Post Office MIS Rules & Guidelines

1. You will be paid interest at the rate of 7.10% per year every month.
2. Deposits can be made in multiples of Rs.1,000.
3. Uppermost investment limit is Rs.4.5 lakh in one account and Rs.9 lakh in one joint account.
4. A person can put in a maximum of Rs.4.5 lakh in MIS (this includes his/ her share in joint accounts).
5. For calculation of share of an individual in joint account, each joint holder has equal share in each joint account.
6. A Post Office MIS Scheme can be started by an individual.
   

1. You can start the account by paying cash or a cheque and in the case of a cheque, the date of realization of the cheque in the Government account shall be the day of starting the account.
2. The scheme is endowed with a nomination facility, which will be available to you when you open the account.
3. One account can be transacted from one post office to another.
4. Any number of accounts can be opened in any post office subject to the maximum investment limit by adding balance in all accounts.
5. Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
6. Joint account can be opened by two or three adults.
7. All joint account holders are equally entitled to the returns from the account.
   

1. Single Post Office MIS account can be changed into Joint and vice versa.
2. If the account is started for your child, you can change the account to the child's name after applying for conversion.
3. The account maturity tenure is five years with effect from the year 2011.
4. Interest shall be drawn via automated credit into a savings account at the same post office, through PDCs or ECS.
5. In the case of MIS accounts being at CBS Post offices, your monthly interest can be put into a savings account standing at any of the CBS Post offices.
6. The MIS account can be cashed ahead of time after the completion of one year. But if you are doing it before three years is completed there will be 2% deduction from the deposit and after three years, it will be 1% deduction from the deposit. 
7. A bonus of 5% on the principal sum is allowable on maturity with respect to MIS accounts started on or after the year 2007 and up to 2011. But there will be no bonus owed on the deposits made on or after the year 2011. 

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FAQs on Post Office MIS Guidelines

• What is the interest rate offered on Post Office Monthly Income Scheme Account (MIS)?

    An interest rate of 7.1% p.a. is applicable on Post Office Monthly Income Scheme Account (MIS) currently.  

• What are the minimum and maximum deposit limits for Post Office MIS?

    For Post Office MIS, the minimum deposit limit is Rs.1,000. The maximum deposit limit is Rs.4.5 lakh for a single account and Rs.9 lakh for a joint account.  

• How is the share of a single account holder in a joint account determined?

    There will be an equal share in every joint account for every joint account holder. 

• Is Post Office MIS suitable for senior citizens?

    Yes, with Post Office MIS, senior citizens will be able to deposit their entire life savings into the account and earn interest to cover their monthly expenses. 

• What happens if I have to relocate from one city to another for work?

    In such cases, the Post Office MIS account can be easily transferred to the post office of the new city.  

• Where can I obtain a Post Office MIS withdrawal form?

  The Post Office MIS withdrawal form is available at the post office. It can also be downloaded from the India Post website

• Is it possible to reinvest my accumulated amount in Post Office MIS?

  Yes, you can reinvest your accumulated amount in Post Office MIS at the end of the term.

• Is there a tax deduction at source?

  No, while there is no tax deduction at source (TDS), the interest earned is subject to tax.

• Is it possible to withdraw from Post Office MIS before maturity?

  Yes, you can avail the premature withdrawal facility after one year. If you withdraw before three years, you will be charged a 2% penalty. A 1% penalty will be applicable on withdrawing after three years.  

• Can I nominate someone in my Post Office MIS account?

  Yes, Post Office MIS allows individuals to select and designate a nominee against the account who will receive the accumulated amount in the event of their unfortunate demise.