പോസ്റ്റ് ഓഫിസ് പ്രതിമാസ വരുമാന പദ്ധതി | Post Office Monthly Income Scheme Malayalam 2021 Benefits

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Post Office Monthly Income Scheme - India Post
The Post Office Monthly Income Scheme (MIS) is a type of term deposit account offered by India Post. The MIS scheme pays interest each month and is suited for those who seek regular or supplementary income from their investments. This is a type of investment plan that is offered by the Department of Posts (DoP), also known as India Post. Those who would like to invest in Post Office monthly income schemes can do so at any post office in their respective locality. As of 1 May 2021, the interest rate offered on the Post Office Monthly Income Scheme is 6.6% p.a

Post Office Monthly Income Scheme Interest Rates
Given below are the revised interest rates offered on Post Office MIS schemes with effect from 1st May 2021
Tenure Regular rate (per annum ) Senior Citizen Rate (per annum )
5 years 6.6% NA
The interest rate that is paid on the Post Office Monthly Income Scheme is 6.6% p.a. for an investment period of 5 years.
The rate of interest paid is not applicable to senior citizens and those who belong to this category can invest in the Senior Citizens Savings Scheme (SCSS).
Features of Post Office Monthly Income Scheme
Low risk: Safe investment that offers guaranteed returns after the maturity period. The risk-level in this scheme is almost 0%.
5-year lock-in: Comes with a mandatory lock-in period of 5 years. Investors can also re-invest in the same scheme after the maturity period if they wish to.
Premature withdrawal: Can be made after paying a penalty fee.
Regular Payouts: Regular payment of interest makes this scheme an attractive investment option for those looking to earn income at frequent periods of time.
Eligibility criteria & Documents Required
Who can open an MIS account?
Resident Indians
Minor aged 10 and above
Documents required
Account opening form
Passport size photos
Identity and address proof - PAN, Aadhaar, Driving Licence, Passport, Voter ID

How to open Post office MIS account

To open a monthly income scheme, you will have to pay a visit to the nearest post office. Ask for the application form, fill in details and submit identity and address proof documents. There is no online facility to open this type of account yet.

The post office savings account application form can be downloaded from here - https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/SB-3.pdf

Given below is the step-by-step process involved in opening a Post Office Monthly Income Scheme:

Step 1: Go to the nearest post office and first open a savings account.
Step 2: Ask for an application form and fill in required details.
Step 3: Submit a photocopy of identity and address proof documents along with passport size photos.
Step 4: Choose a nominee and deposit cash or a cheque.
Difference between MIS and other monthly income plans
Post Office MIS scheme Mutual funds Fixed deposit
The interest rate offered is fixed at a given rate. The rate of return varies and depends on market conditions. The rate of interest paid is fixed.
Guaranteed returns. Returns are relative and not always guaranteed. Assured returns.
No TDS. No TDS. TDS applicable.
Investment limit applicable. No limit. No limit.
Lesser risk. Moderate to high risk. Nil risk.
Premature withdrawal with penalty. Minimum lock-in period of 3 years for SIP. Premature withdrawal subject to penalty.
Consequences of Premature Withdrawal of the Scheme
A discount of 2% is applicable for premature withdrawal between 12 months to 36 months of the opening of account.
A discount of 1% is applicable for premature withdrawal between 36 months to 60 months of the opening of account.
How Does it Work- POMIS Calculation Work?
POMIS Monthly Interest = Amount Invested X Annual Interest Rate/12

For example, Amount Invested is Rs.5 lakh.
Annual Interest Rate is 6.6% p.a.
Tenure is 5 years.
The monthly interest earned will be Rs.2,750. The total interest earned for a tenure of 5 years will be Rs.1.65 lakh.

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