Post Office Monthly Income Scheme 2019 is a best five year investment with maximum ceiling of Rs. 9 lakh under joint ownership and Rs. 4.5 lakh under single ownership. Central government now fixes interest rate at 7.6% p.a (w.e.f 1 October 2019) payable monthly. Subscribers can calculate their interest earned through mis calculator and also see bonus amount after every month. All those candidates who wants to earn regular income every month can make investment.
PO-MIS investment does not qualify for any tax benefit under s/c 80 C and interest earned is fully taxable. Post office does not provide bonus on accounts opened after 1 December 2011. The maturity period is 5 years while premature withdrawal is subject to deduction in the principal amount.
This type of investment keeps your amount intact, provide better guaranteed returns along with ensuring fixed monthly income. Interested candidates can download the MIS Application Form and open their mis savings account. People can Compare All Post Office Schemes 2019 before making investment.
Post Office Monthly Income Scheme Calculator / Interest Rate
Monthly Income Scheme Offers an annual interest rate of 7.6% p.a. So, an amount of 1,00,000 deposited in mis account yields a monthly payout of Rs. 608 every month. People can see PO Monthly Income Scheme Calculator to calculate their regular monthly income.
PO Monthly Income Scheme Calculator
Just click this link and enter the values in the un-shaded cells under POMIS Calculator section. Then the candidates will get all the details about monthly income, premature withdrawal amount at different intervals, bonus and principal amount at maturity.
Post Office Savings Monthly Income Scheme Account
Either of the parents can open this best monthly income scheme account in the name of minor below 10 years of age. The important features of this po monthly income scheme are as follows:-
- Post Office Monthly Income Scheme provides assured return of mis interest rate 2019 of 7.6% per annum.
- This type of investment is absolutely risk free. Subscribers also get the facility of nomination.
- People can earn fixed monthly payouts directly into their account. Auto Credit facility directly into the post office savings account is also available at any CBS Post Office.
- All the account holders open Recurring Deposit (RD) Account and deposit the interest earned in RD along with this scheme to grow their invested amount.
- Even minors are also applicable to invest in this scheme. After 10 years, they can apply for account conversion in their own name and then can individually operate their account.
People can withdraw money directly from PO or can get credited in their savings account through ECS. People must withdraw their interest on monthly basis. If not so, then the interest earned will not yield any further profit, it sits idle. All those who want to open mis account can download the application form – MIS Account Opening Form
Post Office Monthly Income Scheme Bonus
The minimum amount that any individual must deposit is Rs. 1500 and in its multiples thereafter. Minors can invest a maximum amount of Rs. 3,00,000. The maximum amount that any individual can invest is Rs. 4,50,000 in single account. For joint account this limit is Rs. 9 lakh. Moreover in joint account also, the maximum share of any person can be Rs. 4,50,000. All joint account holders shares equal share in mis savings account.
All the accounts opened between 8 December 2007 and 30 November 2011 will get a monthly income scheme bonus of 5% on principal amount. All the accounts opened on or after 1 December 2011 are not liable for any bonus on principal amount. This is the best monthly income scheme of post offices without any risk factor involved.
Post Office Monthly Income Scheme Premature Withdrawal
MIS scheme has a lock-in period of 5 years (w.e.f 1 December 2011). All the subscribers will get fixed monthly income in this duration. However, people can opt for premature withdrawal before completing 5 years which is subject to the following conditions:-
Premature Encashment
| Duration of Withdrawal | Return / Deduction |
|---|---|
| Less than 1 year | Subscribers get nothing |
| Between 1 to 3 years | Deduction with 2% nomination (penalty) |
| Between 3 to 5 years | Deduction with 1% nomination (penalty) |
| After 5 years | Full Deposit Back |
People will get bonus of 5% on the maturity period of MIS Accounts opened between 8 December 2007 and 30 November 2011. No bonus is applicable on accounts opened after 1 December 2011.
