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An introduction to Post Office Monthly Income Scheme (PO MIS)
The Post Office Monthly Income Scheme, more commonly known as MIS, is very popular among safety-seeking investors.
Here are all the details that you should know about PO MIS.
Here are all the details that you should know about PO MIS.
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What is Post Office Monthly Income Scheme (PO MIS)?
This is a scheme offered by the post offices in India. You deposit a lump sum amount with the post office, and earn interest on it. The interest is paid out every month. |
Since the scheme is offered by post offices, it is backed by the government. Thus, the PO MIS is one of the safest avenues of investment available.
As noted in “Retirement money: How to invest, where to invest”, the PO MIS scheme is a very good investment option for investing retirement funds.
Interest Offered
The rate of interest offered on PO MIS is 8% per year. This interest is paid out every month. This interest can also be deposited directly in your savings account, so that you don’t have to go to the post office every month.
Maturity Bonus
You get a 5% bonus on maturity. Thus, the effective yield works out to 8.9% per year.
Income Tax (IT) Benefits
There is no income tax benefit on investments in the scheme. The investment in PO MIS is not considered for deduction under section 80C.
(Please read “Saving Income Tax – Understanding Section 80C Deductions” to learn about the income tax benefits u/s 80C)
The interest earned is also fully taxable.
There is no tax deducted as source (TDS). The investment in PO MIS is also exempt from wealth tax.
Duration
The tenure of PO MIS is 6 years – your investment would remain locked for this duration.
Premature withdrawal / encashment / closure and Penalty
Premature withdrawal of the invested amount is allowed after 1 year of opening the account.
If the account is closed between 1 and 3 years of opening, 2% of the deposited amount is deducted as penalty. If it is closed after 3 years of opening, 1% of the deposited amount is charged as penalty.
The bonus amount is forfeited when you close the account early.
Who can invest?
Only individuals can invest in PO MIS – you can either open a single account or a joint account (2 / 3 names).
A Non Resident Indian (NRI) or Hindu Undivided Family (HUF) can not open a PO MIS account.
Investment Limit
There is an upper limit on investment in PO MIS scheme: you can not invest more than Rs. 4.5 Lakhs in it in a single account. If you invest jointly (2 / 3 names), the limit is Rs. 9 Lakhs.
The minimum investment needed is Rs. 1,500.
The amount can be paid in cash, through a demand draft (DD) or locally payable cheque.
Number of Accounts
Any number of accounts can be opened, but the total investment can not exceed the upper limit across all the accounts.
Nomination
Nomination facility is available – you can specify the nominee at the time of opening the account, or anytime later.
When can you invest?
The PO MIS account can be opened any time throughout the year.
Account Operation
On opening the Post Office Monthly Income Scheme (PO MIS) account, you would be issued a passbook. This passbook would be used to record all the interest payments.
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Note: Please treat the opinion expressed here as a broad suggestion. Please consult your financial planner / investment advisor before making any investment decision.
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Author:
Viresh
Feb 20, 2009
Feb 20, 2009
withdrawl form for postal MIS
Kindly provide a format for premature withdrawal form for MIS of postal schem
Re: withdrawl form for postal MIS
Hi Viresh,
You can download forms for various post office schemes here: Post Office Schemes: Downloadable Forms
However, I believe the form for premature withdrawal from MIS is not available online. Therefore, youn would need to check with the post office.
Author:
shilpa
Apr 22, 2009
Apr 22, 2009
hi
how much amount have to save in MIS so that bonus will get for 5000/-
Re: hi
Hi Shilpa,
The bonus you get at the end of MIS is 5%.
Thus, you need to invest Rs. 1,00,000 in order to get a bonus of Rs. 5,000.
The bonus you get at the end of MIS is 5%.
Thus, you need to invest Rs. 1,00,000 in order to get a bonus of Rs. 5,000.
Clarify the Number of Accounts.
Dear Raag, the concept of single account and joint account is little confusing. Please explain that between a husband and wife, can they have a single account on their individual names with respective investment of Rs 4.5 lakh, and then one joint account with an additional investment of Rs 9 lakh, thus making a total investment of Rs 18 lakh??? Thereafter, can either of them afford to have another joint account with a third member of the family???
