Best Post Office Monthly Income Scheme for Investing | This post office scheme will give great returns

Post Office Monthly income Scheme: If you invest in a scheme in a scheduled manner, you can get great returns on maturity. However, you must take the advice of professionals before investing in any scheme. In the last few years, the movement of investment in India has expanded tremendously. People are investing their money on a large scale in the stock market and cryptocurrency. However, the majority population is still nervous about investing in these sectors. The reason behind this is the risk of market risks. 

In this article, we will tell you about a remarkable scheme of the post office. The name of this post office scheme is the Monthly Income Scheme. In this post office monthly income scheme, you will be away from any kind of market risks by investing in it. At the same time, the return on investment in this monthly income scheme is also great. Let’s know about this scheme in detail –

Monthly Income Scheme Interest rate

The Monthly Income Scheme of the Post Office works to secure your future. At present, you will get an interest rate of 6.6 percent in this scheme. The best thing about this scheme is that money comes into your account every month.

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Account Information for Post Office Monthly Income scheme

In this small savings scheme of the post office, you can invest in multiples of Rs 1 thousand. If you open a single account in this scheme, then you can invest a maximum of Rs 4.5 lakh. On the other hand, if you open a joint account in this scheme, then you can invest a maximum of Rs 9 lakh.

In this post office monthly income scheme, any person above 10 years can open his account. The account opening process is quite easy. You will not face any kind of problems in this.

You can not withdraw the money invested in the Monthly Income Scheme before one year. If you close the account after one year and three years from the date of account opening, then the post office will deduct 2% of your principal amount. On the other hand, if you close your account after three years and before five years, then the post office will deduct.

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Interest payable, Rates, Periodicity, etc.

From 01.04​.2020, interest rates are as follows:-

  • 6​.6​ % per annum payable monthly.

The minimum amount for opening of account and maximum balance that can be retained

  • In multiples of INR 1000/-
  • The maximum investment limit is INR 4.5 lakh in a single account and INR 9 lakh in a joint account.
  • An individual can invest a maximum of INR 4.5 lakh in MIS (including his share in joint accounts)
  • For calculation of the share of an individual in a joint account, each joint holder has an equal share in each joint account.

Full Details of Post Office Monthly income scheme

a)Who can open:-

  • 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 name.


  • You can open an account with a minimum of Rs. 1000 and in multiple of Rs. 1000.
  • A maximum of Rs. 4.50 lakh can be deposited in a single account and 9 lakh in a Joint account.
  • In a joint account, all the holders have an equal share in the investment.
  • Deposits/shares in all MIS account opened by an individual shall not exceed Rs. 4.50 lakh.
  • The limit for an account opened on behalf of a minor as guardian shall be separate.

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  • Interest shall be payable on completion of a month from the date of opening and so on till maturity.
  • If the account holder does not claim the interest payments every month, such interest shall not earn any additional interest.
  • If the depositor made any excess deposit, the excess deposit would be refunded back, and only PO Savings Account interest will be applicable from the date of opening of an account to the date of refund.
  • Interest can be drawn through auto credit into a savings account standing at the same post office, or ECS. In the case of MIS account at CBS Post offices, monthly interest can be credited into a savings account standing at any CBS Post Offices.
  • Interest is taxable in the hand of the depositor.

(d)Pre-mature closure of account:-

  • The depositor can’t withdraw the amount before the expiry of 1 year from the date of deposit.
  • If the account holder closes the account between one to three years from the opening date, the post office will deduct the amount equal to 2% of the principal and pay the remaining amount. 
  • If the account closed after 3 years and before 5 years from the date of account opening, a deduction equal to 1% from the principal will be deducted, and the remaining amount will be paid.
  • An account can be prematurely closed by submitting the prescribed application form with a passbook at the concerned Post Office. ​


  • Account may be closed on expiry of 5 years from the date of opening by submitting the prescribed application form with passbook at concerned Post Office.
  • In case the account holder dies before maturity, the account may be closed, and the amount will be refunded to the nominee/legal heirs. Interest will be paid up to the preceding month, in which a refund is made.

Post office monthly income scheme form

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