Mitali
Post Office MIS Scheme is a government-backed savings plan offered through India Post that allows an investor to deposit a lump sum and receive interest every month.
Eligibility To Open Post Office MIS Scheme
- Resident of India.
- Minor below 10 years - guardian operates the account.
- Minor above 10 Years - can open and operate an account in their own name.
Note: When minor reaching 18 years - the existing account can be converted from minor to major status by submitting the required form and KYC documents.
Explore More in Details - Post Office Monthly Income Scheme 2026
Quick Summary
| MIS Interest Rate | 7.4% p.a |
| Interest Payout | Monthly |
| Minimum Deposit Limit | ₹1,000 (multiples of ₹1,000) |
| Maximum Single Account | ₹9 lakh |
| Maximum Joint Account | ₹15 lakh |
| Joint holders | 2 or 3 adults |
| Deposit type | One-time deposit |
| Maturity | 5 years |
Joint Account Structures - Major Update
| Particulars | Joint A | Joint B |
| Maximum a/c holders | Up to 3 adults | Up to 3 adults |
| Who can operate | All depositors jointly | Any one depositor |
| Individual operation | Not allowed | Allowed |
| Convenience | Less convenient | More convenient |
| Death of one joint holder | Surviving depositors operates jointly | Surviving depositors operates separatly |
Share Structures of Holders
- With two holders - Each holder is considered to have a 50% share.
- With three holders - Each holder is considered to have a one-third share.
Premature Withdrawal Rules
- First Year - No withdrawal is allowed during the first year.
- After 1 Year but Before 3 Years - 2% deduction from the deposit applies.
- After 3 Years but Before 5 Years - 1% deduction from the deposit applies.
Note: Form 3 is required Normal Closure after 5 years.
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