Indian Post Office has started Monthly Income Scheme (MIS) 2024 for citizens. Read this article to know how to download post office national savings monthly income scheme account opening form PDF, what is interest rate, minimum deposit amount, maximum balance to be retained in MIS account. Also know MIS premature withdrawal rules, account closure / extension details. MIS is an important scheme of Post Office Savings Bank and its official website is indiapost.gov.in.
About Post Office Monthly Income Scheme 2024
Central government revises post office small savings scheme interest rates on a quarterly basis. Currently, monthly income scheme offers 7.4% interest rate w.e.f 1 July 2024. Investment in Monthly Income Scheme does not offers any tax benefits under s/c 80C of Income Tax Act and interest earned is fully taxable. MIS Account Maturity Period (Lock-In Period) is only 5 years with maximum limit of Rs. 9 lakh in single account and Rs. 15 lakh in joint account.Who can open MIS Account
- a single adult
- Joint Account (up to 3 adults) (Joint A or Joint B))
- a guardian on behalf of minor/ person of unsound mind
- a minor above 10 years in his own name.
Deposit in PO Monthly Income Scheme
- Account can be opened with minimum of Rs. 1000 and in multiple of Rs. 1000.
- A maximum of Rs. 9 lakh can be deposited in a single account and 15 lakh in Joint account.
- In a joint account, all the joint holders shall have equal share in investment.
- Deposits/shares in all MIS accounts opened by an individual shall not exceed Rs. 9 lakh.
- Limit for account opened on behalf of a minor as guardian shall be separate.
Post Office Monthly Income Scheme Interest Rate
- Interest shall be payable on completion of a month from the date of opening and so on till maturity.
- If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.
- In case any excess deposit made by the depositor, the excess deposit will be refunded back and only PO Savings Account interest will be applicable from the date of opening of account to the date of refund.
- Interest can be drawn through auto credit into savings account standing at same post office, or ECS. In case of MIS account at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post Offices.
- Interest is taxable in the hand of depositor.
Monthly Income Scheme (MIS) Account Opening Form PDF
If you want to open Monthly Income Scheme account, then you can follow process here.
- First of all, go to official website indiapost.gov.in
- Once you open homepage, click "Post Office Savings Bank" tab.
- Then page showing Post office savings schemes will open.
- Click at "National Savings Monthly Income Account (MIS) link".
- Link will contain MIS scheme description as well as link to open form for MIS scheme will open.
- Click "Forms available" link or https://www.indiapost.gov.in/VAS/Pages/Form.aspx#SavingBank
- Click at "Application Form for Opening of Account" link.
- Then Monthly Income Scheme application form PDF will open on your screen.
- You can download this MIS form, take a printout, fill it manually and submit it at nearest post office branch to open your monthly income scheme account.
Premature Closure for PO Monthly Income Scheme Account
- No deposit shall be withdrawn before the expiry of 1 year from the date of deposit.
- If account is closed after 1 year and before 3 year from the date of account opening, a deduction equal to 2% from the principal will be deducted and remaining amount will be paid.
- If account closed after 3 year and before 5 year from the date of account opening, a deduction equal to 1% from the principal will be deducted and remaining amount will be paid.
- Account can be prematurely closed by submitting prescribed application form with pass book at concerned Post Office.
Application Form for Premature Closure of MIS account - https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/Premature.pdf
Account Closure on Maturity of MIS Account
- Account may be closed on expiry of 5 years from the date of opening by submitting prescribed application form with pass book at concerned Post Office.
- In case the account holder dies before the maturity, the account may be closed and amount will be refunded to nominee/legal heirs. Interest will be paid up to the preceding month, in which refund is made.
Application Form for Closure of Account on Maturity - https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/Closure.pdf
Minimum Amount to Open MIS Account
The minimum amount to open monthly income scheme account is in multiples of Rs. 1000. The maximum investment limit is Rs. 9 lakh in single account and Rs. 15 lakh in joint account.Maximum Balance that can be Retained in MIS Account
An individual can invest maximum INR 9 lakh in MIS (including his share in joint accounts). For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
If you want to get more details regarding MIS account, go to official website indiapost.gov.in
Tags
Central Government