The General Budget 2023, presented by Finance Minister Nirmala Sitharaman on February 1, 2023, introduced several new schemes and significant updates. Among these, the deposit limit for the Post Office Monthly Income Scheme (MIS) was doubled. As per the new rules, the investment cap has been raised from ₹4.5 lakh to ₹9 lakh for single accounts.
The Post Office MIS is a popular savings scheme offering a fixed monthly income to investors. The recent budget changes aim to make this scheme more beneficial for individuals looking for secure investment options. If you’re planning to invest in this scheme, understanding its updated features and benefits is crucial.
How the Post Office Monthly Income Scheme Works
Under the Post Office Monthly Income Scheme (MIS), the maximum investment has been increased to ₹9 lakh, allowing for a higher monthly income. Previously, with an investment of ₹4.5 lakh at an interest rate of 7.1%, the monthly income was ₹2,662 for 5 years. Now, with a ₹9 lakh investment, you can earn ₹5,324 every month. Additionally, according to Budget 2023, investments can range from ₹9 lakh to ₹15 lakh under this scheme.
Eligibility to Open an Account
In the Post Office Monthly Income Scheme, individuals can open accounts either singly, jointly (with up to 3 people), or for minors with a guardian acting on their behalf.
Duration of Investment
The investment in this scheme is for a 5-year term. If the account holder wishes, they can close the account after this period. In the event of the account holder’s death before maturity, the account will be automatically closed, and the balance will be transferred to the nominee or legal heir.
How to Open a Post Office MIS Account
- Visit the Post Office and ask for the application form.
- Fill out the Form with your details and nominee info.
- Submit Documents like ID proof, address proof, and PAN card.
- Deposit Amount (₹1,500 to ₹9 lakh for a single account).
- Receive Account Details and monthly income payouts.
Avijit Das
A sports journalist driven by passion and dedication, I seamlessly blend my love for writing and sports. Currently with Timesbull, I have honed my craft at Sportskeeda, Cricreads, and Athlete Fortune. I live and breathe sports—whether it's football, cricket, cards, or chess, I'm always up for a challenge. A die-hard...