Re: Clarify the Number of Accounts
Hi Ranvir,
No, this is not possible. Your total investment can not exceed Rs. 4.5 Lakhs in PO MIS.
No, this is not possible. Your total investment can not exceed Rs. 4.5 Lakhs in PO MIS.
Author:
anita
May 05, 2009
May 05, 2009
account in diffrent po
can we open mis accounts in different post offices
Re: account in diffrent po
Hi Anita,
Yes, you can have multiple MIS accounts at different post offices. But the total amount deposited shouldn't be over the limit specified in this article.
Yes, you can have multiple MIS accounts at different post offices. But the total amount deposited shouldn't be over the limit specified in this article.
Author:
lavanya
May 25, 2009
May 25, 2009
went abroad after 1 year of opening of MIS account
we have Mis accounts in post office when we had our own business in india,after1 years my husband went abroad and later I. Now my MIS deposits are maturied.I have send my pass book to my father and authorisation letter.But they say that we can not get interest as we are Nri's. we were not nri's at the time we opened mis accounts. Can you tell me what i can do?
Author:
Tuhin
Jun 03, 2009
Jun 03, 2009
Joint Account Tax Implication
Hi,
In case on Joint Purchase of MIS by Mr. A and Mr. B if only Mr. B is in the taxable bracket what would be the tax implication on Mr. B on the interest earned if Mr. A is the First Holder.
Thanks,
Tuhin
In case on Joint Purchase of MIS by Mr. A and Mr. B if only Mr. B is in the taxable bracket what would be the tax implication on Mr. B on the interest earned if Mr. A is the First Holder.
Thanks,
Tuhin
Re: went abroad after 1 year of opening of MIS account
Hi Lavanya,
NRIs are allowed to continue the account that they opened when they were resident Indians. They are not allowed to renew them, but they can cantinue them.
In view of this, I believe you should be getting the interest.
This is true even for PPF account.
NRIs are allowed to continue the account that they opened when they were resident Indians. They are not allowed to renew them, but they can cantinue them.
In view of this, I believe you should be getting the interest.
This is true even for PPF account.
Re: Joint Account Tax Implication
Hi Tuhin,
In an MIS in joint names, the entire interest is credit to the first holder.
Thus, in your example, the entire interest would be added to the income of Mr. A, and the tax liability would be calculated. There is no tax liability for Mr. B.
In an MIS in joint names, the entire interest is credit to the first holder.
Thus, in your example, the entire interest would be added to the income of Mr. A, and the tax liability would be calculated. There is no tax liability for Mr. B.
Author:
Keerthana
Jun 14, 2009
Jun 14, 2009
Premature withdrawal of MIS
Hi,
I have 2 lacs invested in MIS account, by July 2009 it will complete one year of investing. I would like to withdraw full 2 lacs in July, i.e. after one year.
How much money will I get? What about Bonus? I am getting my interested credited every month in SB ac in post office. Kindly suggest.
I have 2 lacs invested in MIS account, by July 2009 it will complete one year of investing. I would like to withdraw full 2 lacs in July, i.e. after one year.
How much money will I get? What about Bonus? I am getting my interested credited every month in SB ac in post office. Kindly suggest.
Re: Premature withdrawal of MIS
Hi Keerthana,
Since you would be closing the account between 1 and 3 years of opening, 2% of the deposited amount would be deducted as penalty.
Also, you would not get any bonus.
Since you would be closing the account between 1 and 3 years of opening, 2% of the deposited amount would be deducted as penalty.
Also, you would not get any bonus.
Author:
Kumar
Jul 08, 2009
Jul 08, 2009
Lost MIS check book
My father opened a MIS account and deposited 6 lacks 2 years ago He lost all the details and the check book of that accout some were even signed. Is ther any way to find my account number and the check book number from the post office. Is there any whay my check book that can be miss used. I am in USA now. Dont know whom to contact regarding it. I am very much worried and need your openion/help.
Author:
Subhajit Pal
Jul 12, 2009
Jul 12, 2009
MIS Invenstment
Hi
I am at the highet tax slab bracket and in working in private sector. My wife is housewife. Can I open a PO MIS accout on my wife's name and put 2.5 lacs of reuppe ? Is there will be tax liability on me / my wife ?
