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How to Open Post Office Monthly Income Scheme MIS 2026
MIS - Monthly Income Scheme. 7.4% interest. Monthly payout. ₹9L single, ₹15L joint. Govt-backed.
📁 Banking
⏱️ 30-45 mins
💰 Free
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About This Guide
Post Office Monthly Income Scheme (MIS) provides 7.4% annual interest paid monthly. Min ₹1,000, max ₹9 lakh (single) / ₹15 lakh (joint). 5-year tenure. Govt-backed. Premature closure allowed (1-3 years). Senior Citizen MIS combined with regular MIS for higher limits.
Eligibility Criteria
- Indian citizen
- Adult 18+
- Aadhaar mandatory
- PAN
- Min ₹1,000
- Single OR Joint account
Documents Required
Keep these documents ready before starting application. Missing documents = delayed approval.
- Aadhaar
- PAN
- Photo
- Initial deposit
- Bank account (for monthly interest credit)
- MIS Application Form
- Joint applicant details (if joint)
Step-by-Step Application Process
Follow these steps in order. Each step is critical - skip none.
Visit Post Office
Where account would be held.
KYC + Documents
Aadhaar + PAN.
Initial Deposit
₹1,000+. Up to ₹9 lakh single / ₹15 lakh joint.
Monthly Interest
7.4% / 12 = ~0.617% paid monthly to bank.
5-Year Tenure
Maturity Year 5.
Premature Closure
1-3 years: 2% penalty. 3-5 years: 1% penalty.
Maturity
Principal returned.
Key Benefits
- 7.4% guaranteed interest
- Monthly payout
- Govt-backed
- ₹9L/₹15L limits
- Single + joint options
- Premature closure allowed
- 5-year horizon
- Pension-like income
- Compound effect
What Happens After Application?
Account active immediately. Monthly credits begin.
Frequently Asked Questions
Joint account benefit?
Higher limit ₹15L vs ₹9L. Both beneficiaries earn interest. Easier transfer to nominee on death.