The Post Office Monthly Income Scheme (POMIS)'s limit has been enhanced to Rs 9 lakh from Rs 4 lakh for single account holders, according to Budget 2023. In case of joint holding, the limit has been increased to Rs 15 lakh from Rs 9 lakh
A person who opens an MIS will receive a monthly income in the form of interest. The government sets the interest rate for this scheme on a regular basis. The interest rate for January-March 2023 has been fixed at 7.1%.
MIS is a low-risk scheme
To open an MIS scheme, a person has to visit a post office and fill up a common account opening form. Photographs of the applicants with KYC documents for identity and address proof have to be provided with the form. The post office will also need an initial contribution cheque with the application.
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An MIS account is valid for five years. The account cannot be closed for a year. If the account is closed after a year but before three years, the account holder will forfeit 2% of the principal. If it is closed after 3 years but before 5 years from the date of opening, 1% of the principal will be forfeited.
These are the salient features of the Post Office Monthly Income Scheme as per the India Post website:
(a)Who can open:-
(i) a single adult
(ii) Joint Account (up to 3 adults) (Joint A or Joint B))
(iii) a guardian on behalf of minor/ person of unsound mind
(iv) a minor above 10 years in his own name.
(b)Deposit:-
(i) Account can be opened with minimum of Rs. 1000 and in multiple of Rs. 1000.
(ii) In a joint account, all the joint holders shall have equal share in investment.
(iii) Deposits/shares in all MIS accounts opened by an individual shall not exceed Rs. 4.50 lakh.
(iv) Limit for account opened on behalf of a minor as guardian shall be separate.
(c)Interest:-
(i) Interest shall be payable on completion of a month from the date of opening and so on till maturity.
(ii) If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.
(iii) In case any excess deposit made by the depositor, the excess deposit will be refunded back and only PO Savings Account interest will be applicable from the date of opening of account to the date of refund.
(iv) Interest can be drawn through auto credit into savings account standing at same post office, or ECS. In case of MIS account at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post Offices.
(v) Interest is taxable in the hand of depositor.
(d)Pre-mature closure of account:-
(i) No deposit shall be withdrawn before the expiry of 1 year from the date of deposit.
(ii) If account is closed after 1 year and before 3 year from the date of account opening, a deduction equal to 2% from the principal will be deducted and remaining amount will be paid.
(iii) If account closed after 3 year and before 5 year from the date of account opening, a deduction equal to 1% from the principal will be deducted and remaining amount will be paid.
(iv) Account can be prematurely closed by submitting prescribed application form with pass book at concerned Post Office.
(e)Maturity:-
(i) Account may be closed on expiry of 5 years from the date of opening by submitting prescribed application form with pass book at concerned Post Office.
(ii) In case the account holder dies before the maturity, the account may be closed and amount will be refunded to nominee/legal heirs. Interest will be paid up to the preceding month, in which refund is made.