Subhajit
I am at the highet tax slab bracket and in working in private sector. My wife is housewife. Can I open a PO MIS accout on my wife's name and put 2.5 lacs of reuppe ? Is there will be tax liability on me / my wife ?
Subhajit
Re:Lost MIS check book
Hi Kumar,
There is no cheque book for an MIS account. I believe you are talking about the passbook.
You should be able to get the account details / number from the post office where the account was held.
A duplicate pass book can be issued at a sub post office by filling an application form and paying a fee through postage stamps.
You father should do this as soon as he can.
There is no cheque book for an MIS account. I believe you are talking about the passbook.
You should be able to get the account details / number from the post office where the account was held.
A duplicate pass book can be issued at a sub post office by filling an application form and paying a fee through postage stamps.
You father should do this as soon as he can.
Re: MIS Invenstment
Hi Subhajit,
Yes, you can. The interest, however, would be clubbed with your income as it is an income generated from the amount gifted by you.
This would be added to your "other income" and you would have to pay income tax on it as per your tax slabs.
Yes, you can. The interest, however, would be clubbed with your income as it is an income generated from the amount gifted by you.
This would be added to your "other income" and you would have to pay income tax on it as per your tax slabs.
Author:
B C Rath
Aug 03, 2009
Aug 03, 2009
Investment MIS vs PPF
I want to invest around Rs 5 lakhs.Please advise where I will get maximum return .MIS (payable monthly with bonus) OR PPF (payable quarterly at 9%)
Re: Investment MIS vs PPF
Hi Mr. Rath,
I do not provide specific investment advise on the website.
If you are interested, you can avail my services as a financial planner through "My Financial Plan"
I do not provide specific investment advise on the website.
If you are interested, you can avail my services as a financial planner through "My Financial Plan"
Author:
Ashsih
Aug 08, 2009
Aug 08, 2009
On Account of death
Hi,
One of my friend's father expired 4 months back. His father was out of station so he gave signed withdrawal to their agent, and the agent continued withdrawing the money and depositing it in another account as per his direction. Now the agent is not sure what to do and neither my friend is as they have withdrawn the interest from MIS for last 4 months. They are yet to receive the death certificate. What should they do? will they have to return the interest back with some penalty? is it a criminal offence?
Thanks & Reagrds,
Ashish
One of my friend's father expired 4 months back. His father was out of station so he gave signed withdrawal to their agent, and the agent continued withdrawing the money and depositing it in another account as per his direction. Now the agent is not sure what to do and neither my friend is as they have withdrawn the interest from MIS for last 4 months. They are yet to receive the death certificate. What should they do? will they have to return the interest back with some penalty? is it a criminal offence?
Thanks & Reagrds,
Ashish
Author:
SUNITA
Aug 13, 2009
Aug 13, 2009
POSTAL MIS AND REINVESTING IN RD
Hi,
I have invested Rs1,00,000/- in postal MIS and reinvesting the interest so earned in the RD account (Rs.660/-). In the month of June 2009, the MIS has matured. What will be the final amount that I would receive from my MIS AND RD. Thank you
I have invested Rs1,00,000/- in postal MIS and reinvesting the interest so earned in the RD account (Rs.660/-). In the month of June 2009, the MIS has matured. What will be the final amount that I would receive from my MIS AND RD. Thank you
Re: On Account of death
Hi Ashish,
I do not think this would be a criminal offense - it is a genuine mistake.
Once your friend has the death certificate, he should approach the postmaster of the concerned post office. He would direct him about the course of action.
I do not think this would be a criminal offense - it is a genuine mistake.
Once your friend has the death certificate, he should approach the postmaster of the concerned post office. He would direct him about the course of action.
Re: POSTAL MIS AND REINVESTING IN RD
Hi Sunita,
For MIS, you would get the invested amount + bonus on maturity.
For the RD, you get Rs. 728.49 for every Rs. 10 of the RD.
You can approach the post office for the exact amounts in your case.
For MIS, you would get the invested amount + bonus on maturity.
