonus of 5% of deposit amount is payable on maturity (end of six years)

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