Post Office MIS Yojana 2025 Before the national banks started by the Government of India, money was deposited in post offices. Post office is a reliable place to deposit money. The elders of earlier times understand this very easily. Because earlier there was no facility of banks. That is why post office was the only medium through which one could deposit money and get interest. Actually Post Office Monthly Income Scheme is a very effective and beneficial scheme. Through this you will get monthly interest at excellent rates.
What is Post Office MIS Scheme
First of all, we are going to tell you about the Post Office Monthly Income Scheme. Any citizen of India can avail the benefits of this scheme as per the criteria and eligibility. Therefore, mainly the Post Office Monthly Income Scheme is a low-risk scheme. Through this, individual and joint account holders can deposit money and get interest at the rate of 7.40 percent. This 7.40% interest rate is annual, but is payable monthly as per the scheme.
Benefits of Post Office Monthly Income Scheme
- Through this scheme, money can be deposited both individually and jointly.
- Through this scheme, money is invested for 5 years. After this time period, your money gets matured, after which you can invest again.
- The amount deposited in this scheme is safe, because this scheme is related to the government.
- The money deposited through this scheme is absolutely safe as the amount is not exposed to market risks.
- You can start this scheme with an investment of ₹1000.
- Through this scheme, you will earn income through interest every month. Along with this, you can also transfer this earned income to your savings account.
- You will receive your first payment at the end of the month after investing the money.
- Under this scheme, you can open more than one account in your name in the post office.
- In this scheme, the investor can nominate the name of any member of the family, so that the benefit of this scheme will be given to the nominee after the investor.
- Even after the completion of the 5-year period related to this scheme, if you want to avail the benefits of this scheme again, then you can start this scheme again for 5 years.
Eligibility for Post Office Monthly Income Scheme
- Only the citizens of India will get the benefit of Post Office Monthly Income Scheme.
- The benefit of this scheme will not be given to any foreign person.
- Any adult person can avail the benefit of this scheme.
- Along with this, if you want to give the benefit of this scheme to a minor person, then you can start this scheme in his stead. When the minor person turns 18 years old, he will be able to take advantage of the scheme.
- Thereafter, whenever the minor person wants to transfer the account in his name after becoming an adult, he has to complete the application process for the same.
Post Office Monthly Income Plan Scheme
- A single account holder can avail the benefit of Post Office Monthly Income Scheme. But the maximum amount that can be deposited in the account of a single account holder is Rs 9 lakh.
- Secondly, the benefit of this scheme can also be availed by joint account holders i.e. in which 2 or 3 account holders are involved. But it is possible to deposit a maximum amount of Rs 15 lakh in this joint account.
Quick Withdrawal from Post Office MIS Yojana
If the invested income is withdrawn before the completion of the Post Office Monthly Income Scheme, then the loss incurred by it can be understood in the following steps –
- If the invested amount is withdrawn before the completion of 1 year, then it will yield zero profit.
- If this amount is withdrawn within the limit of first and third year, then the entire deposited amount is refunded after deducting a penalty of 2%.
- Along with this, if the deposited amount is withdrawn within the third and fifth year, then the entire amount is returned after deducting a penalty of 1%.
How to open an account in Post Office Monthly Income Scheme
- For this scheme, first of all you should have a savings account in the post office, if you don’t have one then open one.
- After this, get the Post Office Monthly Income Scheme form from the post office.
- The investor has to fill all the information in this form.
- After this, income certificate, residence certificate and all other important documents have to be submitted through this form.
Read More: Post Office RD Scheme 2025: Complete information on interest rate, investment and maturity
- Apart from this, the investor has to put his signature along with the photo.
- After completion of this process, submit the form to the officer.
- After this, you will start getting the benefits of Post Office Monthly Income Scheme.
Who should invest in Post Office Monthly Income Scheme?
Post Office Monthly Income Scheme is a tax-free scheme which is absolutely safe. Along with this, this scheme is also reliable , due to which people’s attention is attracted towards it. Along with this, the interest amount is payable monthly through this scheme. If you are attracted by the benefits of this scheme, but do not want to take any risk, then you are the right person to invest in Post Office Monthly Income Scheme.
Source & Reference: https://bshb.in/post-office-mis-yojana/