For the RD, you get Rs. 728.49 for every Rs. 10 of the RD.
You can approach the post office for the exact amounts in your case.
Author:
Dhaval
Oct 17, 2009
Oct 17, 2009
MIS a/c opening
Sir,
Can my wife open MIS account from the gifted money of my NRI income. Also she can open account jointly with me upto ful limit means 9lakh. Also she can open joint account with my minor child upto max limit 7.5 lakh (4.5 +3lakh) Please suggest me.
Thanks
Can my wife open MIS account from the gifted money of my NRI income. Also she can open account jointly with me upto ful limit means 9lakh. Also she can open joint account with my minor child upto max limit 7.5 lakh (4.5 +3lakh) Please suggest me.
Thanks
Author:
Rohit
Oct 23, 2009
Oct 23, 2009
Maximum amount of investment.
Hello raagvamd,
Thanks for the wonderful article.
I am however confused and sorry for again asking the same question.
Can I have 2 separate Joint account is 2 diff. Post Offices, so that I can have an investment of 9 +9 = 18 Lakhs ?
Also, if the above is not possible then how would a someone know that we have 2 joint account is diff POs. I am not trying to bend the rules, just wanted to know the process.
Thanks, your answer were will greatly appreciated.
Regards
Rohit
Thanks for the wonderful article.
I am however confused and sorry for again asking the same question.
Can I have 2 separate Joint account is 2 diff. Post Offices, so that I can have an investment of 9 +9 = 18 Lakhs ?
Also, if the above is not possible then how would a someone know that we have 2 joint account is diff POs. I am not trying to bend the rules, just wanted to know the process.
Thanks, your answer were will greatly appreciated.
Regards
Rohit
Re: MIS a/c opening
Hi Dhaval,
1. Yes, she can.
2. No, NRIs can not hold an account or be joint members
3. No, a child can not be a joint holder of an MIS account.
1. Yes, she can.
2. No, NRIs can not hold an account or be joint members
3. No, a child can not be a joint holder of an MIS account.
Re: Maximum amount of investment
Hi Rohit,
Thanks - I am happy that you liked the articles.
You are right that there is no easy way of finding out if someone has joint accounts in 2 post offices or not. But with computerization, this should become quite easy.
Even I am not sure how the Post Offices ensure this, but well, if it is not allowed, it is not allowed!
Thanks - I am happy that you liked the articles.
You are right that there is no easy way of finding out if someone has joint accounts in 2 post offices or not. But with computerization, this should become quite easy.
Even I am not sure how the Post Offices ensure this, but well, if it is not allowed, it is not allowed!
Author:
Sumit Kumar
Oct 31, 2009
Oct 31, 2009
Death of joint holder causes limit to exceed
Sir,
My father was having 3 Joint MIS with my mother of 2.1 Lakh(2003), 1.05 Lakh(2003) and 50 Thousand(2002) respectively. He expired in Yr 2004. My mother has got payment for 50K and 1.05L MIS. Now, naturally after death of my father, per head limit of 3 Lakh (at that point) exceeded. So, in this case, Will there be any deduction from interest and maturity amount??
My father was having 3 Joint MIS with my mother of 2.1 Lakh(2003), 1.05 Lakh(2003) and 50 Thousand(2002) respectively. He expired in Yr 2004. My mother has got payment for 50K and 1.05L MIS. Now, naturally after death of my father, per head limit of 3 Lakh (at that point) exceeded. So, in this case, Will there be any deduction from interest and maturity amount??
Author:
Dhaval
Nov 03, 2009
Nov 03, 2009
Minor child MIS opening
Sir,
I am a NRI. So i cannot open MIS account.My wife already have MIS account upto full limit.I want to open my minor child MIS account. Can she open our minor child MIS account from my NRI gifted money to her savings. she will be as as a guardian. Can this be a possible or any other way to open my minor child MIS account
Plese clear me.
I am a NRI. So i cannot open MIS account.My wife already have MIS account upto full limit.I want to open my minor child MIS account. Can she open our minor child MIS account from my NRI gifted money to her savings. she will be as as a guardian. Can this be a possible or any other way to open my minor child MIS account
Plese clear me.
