Cash lying idle in your bank account?
Invest as low as Rs. 1,000 in Mutual Funds and enjoy higher returns.

Invest Now

Post Office Monthly Income Scheme - India Post

and 2 other FDs

Institution Name

Deposit Amount Range

Tenure Range

Interest Rate

Details

Up to ₹1Cr

1 Year to 5 Years

6.8% - 7.6% Quarterly compounding

Enquire

Response Time Within 30 minutes

Features

Highlights

Documents

Good to Know

Details

Up to ₹25L

1 Year to 5 Years

7.75% - 8.6% Monthly compounding

Get Rate

Response Time Within 30 minutes

Features

Documents

Good to Know

Details

Up to ₹25L

1 Year to 5 Years

7.72% - 8.65% Monthly compounding

Get Rate

Response Time Within 30 minutes

Features

Highlights

Documents

Good to Know

Post Office Monthly Income Scheme - India Post is Rated as "Excellent!" by 21 Users

Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

Fixed Deposit BYTES FROM OUR KITCHEN

Write Review

Click here to
Check your Eligibility!

Post Office Monthly Income Scheme - India Post

The Post Office Monthly Income Scheme (MIS) is a type of term deposit account offered by India Post. The MIS scheme pays interest each month and is suited for those who seek regular or supplementary income from their investments. This is a type of investment plan that is offered by the Department of Posts (DoP), also known as India Post. Those who would like to invest in Post Office monthly income schemes can do so at any post office in their respective locality. As of January 2018, the interest rate offered on the Post Office Monthly Income Scheme is 7.3% p.a.

Post Office Monthly Income Scheme Interest Rates

Given below are the revised interest rates offered on Post Office MIS schemes with effect from 1st January, 2018:

Tenure	Regular rate (per annum )	Senior Citizen Rate (per annum)
5 years	7.3%	NA

The interest rate that is paid on the Post Office Monthly Income Scheme is 7.3% p.a. for an investment period of 5 years.
The rate of interest paid is not applicable to senior citizens and those who belong to this category can invest in the Senior Citizens Savings Scheme (SCSS).

Amount	Maturity Period	Interest payment	Premature withdrawal
Single account - up to Rs.4.5 lakh Joint account - up to Rs. 9 lakh	5 years	Credited each month to Post Office Savings Account	Allowed after 12 months. Penalty applicable.

Features

Low risk: Safe investment that offers guaranteed returns after the maturity period. The risk-level in this scheme is almost 0%.
5-year lock-in: Comes with a mandatory lock-in period of 5 years. Investors can also re-invest in the same scheme after the maturity period if they wish to.
Premature withdrawal: Can be made after paying a penalty fee.
Regular Payouts: Regular payment of interest makes this scheme an attractive investment option for those looking to earn income at frequent periods of time.

How to open Post office MIS account

To open a monthly income scheme, you will have to pay a visit to the nearest post office. Ask for the application form, fill in details and submit identity and address proof documents. There is no online facility to open this type of account yet.

The post office savings account application form can be downloaded from here - https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/SB-3.pdf

Given below is the step-by-step process involved in opening a Post Office Monthly Income Scheme:

Step 1: Go to the nearest post office and first open a savings account.

Step 2: Ask for an application form and fill in required details.

Step 3: Submit a photocopy of identity and address proof documents along with passport size photos.

Step 4: Choose a nominee and deposit cash or a cheque.

Difference between MIS and other monthly income plans

Post Office MIS scheme	Mutual funds	Fixed deposit
The interest rate offered is fixed at a given rate.	The rate of return varies and depends on market conditions.	The rate of interest paid is fixed.
Guaranteed returns.	Returns are relative and not always guaranteed.	Assured returns.
No TDS.	No TDS.	TDS applicable.
Investment limit applicable.	No limit.	No limit.
Lesser risk.	Moderate to high risk.	Nil risk.
Premature withdrawal with penalty.	Minimum lock-in period of 3 years for SIP.	Premature withdrawal subject to penalty.

Eligibility criteria

Who can open an MIS account?	Resident Indians Minor aged 10 and above
Documents required	Account opening form Passport size photos Identity and address proof - PAN, Aadhaar, Driving Licence, Passport, Voter ID

FAQs

1. Is nomination facility available?

Yes.

