Post Office MIS Scheme: Earn ₹9,250 Monthly for 5 Years with Joint Account Option
The Post Office Monthly Income Scheme (MIS) is once again grabbing attention from folks who want a safe and steady paycheck. For retirees and working families alike, this plan has become a go-to way to bring home fixed money every month. Managed by India Post on behalf of the Government of India, the scheme now even offers a joint account option that lets couples pocket up to ₹9,250 each month for the next five years.
What is Post Office MIS?
Post Office MIS is a simple savings plan that pays out interest every month instead of dumping it all in one lump sum. Its perfect for anyone who wants a reliable cash flow with zero risk and no wild market surprises. Because the scheme is fully backed by the government, depositors never have to worry about losing their principal or their promised returns.
Current Interest Rate and Monthly Income
From July to September 2025, the government has set the Monthly Income Scheme (MIS) interest rate at 7.4% per year. If a couple opens a joint account and puts in the maximum limit of ₹15 lakh, they can expect a steady monthly income of ₹9,250.
This money hits the account automatically each month, and the original ₹15 lakh stays safe for the full five-year term.
Who Can Open a Joint MIS Account?
A joint MIS account can be opened by any two or three adults; couples usually choose this option. The main rules are simple:
- Minimum age of each applicant is 18.
- Total deposit for the joint account can be only ₹15 lakh.
- Each persons share within the account must be equal.
- Interest is paid monthly into the linked savings account.
Monthly Income Calculation for ₹15 Lakh
Lets look at the exact numbers behind the ₹9,250 payout:
- Principal amount placed: ₹15,00,000.
- Yearly interest earned at 7.4%: ₹1,11,000.
- Monthly interest: ₹1,11,000 divided by 12 equals ₹9,250.
This monthly payment arrives for five years. When that term is over, depositors can take out the full ₹15 lakh or choose to invest it again.
Investment Limit
In the Monthly Income Scheme (MIS), you can invest only up to certain amounts:
₹9 lakh in your own single account
- ₹15 lakh if you open a joint account
- ₹3 lakh for a minor account that your guardian manages
Remember, all these limits apply to each type of account separately. If you have more than one MIS account, the total money across every account still can-t go beyond the given caps.
Premature Withdrawal Rules
Though MIS has a 5-year lock-in, you can take the money out early, but there are rules:
- Pulling money out between 1 and 3 years costs you a 2% penalty on the principal.
- If you withdraw between 3 and 5 years, the penalty drops to 1%.
- No interest at all is paid if you exit within the first year.
Because of this structure, the scheme is mostly for long-term saving yet gives some room to adjust in an emergency.
Tax Benefits and TDS
Interest from an MIS account is taxed as normal income, so it does-nt count under the 80C limit that many taxpayers use. The good news is there-s no TDS deducted when interest is paid out each month.
Still, you must add that interest when you file your yearly income tax return so the right tax gets charged.
Why is the MIS Gaining Popularity?
Many savings products now pay lower interest, and inflation keeps eating away at value. Because of that, more careful investors are turning to the Post Office Monthly Income Scheme (MIS), which promises a set payout each month. For senior citizens and households needing steady cash, the option of a joint account is especially useful and comes with the safety of a government guarantee.
Final Words
So, if you want a fixed monthly income with zero risk, opening a joint MIS account is worth considering. Putting in ₹15 lakh at once gives you ₹9,250 every m
onth for five years, adding an extra layer of calm to your finances.