Re: Death of joint holder causes limit to exceed
Hi Sumit Kumar,
Considering the circumstances, no, there should not be any deduction.
Considering the circumstances, no, there should not be any deduction.
Re: Minor child MIS opening
Hi Dhaval,
Once you gift money to your wife, she would be legally allowed to do anything with it, including investing it.
However, as I had replied earlier, I do not believe a minor can open an MIS account.
Once you gift money to your wife, she would be legally allowed to do anything with it, including investing it.
However, as I had replied earlier, I do not believe a minor can open an MIS account.
Author:
Kaushik
Nov 30, 2009
Nov 30, 2009
MIS Investment Limit
I know I am going to ask a repeat question, but this is one of the most complex area to understand I believe.
Say, I invest in MIS for 4.5 lacs and kept my Mother as Nominee (It's a single MIS with just a nominee)
My wife invests in another MIS for 4.5 lacs and kept her Mother as Nominee (This is also a single account)
Now my wife and I opened a joint MIS (first holder me and 2nd holder my wife and no nominee) of 4.5 lacs.
So would this be permissible as I am neither crossing single account limit of 4.5 lacs nor joint account limit of 9 lacs?
In same case as above, if instead of opening single a/c me and my wife both would have opened 2 joint accounts with our respective mothers, would that be legal? In such case I have total 9 lacs as joint where 4.5 lacs with my wife and 4.5 lacs with my mother?
Appreciate your response.
Say, I invest in MIS for 4.5 lacs and kept my Mother as Nominee (It's a single MIS with just a nominee)
My wife invests in another MIS for 4.5 lacs and kept her Mother as Nominee (This is also a single account)
Now my wife and I opened a joint MIS (first holder me and 2nd holder my wife and no nominee) of 4.5 lacs.
So would this be permissible as I am neither crossing single account limit of 4.5 lacs nor joint account limit of 9 lacs?
In same case as above, if instead of opening single a/c me and my wife both would have opened 2 joint accounts with our respective mothers, would that be legal? In such case I have total 9 lacs as joint where 4.5 lacs with my wife and 4.5 lacs with my mother?
Appreciate your response.
Re: MIS Investment Limit
Hi Kaushik,
Although what you have said is possible, especially because the Indian post offices are not connected througha network, it doesn't go with the spirit of the law.
The law expects that one perosn should not have more than Rs. 4.5 Lakhs in PO MIS. All the scenarios you have mentioned break this spirit of the law.
Although what you have said is possible, especially because the Indian post offices are not connected througha network, it doesn't go with the spirit of the law.
The law expects that one perosn should not have more than Rs. 4.5 Lakhs in PO MIS. All the scenarios you have mentioned break this spirit of the law.
Author:
Rajesh
Dec 03, 2009
Dec 03, 2009
MIS Immedaite Withdraw
Hi Raag,
MY MIS got metured 3 days back and my agent without my knowledge opened a fresh MIS account on the same day. I want to cancel the New MIS. what i need to do ?
MY MIS got metured 3 days back and my agent without my knowledge opened a fresh MIS account on the same day. I want to cancel the New MIS. what i need to do ?
Author:
Gopal
Dec 06, 2009
Dec 06, 2009
Joint account with Resident
I am a Non-resident Indian. My family members are in India. Can I open an MIS account jointly with my wife, who is a Resident Indian?
Author:
AJ
Dec 06, 2009
Dec 06, 2009
Types of Joint Accounts
There are two types of joint accounts in the form - Joint-A (Jointly) and Joint-B (Severally). What's the difference between the two?
Author:
Sanjeev Jindal
Dec 17, 2009
Dec 17, 2009
Investing HUF Money in Karta's name
I am karta of an HUF. We have no PO MIS at present in our individual name. We want to invest Rs 9 Lacs from HUF Funds in joint name (Me and my wife) and to compute the income in HUF A/c. Is it legally correct.
Author:
SUNIL SINGH
Dec 28, 2009
Dec 28, 2009
POST OFFICE ENQUIRY ABOUT MY MONEY
I am a small business man, i save Rs. 2.25Lakh in a three years, and now want to open MIS in post office, can any member of post ofice enquiry about my money.