2. Can a single account be converted into a joint account?

Yes. The vice-versa can also be done.

3. Will the depositor be eligible to receive a bonus?

India Post has stopped making bonus payments with effect from 2011.

4. Whats is the minimum balance that needs to be maintained in an MIS account?

Rs.1,500.

5. What is the minimum period for which a deposit should be held before making a premature withdrawal?

12 months.

6. What are the other types of accounts that can be opened at India Post?

Post Office Savings Account
5-Year Post Office Recurring Deposit Account
Post Office Time Deposit Account
Senior Citizens Savings Scheme
15-year Public Provident Fund Account
National Savings Certificate
Kisan Vikas Patra
Sukanya Samriddhi Accounts

7. How can a nominee or legal heir claim the money of the deceased deposit holder?

The nominee can furnish the death certificate and claim the maturity amount that is entitled to him/her. In case there is no nominee, the legal heir can make a claim on the same.

8. In case of joint accounts, what will be the share that is given out to each account holder?

The sharing will be made on a 50: 50 basis. This means that each depositor in a joint account will get an equal share.

9. Is it possible to transfer the account from one post office to another?

Yes. This can be done.

10. What is the penalty rate for premature withdrawal?

It is at the rate of 2%.

Disclaimer

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Fixed Deposit

FD Rates by Other Institutions

FD Rate by Top Provider

Fixed Deposit Rates by Banks

News About Post Office Monthly Income Scheme - India Post

India Post Payments Bank Promises Attractive Banking Features
On 1 September 2018, PM Narendra Modi introduced the India Post Payments Bank (IPPB). Currently, the bank has close to 650 branches nationally and 3,250 points of access. IPPB aims to provide a string of banking services viz. opening an account, withdrawing or investing funds or account-related updates, at the doorstep of the customers.
Savings accounts in IPPB earn an interest rate of 4%. One can avail a debit card which is charged with an annual fee from the second year of the card membership. The bank focuses more on providing services through mobile phone services. An account can be opened by entering KYC details and Aadhaar number of the applicant in the bank’s mobile app. Cash withdrawals from an IPPB ATM or Punjab National Bank (PNB) are free of charges. Customers can make use of a QR card in order to make transactions. Unlike other banks, IPPB does not insist on maintaining a minimum balance on a quarterly basis. IPPB offers financial products such as insurance and loans by collaborating with Bajaj Allianz Life Insurance and PNB. Furthermore, charges attached with forex services are lower as opposed to other banks.

7 September 2018

PO Monthly Income Scheme Reviews

Write a Review

Fixed Deposit

"Good investment plan"

0.5 5.0/5 "Blown Away!"

I have started investing in the fixed deposit almost more than 5 years. I have invested a variable amount in different times. They have offered me a interest rate of 7.5%. The response was good. I have chosen the post office because of the safe and security.

Was this review helpful? 1
Thank you for your vote

Thank you for your vote

DEBAJYOTI BORAH , guwahati
Reviewed on Dec 12, 2018
Fixed Deposit

"Better Investment For FD account in post office"

0.5 5.0/5 "Blown Away!"

Earlier I invested in FD at post office, after five year I got the deposit amount with the best interest, payment mode is only cash. For Rs. 10,000 fixed deposit I got around Rs. 15,000 it helped me out. The service is also good in post office, the staff are responding well. Its good for domestic service.

Was this review helpful? 5
Thank you for your vote

Thank you for your vote

SINGIRAPPAGARI RAGHUNATH , bangalore
Reviewed on Nov 30, 2018
Fixed Deposit

"Good interest rate"

0.5 5.0/5 "Blown Away!"

I have invested the money in post office account recently. I have chosen the post office 5 years back. Its because of the safe and security and elements of the post office. Interest rates are more when i compared with other private bank. I have invested the money of Rs. 1.5 lakhs. Its easy to invest the money. I have a friend who is working over there helped me a lot.

