Tuesday, September 27

Post Office Monthly Income Scheme

The post office depository service offers a wide range of programmes with set returns on investment. These plans are all supported by the sovereign guarantee, implying that this investment route is government-sponsored. As a result, as compared to equity shares and many fixed-income choices, these plans are safer investment options. With an interest rate of 6.6%, the Post Office Monthly Income Scheme, among others such as the Post Office Savings Account, Post Office Recurring Deposit, and Post Office Time Deposit, is one of the highest-earning schemes. Moreover, it is advisable to check the interest rate of the current year before investing in this scheme. Because the interest rate of 2022 is very different from the Post Office MIS Interest Rate 2021.

Moreover, the interest under this arrangement is paid out monthly, as the name implies. The Ministry of Finance recognises and validates this plan, as well as other post office schemes.

Eligibility for the Post Office MIS Scheme

There is a certain eligibility criteria that an applicant needs to fulfil in order to be able to enrol for the post office MIS scheme. The eligibility criteria for MIS scheme is as follows:

  • A resident Indian can only open a POMIS account. 
  • Non-resident Indians are not covered by this scheme. 
  • Anyone above the age of 18 is eligible to establish an account. 
  • You can establish an account on behalf of a kid aged 10 or older. Children will be allowed to access the fund once they reach the age of 18. 
  • A minor must request for conversion of the account in his name once he reaches the age of majority.


The Post Office Monthly Income Scheme has numerous features that would want you to invest in it. Some of its features are as follows:

Lock-in Period

If you create a Monthly Income Scheme account with a post office, you cannot remove the money you deposit in the account for the first five years. 

Maximum Investment

You can invest up to INR 4.5 lakh in the plan. Even if you have the plan at many post offices, the total amount of your deposits cannot exceed INR 4.5 Lakh. In the event of joint accounts, your part of the investment should also be within the prescribed limits. Minor accounts have a maximum amount of INR 3 Lakh. For every individual, the least amount that may be invested is INR 1,500.


If your residence status changes to another city in India, you can move your POMIS account to a nearby post office. Your investment corpus and interest disbursement from the Post Office Monthly Income Scheme would be carried over to such a post office. 

Joint Account

A maximum of three people can create a joint account under this plan. In the event of joint accounts, each investor has equal access to the funds. In the event of joint accounts, the maximum limit is INR 9 Lakh, and the solitary limit is INR 4.5 Lakh.

Minor Account

You can create a POMIS minor account in your child’s name. Minors under the Post Office Monthly Income Scheme must be over the age of ten. He or she can withdraw the money after 18 years.

Auto Withdrawal

You have the option of withdrawing the monthly interest on your investment by automated transfer to your savings account using PDCs or ECS. If the POMIS account is at a CBS Post Office, the interest can be transferred to any other CBS-centric savings account.

These are some of the features of the monthly investment scheme by the post office. However, it is advisable for you to check the eligibility criteria and other characteristics of  the scheme before investing your money into it. The Interest rate on Saving Account is much different from the interest rate that you get on post office investment schemes. Therefore, it is vital to check the interest rate along with other features to be sure of your investment.

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