The Post Office Monthly Income Plan 2019 is a best five-year investment with a maximum ceiling of Rs. 9 lakhs under joint ownership and Rs. 4.5 lakhs under sole proprietorship. The central government now sets the interest rate payable monthly at 7.6% p.a (w.e.f 1 October 2019). Customers can calculate their interest earned through the wrong calculator and also see the bonus amount after every month. All those candidates who want to earn regular income every month can invest.
The PO-MIS investment is not eligible for any tax benefit under S / C 80C and the interest earned is fully taxable. The post office does not offer bonuses on accounts opened after 1 December 2011. The maturity period is 5 years while premature withdrawals are subject to a reduction in the principal amount.
This type of investment preserves your funds, ensuring a fixed monthly income and providing better guaranteed returns. Interested candidates can download the MIS application form and open their wrong savings account. People can compare all post office schemes 2019 before investing.
Post Office Monthly Income Plan Calculator / Interest Rate
The monthly income scheme offers an annual interest rate of 7.6%. Therefore, an amount of 1,00,000 deposited in the wrong account receives a monthly payment of Rs. 608 every month. People can check PO monthly income plan calculator to calculate their regular monthly income. PO Monthly Income Plan Calculator
Just click on this link and enter the values in the UN shaded cells under the POMIS Calculator section. Then the candidates will get all the details about monthly income, premature withdrawal amount at various intervals, bonus on maturity and principal amount.
Post Office Savings Monthly Income Plan Account
Either parent can open this best monthly income scheme account in the name of minor under 10 years of age. Important features of this monthly monthly income plan are: –
- The Post Office Monthly Income Scheme assures the return of an incorrect interest rate 2019 of 7.6% per year.
- This type of investment is absolutely risk free. Subscribers also get nomination facility.
- People can earn fixed monthly payments directly to their account. The facility of auto credit directly to the post office savings account is also available at any CBS Post Office.
- All the account holders open a Recurring Deposit (RD) account and deposit the interest earned in RD with this scheme to increase their invested amount.
- Even minors apply to invest in this scheme. After 10 years, they can apply for account conversion in their own name and then operate their account individually.
People can withdraw money directly from PO or get it deposited in their savings account through ECS. People should withdraw their interest on monthly basis. If it is not, the interest earned will not earn further profit, it sits idle. All those who want to open wrong account can download the application form – MIS account opening form
Post Office Monthly Income Scheme Bonus
The minimum amount to be deposited to any person is Rs. Thereafter in 1500 and multiples thereof. The minor has a maximum of Rs. Can invest in 3,00,000. The maximum amount that any person can invest is Rs. 4,50,000 in a single account. For joint account this limit is Rs. 9 lakhs. Apart from this, in the joint account also, the maximum stake of any person is Rs. 4,50,000. All joint account holders have an equal stake in the wrong savings account.
All accounts opened between 8 December 2007 and 30 November 2011 will receive a monthly income plan bonus of 5% on the principal amount. All accounts opened on or after 1 December 2011 are not liable for any bonus on the principal amount. This is the best monthly income plan for post offices without any risk factor.
On the maturity period of MIS accounts opened between 8 December 2007 and 30 November 2011, people will get a bonus of 5%. No bonus is applicable on accounts opened after 1 December 2011.
Compare All Post Office Schemes
NSC vs PPF vs KVP vs SCSS vs RD vs TD vs SSY vs MIS vs PO Savings Account
| Post Office Schemes | PO Interest Rate 2019 | Lock-In / Maturity Period | Minimum / Maximum Investment |
|---|---|---|---|
| National Saving Certificate (NSC) | 7.9% compounded annually but payable at maturity. | 5 Years | Minimum amount is Rs. 100 and No Maximum limit |
| Public Provident Fund (PPF) | 7.9% compounded yearly | 15 Years | Minimum amount is Rs. 500 and Maximum amount is Rs. 1.5 lakh |
| Kisan Vikas Patra (KVP) | 7.6% compounded yearly | 9 Years 10 Months | Minimum amount is Rs. 1000 and No Maximum limit |
| Senior Citizen Saving Scheme (SCSS) | 8.6% p.a from 31 March / 30 Sept / 31 December | 5 Years | Minimum Deposit is Rs. 1000 and Maximum Rs. 15 lakh |
| Recurring Deposit (RD) | 7.2% p.a compounded quarterly | 5 Years | Minimum Rs. 10 per month and Maximum no limit |
| Time Deposit Account (TD) | 6.9% to 7.7% p.a calculated quarterly | 1 to 5 Years | Minimum Rs. 200 and no Maximum Limit |
| Sukanya Samriddhi Yojana (SSY) | 8.4% p.a compounded annually | Till 21 years | Minimum Rs. 250 and Maximum Rs. 1.5 lakh |
| Post Office Monthly Income Scheme (MIS) | 7.6% per year payable monthly | 5 years | Minimum Rs. 1500 and Maximum Rs. 4.5 lakh |
| Post Office Savings Account | 4% p.a | No Lock In Period | Minimum Balance Rs. 50 (non-cheque) and Rs. 500 (cheque) and Maximum Rs. 1 lakh |
Monthly Income Scheme (MIS) Interest Rate 2019 is similar to the interest of KVP, NSC, RD and TD for the same period. But MIS is the only scheme that provides interest refund facility after every month. It is a long term regular income plan with no risk. People can also login wrong on the post office MIS account check online website.
MIS Enrollment Facility
All eligible customers can open multiple accounts in any post office as well as joint wrong accounts. Anyone can open this type of account under 10 years of age or in their own name. Nomination facility is available at the time of account opening and even after opening the wrong account. They can choose any person at any time before maturity.
The MIS savings account allows the customer to operate more than 1 account in individual capacity or jointly. After 10 years, the minor has to change the MIS account in his name. There is still a maximum limit on deposits made by a person. People can convert their single account to joint account and vice versa.
Pomice eligibility criteria
- The candidate must be an Indian resident. POMIS does not allow NRIs to invest.
- The minimum age requirement is 10 years. Anyone over the age of 10 can open and operate this MIS savings account in their own name.
- For under 10 years of age (minor), parents can open an account in their name.
- Any person can open any kind of wrong accounts in post offices. However, after adding balances to different accounts, the maximum limit is still the same.
Post Office Monthly Income Scheme Premature Withdrawal
The lock-in period of the MIS scheme is 5 years (w.e.f 1 December 2011). During this period all customers will receive a fixed monthly income. However, people can opt for premature withdrawal before completing 5 years which is subject to the following conditions: –
Premature Encashment
| Duration of Withdrawal | Return / Deduction |
|---|---|
| Less than 1 year | Subscribers get nothing |
| Between 1 to 3 years | Deduction with 2% nomination (penalty) |
| Between 3 to 5 years | Deduction with 1% nomination (penalty) |
| After 5 years | Full Deposit Back |
Post Office Monthly Income Scheme 2019 – Highlights
| MIS Interest Rate 2019 | Minimum / Maximum Investment & Retaining Balance |
|---|---|
| Mis Interest Rate is 7.6% p.a payable monthly (w.e.f 1 Oct 2019) |
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For more details about the scheme, please visit the official website indiapost.gov.in & Post Office Schemes Application Form Download