Was this review helpful? 3
Thank you for your vote

Thank you for your vote

PADMINI GANGADHARAN JITHESH , chennai
Reviewed on Nov 30, 2018
Fixed Deposit

"Need scope of improvement"

0.5 3.0/5 "Satisfactory"

Earlier I have taken fixed deposit in Post office, I have deposited the amount of Rs. 8 lakhs, they are providing 8% for interest for the period of one year. Now it came down, the benefits are good but I need to engage with the agent to invest the money in FD. Their service is not upto the mark.

Was this review helpful? 9
Thank you for your vote

Thank you for your vote

RAGHURAMAN KRISHNAMURTHY , hyderabad
Reviewed on Nov 13, 2018
Fixed Deposit

"Good service"

0.5 3.0/5 "Satisfactory"

I have a Fixed Deposit account with India Post Office from last 1 year, i have invested an amount Rs 1 lac and maturity period is after 5 years. Customer service is very good and they explained all the terms and conditions. I get a returns of 7% and i am satisfied with it.

Was this review helpful? 19
Thank you for your vote

Thank you for your vote

SIVA POTHU RAJU PONUGUPATI , hyderabad
Reviewed on Sep 26, 2018
Fixed Deposit

"Needs to improve"

0.5 2.5/5 "Just OK"

I have opened a Fixed Deposit with India Post Office from last 3 years, the services provided by India Post office is no up to the mark and their response is always delayed. I am not sure with the amount of investment made. I am not satisfied with the returns of this Fixed deposit.

Was this review helpful? 35
Thank you for your vote

Thank you for your vote

RAGHURAMAN KRISHNAMURTHY , hyderabad
Reviewed on Feb 05, 2018
Fixed Deposit

"Good returns"

0.5 4.5/5 "Excellent!"

I had a Fixed Deposit with Post Office a few time back, and found the return to be pretty satisfying. I found the overall experience with them to be pretty good and didn't face any issue at all. I found this account to be good return for the investment I made.

Was this review helpful? 23
Thank you for your vote

Thank you for your vote

SUGATA CHATTERJEE CHATTERJEE , bhubaneshwar
Reviewed on Nov 08, 2017
Fixed Deposit

"Excellent"

0.5 4.0/5 "Great!"

I do have the Fixed deposit account with the India post office. Interest rate is more than bankers with them. I would like to say that the customer service is very average one and that has to be get improved more, also they need to work on it.

Was this review helpful? 14
Thank you for your vote

Thank you for your vote

NARAYAN SWARUP , noida
Reviewed on Sep 28, 2017
Fixed Deposit

"Post office FD"

0.5 4.0/5 "Great!"

Post Fixed DepositÂ is good, when compared with bank deposit this is the best one. The reason why because if we can withÂ draw from PO any time after one year no charges however when it comes to bank we have to hold up to 5 years,. No charges even if we break it after 1 year they will calculate the interest earned for one year and they will credit the amount. Most of the people are not aware about post office also they dont have online facility and these are all theÂ drawback of Post office.

Was this review helpful? 45
Thank you for your vote

Thank you for your vote

MOHAN DEVARALA , hyderabad
Reviewed on Dec 29, 2016
Fixed Deposit

"No waste of time"

0.5 5.0/5 "Blown Away!"

Too quick , too easy to open a FD at POST OFFICE. It takes hardly 10 minutes to open this FD. All I had to do is fill the form and they will courier my details to my mailing address. Its a one time visit there is no need for me to visit Post office again for the same purpose. Best of all, they are offering the best interest rate in the market.

Was this review helpful? 45
Thank you for your vote

Thank you for your vote

LOKESH SOUNDARAJAN , bangalore
Reviewed on Nov 25, 2016
Fixed Deposit

"Not a good"

0.5 2.0/5 "Expected more"

I have got the fixed deposit account with the India post office. Interest rate is around 7.5% per annum and its the annual compounding and the total tenure is around twenty years of time and I have maintaining this account for my children future. Customer service is not a responsive one like its very difficult to handle.

Was this review helpful? 75
Thank you for your vote

Thank you for your vote

SURENDRAN NATH MISHRA , mumbai
Reviewed on Apr 26, 2016
Fixed Deposit

"Excellent !!!!"

0.5 4.0/5 "Great!"

