FAQs

Is there a maximum limit on the investment I can make in a post office Monthly Income Scheme (MIS) account ?

Yes, there is a maximum investment limit, effective 1st March, 2000. For a single holder it is Rs. 3 lacs and for a joint MIS account it is Rs. 6 Lacs.

What is the minimum investment in the Monthly Income Scheme (MIS) ?

The minimum investment for a MIS effective from July 18, 2000 has been revised downwards to Rs. 1,000/- and multiples of Rs. 1,000/- thereafter. This is compared to the earlier scheme which required a minimum investment of Rs. 6,000/- and multiples thereof.

What if I fail to collect my monthly interest that's due in a particular month ?

No problem ! You can always collect your monthly interest the following month. However, it will not earn any additional interest for you. Keeping track of the due date for collection is a problem, but if you have a savings account in the same post office you may authorise them to credit the monthly interest automatically into your savings account.

I opened an MIS account two years back. Now I am in urgent need of money, can I close the account prematurely and withdraw my money ?

Yes, you can certainly do that ! Since your account has been in operation for more than one year, you can withdraw all your money along with the interest earned by you till the preceding complete month. However there is a small penalty, a deduction of about 5% of the deposit made by you.

I did not opt for availing the nomination facility at the time of opening my MIS account, can I appoint a nominee afterwards ?

Yes you can. Nominations can be made at anytime during the period of the MIS account. This can be made through a prescribed form available with the post master.