Post Office Monthly Income Scheme National Savings MIS
Overview
The National Savings (Monthly Income Account) Scheme, commonly known as the Post Office Monthly Income Scheme (MIS), is a government-backed savings scheme available at all post offices across India. It is managed by the Ministry of Finance through the Department of Posts.
Investors deposit a lump sum and receive fixed monthly interest payouts, making it ideal for retirees and those seeking regular income.
Objective
The scheme aims to provide a reliable and safe monthly income to investors by mobilizing household savings through postal networks. It especially benefits senior citizens, retirees, and individuals who need a steady income without market risk.
Benefits
- Fixed monthly interest income based on the prevailing government-declared rate
- Capital safety backed by the Government of India
- No TDS on interest for amounts below the threshold
- Joint account facility available (up to 3 adults)
- Maturity period of 5 years with option to reinvest
Eligibility
- Any Indian resident adult (single or joint account)
- Minor above 10 years of age can open in their own name
- Guardian can open on behalf of a minor below 10 years
- NRIs are not eligible to invest in this scheme
- No upper age limit for investors
Exclusions
- Non-Resident Indians are excluded
- HUFs, companies, trusts, and institutions are not eligible
- Premature closure before 1 year is not permitted
- Partial withdrawals during the tenure are not allowed
Application Process
- Visit any post office with the required documents
- Fill in the MIS account opening form
- Submit identity and address proof with photographs
- Deposit the desired amount within the permissible limit
- Account is activated and monthly interest begins from the next month
- Account can also be opened via India Post Internet Banking or Mobile Banking app
Documents Required
- Aadhaar card (identity and address proof)
- PAN card (for higher value deposits)
- Passport-size photographs
- Completed account opening form
- Nomination form
- Existing Post Office Savings Account details for credit of interest