Please solve me
Please solve me
is any form required for witdrawal of money from MIS on maturity
Hi Raag,
I have a MIS account in Ahmedabad and i am residing in bangalore.The MIS is going to mature on 14th January 2010.My father is going to take the money withdrawal on my behalf.Had two doubts:
1."Is any form required to be sent to my father to withdraw money on my behalf?"If yes,please give me the link of that form where can i find it and at what places do i have to sign on that...
2.Also i need to open a new MIS account.. so the form which is available on this site with the name "SB3-ApplnforOpeninganAccount"...can this be sent to my father with my signatures on it..and where all do i need to sign on this form...
I request you for an early reply...because it is urgent...
I have a MIS account in Ahmedabad and i am residing in bangalore.The MIS is going to mature on 14th January 2010.My father is going to take the money withdrawal on my behalf.Had two doubts:
1."Is any form required to be sent to my father to withdraw money on my behalf?"If yes,please give me the link of that form where can i find it and at what places do i have to sign on that...
2.Also i need to open a new MIS account.. so the form which is available on this site with the name "SB3-ApplnforOpeninganAccount"...can this be sent to my father with my signatures on it..and where all do i need to sign on this form...
I request you for an early reply...because it is urgent...
Author:
Bijal Shah
Jan 22, 2010
Jan 22, 2010
return on maturity
What is the maturity amount of MIS + RD in post office savings if I deposit 200000.00 and what is the maturity amount after 6 years......
Author:
Yash Patel
Feb 04, 2010
Feb 04, 2010
counting interest problem in MIS
hi...!
I can not understand that with adding 5% bonus of maturity, it is equal to 8.9% per year. please explain it with example...
Thanks
I can not understand that with adding 5% bonus of maturity, it is equal to 8.9% per year. please explain it with example...
Thanks
Author:
Sriram
Feb 25, 2010
Feb 25, 2010
PO MIS
Dear Raag,
Though you have answered many questions related to PO MIS, I have a query related to this. Supposing wife and husband jointly have PO MIS totaling to 6 lakhs and two minor accounts with mother as guardian totaling to 3 lakhs, will it be counted that the total sum 9 lakh is already in my wives name or whether minor accounts investment will not be counted for joint accounts. What is the age limit for minor account and after what age separate accounts can be opened. Also please answer how is the joint and minor/guardian accounts counted.
Regards,
Sriram
Though you have answered many questions related to PO MIS, I have a query related to this. Supposing wife and husband jointly have PO MIS totaling to 6 lakhs and two minor accounts with mother as guardian totaling to 3 lakhs, will it be counted that the total sum 9 lakh is already in my wives name or whether minor accounts investment will not be counted for joint accounts. What is the age limit for minor account and after what age separate accounts can be opened. Also please answer how is the joint and minor/guardian accounts counted.
Regards,
Sriram
Author:
Shrinath
Mar 08, 2010
Mar 08, 2010
who can withdraw montly interest credtot in MIS scheme?
Hi Raag,
its really nice of having this website giving so many information.
please answer my query also..
i have a joint account with post office MIS scheme with my mother.
and we have opened same in ahmedabad .
now we are in pune, so till this time my mother used to go to ahmedabad twice a year and withdraw the interest amount credited in our mis account. so now i am planing to go to ahmedabad next week, so i want to ask can i withdraw the interest amount credited in our mis account?
pls advice.
Rgds
shrinath
its really nice of having this website giving so many information.
please answer my query also..
i have a joint account with post office MIS scheme with my mother.
and we have opened same in ahmedabad .
now we are in pune, so till this time my mother used to go to ahmedabad twice a year and withdraw the interest amount credited in our mis account. so now i am planing to go to ahmedabad next week, so i want to ask can i withdraw the interest amount credited in our mis account?
pls advice.
Rgds
shrinath
Author:
cv
Mar 12, 2010
Mar 12, 2010
Tax implications on Bonus on Maturity
Hi
I understand that the Interset from MIS scheme is wholly axable. What about the bonus amount received on maturity . Is that also taxable?
I understand that the Interset from MIS scheme is wholly axable. What about the bonus amount received on maturity . Is that also taxable?
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