Secure 7.4% Interest with Post Office Monthly Income Scheme

Aanchal

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The Indian Post Office runs several government-backed saving schemes to help citizens earn regular income. One such plan is the Post Office Monthly Income Scheme (MIS). It is designed to give investors a steady return every month. With this, people can invest once and earn monthly income safely. Let’s know how much you can invest and what benefits this scheme offers.

Investment Rules and Eligibility

In the Post Office Monthly Income Scheme, you can start with a minimum investment of Rs. 1000. The amount must be in multiples of Rs. 1000. The maximum limit for a single account is Rs. 9 lakh, while a joint account can go up to Rs. 15 lakh. Even if someone holds multiple accounts, their combined investment cannot exceed Rs. 9 lakh. Any Indian citizen can invest in this scheme. Guardians can also open accounts for minors.

Monthly Earnings and Interest Rate

The Post Office MIS offers an annual interest rate of 7.4 percent. Based on the investment, the interest is credited every month to the investor’s account through auto credit or bank transfer. However, if the monthly interest is not claimed, no additional interest is earned on it. This makes it a perfect option for people looking for regular and fixed income.

Withdrawal and Account Closure Rules

Investors can withdraw part or full investment after one year of opening the account. The scheme comes with a five-year maturity period. However, early closure is allowed under certain conditions. If the account is closed before completing three years, a penalty of two percent of the deposit amount is charged. If it is closed after three years, the penalty is reduced to one percent.

Scheme Duration and Maturity Benefits

This scheme runs for five years. After maturity, the investor receives the total deposited amount along with interest. It can also be reinvested in the same scheme to continue earning monthly income. Since this scheme is backed by the Government of India, it offers complete safety and assured returns to the investors.

Suitable for All Categories

The Post Office MIS is ideal for retired individuals, salaried employees, and homemakers who want fixed monthly income. A joint account can include up to three people, making it flexible for families. The monthly payout helps in managing household expenses efficiently.

Easy Access and Account Opening

To open an MIS account, you can visit any nearby post office. The process is simple and requires basic documents like identity proof and address proof. After the account is opened, the investor starts receiving monthly income directly into the post office or bank account without any delay.

Benefits of the Scheme

The biggest advantage of this scheme is the safety of investment. Since it is backed by the postal department, there is no risk of loss. It also provides the option of joint investment and easy liquidity after a year. Many investors prefer it over bank fixed deposits due to its reliable monthly returns.

Final Note

For detailed information about the Post Office Monthly Income Scheme (MIS), you can visit the nearest post office or the official website of the postal department. This scheme is a safe and steady way to earn monthly income with government assurance.

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