The Post Office Monthly Income Scheme (MIS) is one of the most popular schemes for people who need a steady monthly income. You deposit a lump sum, and every month the post office credits interest directly to your account — like a salary from your savings.
Unlike SCSS which is only for senior citizens, MIS is open to all adults. You can open it jointly with a spouse or family member to double the investment limit.
Who Should Invest?
- Retirees who need a monthly income to cover expenses
- Anyone who has received a lump sum (inheritance, sale of asset) and wants steady monthly returns
- Non-working spouses who want a personal monthly income
Key Features
- Monthly interest credited automatically
- Single account limit: ₹9 lakhs | Joint account limit: ₹15 lakhs
- 5-year tenure. Can be extended.
- Premature closure allowed after 1 year (penalty applies)
- No TDS — interest received is in your hands, you declare it in ITR
- No 80C benefit, but income is predictable and sovereign-guaranteed
Watch Out For
- Interest is taxable — add it to your income when filing ITR
- No 80C tax deduction
- Interest rate lower than SCSS — SCSS is better if you qualify
Compare All NSS Schemes
See how MIS compares to all other National Savings Schemes in one table.
← View All NSS Interest Rates