Interest rate offered by India post is approximately 6%-7.5% for the fixed deposit for the minimum lock in period of seven years . After five years we will get the lump sum amount. The amount to start the plan is Rs.1000. There is no activation or any maintenance fee.

Was this review helpful? 40
Thank you for your vote

Thank you for your vote

SRINIVAS BALLA , hyderabad
Reviewed on Mar 19, 2016
Fixed Deposit

"Interest rate is good comparing to the banks..."

0.5 4.0/5 "Great!"

Only reason to go with India Post Office for fixed deposit is the rate as comparatively they are high as the percentage is 8.7%. Very well we can drop the deposit in middle but no idea about the penalty. Very soon they are going to introduce savings account to the people. If we speak about customer service they lack.

Was this review helpful? 72
Thank you for your vote

Thank you for your vote

KATAKAM NARESH KUMAR , hyderabad
Reviewed on Mar 02, 2016
Fixed Deposit

"Best interest ...."

0.5 4.0/5 "Great!"

India post office is the best for fixed account. They are providing 8.4% interest which was very competitive. Minimum maintenance also good in India post office which was very convenient just 50rs. I would suggest them to provide more facilities to their senior citizens.

Was this review helpful? 85
Thank you for your vote

Thank you for your vote

NIRAJ KUMAR PRASAD , bangalore
Reviewed on Jan 15, 2016
Fixed Deposit

"secured..."

0.5 5.0/5 "Blown Away!"

I was infact suggested by one of the friend to this India Post office for fixed deposit. In comparison to banks the rate is little low in India Post office but it is a secured place to put our money. Also it very easy to send parcels to abroad as being a loyal customer of India post office.

Was this review helpful? 60
Thank you for your vote

Thank you for your vote

DANIEL TIMUNG , bangalore
Reviewed on Dec 21, 2015
Fixed Deposit

"Secured one"

0.5 4.0/5 "Great!"

Indian Post Office it is a Government service and I would like to give 4 for Post office. It is very much secured . I am holding this FD for the past one year. The rate of interest offered by PO was 8.5%. I feel that investing at PO is very secured . I did not find any difficulty personally when I deposit there and I had opened this FD.

Was this review helpful? 61
Thank you for your vote

Thank you for your vote

PRAMODHEGDE HEGDE , bangalore
Reviewed on Dec 12, 2015
Fixed Deposit

"Good one"

0.5 5.0/5 "Blown Away!"

Post office fixed deposit that a good one. I am holding this FD since 2011 for the past 5 years. Monthly I am depositing rs 550 which was a period of 20 years . The major benefit is I use this for income purpose and everything is fine.

Was this review helpful? 47
Thank you for your vote

Thank you for your vote

VISWA S , coimbatore
Reviewed on Dec 08, 2015
Fixed Deposit

"Not great.."

0.5 4.0/5 "Great!"

Friend is working in India Post Office and through him I opened the fixed deposit. Nationalized banks and offices are not that great in customer service and they are not that approachable. I have easily processed because of my friend but it will not happen to normal customers. Employees are not bothered to help the public.

Was this review helpful? 50
Thank you for your vote

Thank you for your vote

STEPHEN RAJU RAJ , tiruchirapalli
Reviewed on Nov 24, 2015
Fixed Deposit

"Gives best rate "

0.5 4.5/5 "Excellent!"

India post is giving 9% interest rate for the fixed deposit for the minimum lock in period of 5 year. Minimum amount starts with Rs.500. For the pass book they charge Rs.200. The only issue we have to wait for long time to get deposit the amount.

Was this review helpful? 69
Thank you for your vote

Thank you for your vote

MANEPALLI MURALIKRISHNA RAO , secunderabad
Reviewed on Nov 07, 2015
Fixed Deposit

"Can increase the rate.."

0.5 4.0/5 "Great!"

To save the income tax I mainly opened the fixed deposit from India Post Office. I took it for 5 years of tenure and you get 9% of the interest rate for one year. The rate will accumulates like every year. Offers are good but they are slow as they are government sector.

Was this review helpful? 53
Thank you for your vote

Thank you for your vote

NEERAJ OJHA , bangalore
Reviewed on Nov 06, 2015

Disclaimer

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.