New Delhi: Post Office offers a Monthly Income Scheme Account (MIS) which is very popular among the investors who seek stable and assured return along with a decent interest rate. A minor above 10 years can have Post Office Monthly Income Scheme Account in his own name. Any guardian on behalf of minor or person of unsound mind can also invest in this post office scheme.

Who Can Open Post Office MIS Account?

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

Post Office Scheme MIS Interest Rate 2021

An interest rate of 6​.6​ per cent per annum payable monthly on Post Office Monthly Income Scheme (MIS).

Investment/Deposit

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