Post Office MIS, or Monthly Income Scheme, is a government savings plan. You deposit a fixed amount once, and it gives you a fixed income every month. It is mainly for people who want a safe, risk-free, and regular monthly income. The best part is that it is government-guaranteed, so the risk is almost zero. This is very good news for retired people, housewives, or middle-aged citizens.

Benefits of a Joint Account in Post Office MIS

Two types of accounts can be opened in the Post Office MIS scheme – individual and joint. The maximum investment in an individual account is ₹9 lakh, while in a joint account it is ₹15 lakh. That means if you open a joint account with your wife, you can invest an extra ₹6 lakh.

Since the interest rate is fixed, a higher investment gives higher monthly income. So, a joint account can increase your monthly income significantly.

How Much Money Can You Get Per Month?

The current annual interest rate in the Post Office MIS scheme is 7.4%. If a couple invests ₹15 lakh together, the annual interest will be ₹1,11,000.

Divided into 12 months, the monthly interest comes to about ₹9,250. You can earn this amount every month for five years.

How Do You Receive the Interest?

The monthly interest is directly deposited into your savings account. You can link any post office savings account to receive the interest. Interest is usually deposited on a fixed date each month. This makes it easier to manage your monthly expenses.

Who Can Invest in This Scheme?

This scheme is best for people who want a fixed monthly income. It is very useful for retired people, housewives, and middle-class families who depend on regular income.  It is also good for anyone who wants to invest safely for the long term and get a fixed monthly income.

How to Open an MIS Account

To open an account, visit the nearest post office. Submit the application with the required documents: PAN card, Aadhaar card, address proof, and two passport-size photos.

For a joint account, both people must complete the KYC process.

Rules for Tenure and Premature Closure

The investment period is usually 5 years. After five years, you can withdraw the full amount or renew the scheme. The account cannot be closed before one year. If you close the account between 1 and 3 years, some money will be deducted. After 3 years, the deduction is less.

Tax Benefits

The interest from Post Office MIS is taxable and must be included in your income. However, no TDS is deducted, so you receive the full interest. It should be mentioned in your annual income tax return.

When to Invest

You can invest in this scheme anytime because the interest is fixed and not affected by market changes. Interest rates may change, so check the current rate at the post office before investing.

Why a Joint Account with Your Wife is Good

  • A joint account increases the investment limit from ₹9 lakh to ₹15 lakh. This also raises the monthly interest.
  • Having both family members in the account provides future security. It can be a reliable income source for a housewife or retired spouse.

Conclusion

The Post Office MIS scheme is safe and reliable. By investing ₹15 lakh jointly, it is possible to earn around ₹9,250 per month for five years. This provides a steady, risk-free source of income.