POMIS Eligibility Criteria
The candidates must fulfill the following eligibility criteria to invest in this scheme:-
— Candidates must be an Indian Resident. POMIS does not allow NRIs to make investment.
— Minimum age requirement is 10 years. Any individual of more than 10 years of age can open this MIS savings account in their name and operate it.
— For individuals below 10 years of age (minors), parents can open an account in their name.
Any individual can open any number of mis accounts in post offices. However the maximum limit after adding balances in different accounts still remains the same.
Compare All Post Office Schemes
Individuals must compare all post office saving schemes as per the Post Office Interest Rates Table 2019, Lock In Period (Maturity), Minimum / maximum investment, account opening and maintaining balance and risk factor involved through the table below:-
NSC vs PPF vs KVP vs SCSS vs RD vs TD vs SSY vs MIS vs PO Savings Account
| Post Office Schemes | PO Interest Rate 2019 | Lock-In / Maturity Period | Minimum / Maximum Investment |
|---|---|---|---|
| National Saving Certificate (NSC) | 7.9% compounded annually but payable at maturity. | 5 Years | Minimum amount is Rs. 100 and No Maximum limit |
| Public Provident Fund (PPF) | 7.9% compounded yearly | 15 Years | Minimum amount is Rs. 500 and Maximum amount is Rs. 1.5 lakh |
| Kisan Vikas Patra (KVP) | 7.6% compounded yearly | 9 Years 10 Months | Minimum amount is Rs. 1000 and No Maximum limit |
| Senior Citizen Saving Scheme (SCSS) | 8.6% p.a from 31 March / 30 Sept / 31 December | 5 Years | Minimum Deposit is Rs. 1000 and Maximum Rs. 15 lakh |
| Recurring Deposit (RD) | 7.2% p.a compounded quarterly | 5 Years | Minimum Rs. 10 per month and Maximum no limit |
| Time Deposit Account (TD) | 6.9% to 7.7% p.a calculated quarterly | 1 to 5 Years | Minimum Rs. 200 and no Maximum Limit |
| Sukanya Samriddhi Yojana (SSY) | 8.4% p.a compounded annually | Till 21 years | Minimum Rs. 250 and Maximum Rs. 1.5 lakh |
| Post Office Monthly Income Scheme (MIS) | 7.6% per year payable monthly | 5 years | Minimum Rs. 1500 and Maximum Rs. 4.5 lakh |
| Post Office Savings Account | 4% p.a | No Lock In Period | Minimum Balance Rs. 50 (non-cheque) and Rs. 500 (cheque) and Maximum Rs. 1 lakh |
Monthly Income Scheme (MIS) Interest Rate 2019 is almost similar to the Interest of KVP, NSC, RD and TD for the same duration. But MIS is the only scheme which provides interest withdrawal facility after every month. This is a long term regular income plan without any risk involved. People can also make mis login at website of Post Office MIS Account Check Online.
MIS Nomination Facility
All the eligible subscribers can open multiple accounts in any post office as well as joint mis accounts. Any individual can open this type of account in name of a minor below 10 years or for themselves. Nomination Facility is available at the time of account opening and even after opening mis account. People can select a nominee at any time they wish before maturity.
MIS savings account facilitate subscriber to operate more than 1 accounts in individual capacity or jointly. After 10 years, minor must convert MIS account in his name. The maximum limit on the deposits made by an individual still holds. People can convert their single account to joint account and vice versa.
Post Office Monthly Income Scheme 2019 – Highlights
The important features and highlights of mis savings scheme are as follows:-
| MIS Interest Rate 2019 | Minimum / Maximum Investment & Retaining Balance |
|---|---|
| Mis Interest Rate is 7.6% p.a payable monthly (w.e.f 1 Oct 2019) |
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| Salient Features | |
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For more details about the scheme, please visit the official website indiapost.gov.in
References
— To download application form in pdf format of all post office savings scheme, please click the link:-
Post Office Schemes Application Form Download