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India Post Office runs several savings schemes to enable people from rural and urban areas to save prudently. These schemes also offer one of the highest interest rates in the market for any savings scheme. Moreover, these schemes are backed by the government, so they are safer and more secure compared to other schemes in the market.
The Post Office Monthly Income Scheme is a fixed deposit scheme that gives regular monthly income to the depositor. The depositor can make a one-time lump sum investment in the account and start receiving monthly income from the next month.
This scheme is beneficial for retirees and pensioners who wish to receive a regular monthly income with their retirement corpus or pension settlement. However, the scheme is open to all citizens equally.
About Post Office Monthly Income Scheme (MIS)
Post Office Monthly Income Scheme is a straightforward savings scheme. It is not linked to market returns and hence offers a safe and reliable investment avenue.
This account can be opened by the following people:
The account opening form is available at your nearest post office. Fill in the form and submit the following documents:
Points to be noted:
If you are in need of some emergency funds, you may choose to prematurely close your Post Office Monthly Income Scheme.
The Account may be closed at the end of 5 years from the date of opening. You can close the account and withdraw the balance amount by submitting the required application form along with the Passbook to the Post Office concerned.
In case of death of the account holder before the maturity date, the account will be automatically closed and the balance amount shall be refunded to the nominee/legal heirs. Interest shall be offered up to the corresponding month in which the refund is made.
Maturity amount shall be paid in the following modes:
Issue of duplicate pass book
Issue of statement of account or deposit receipt
Rs. 20 in each case
Issue of pass book in lieu of lost or mutilated certificate
Rs. 10 per registration
Cancellation or change of nomination
Transfer of account
Pledging of account
Issue of cheque book in Savings Bank Account
No fee for up to 10 leafs in a calendar year and thereafter Rs. 2 per cheque leaf
Charges on dishonour of cheque
The Post Office Monthly Income Scheme does not offer any tax benefits to the investor. Neither the deposited amount nor the interest accrued are eligible for tax deductions. However, it is exempted from TDS and therefore, the tax liability is in the hands of the taxpayer.
1. Can I transfer my Post Office Monthly Income Scheme from one post office to another?
Yes, you can transfer it, provided, the post office is a CBS enabled post office. You can submit an application form at the relevant post office and submit your passbook. They will verify the details with the other post office and transfer the account. You will be notified via SMS about the transfer and then you can go and collect the passbook with the new account number.
2. How can a legal heir claim the balance amount in the account in case of death of the account holder and absence of nomination?
In case of death of the account holder, and without a nomination, the legal heir can claim the balance amount by submitting the following documents:
3. What will happen if the legal heir neither possesses a valid nomination or any legal heir document?
In case of absence of nomination or legal documents, the heir can produce the following documents to claim the amount. However, it is applicable only for deposits up to Rs.5 lakhs.
4. Can NRIs invest in this scheme?
No, only resident Indians can invest in this scheme. NRIs cannot invest in this scheme.
5. Can this scheme be operated jointly? What is the investment amount limit for joint accounts?
Yes, up to 3 individuals can come together to open a joint account. The maximum permissible investment under joint accounts is Rs.9 lakhs. However, it is considered that each person has an equal share in the investment. Therefore, the individual share cannot exceed Rs.4.5 lakhs cumulatively under all the Post Office Monthly Income Scheme accounts he holds.
6. Can minors open this Post Office Monthly Income Scheme account?
Yes, minors over the age of 10 can open an account in their own name. Legal guardians and parents can also open this account in the name of a minor.
7. What is the minimum amount required to open this account?
Applicants can open this account with a minimum amount of Rs.1000 and thereafter in multiples of Rs.100. The maximum permissible deposit is Rs.4.5 lakhs.
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