Post Office MIS Joint Account: Earn ₹8633 Monthly With Wife
Post Office Has a Guaranteed Monthly Income Plan
The central government runs several savings schemes for different sections of the population. These schemes reach people through government banks as well as post offices across the country. The Monthly Income Scheme — MIS — is one such government plan operated through post offices. By opening a joint account with your wife, you can earn a fixed ₹8633 every single month without doing anything extra.
7.4% Annual Interest Running Right Now
Post Office MIS currently pays 7.4 percent interest per year. You put in money once — that’s it. From the day the account opens, interest lands in your savings account every month for the next five years. One deposit, five years of steady income.
Key Facts
- Post Office MIS pays 7.4% annual interest at present.
- You invest once and get monthly interest payouts for 5 years.
- A single account allows deposits up to ₹9 lakh maximum.
- Joint accounts allow up to ₹15 lakh in total investment.
- Monthly interest goes directly into your Post Office savings account.
- Investing ₹14 lakh in a joint account gives ₹8633 every month.
What You Need to Invest for ₹8633 Monthly
Put ₹14 lakh into a joint MIS account with your wife and you get ₹8633 every month as interest. The scheme matures in 5 years. Once it matures, the full amount you invested also comes back into your account. The principal is safe. The government backs it.
Single vs Joint Account — The Difference
A single account caps at ₹9 lakh. A joint account with your wife takes that limit up to ₹15 lakh. More money in means more money out each month. That’s why the joint account makes more sense for anyone trying to maximise monthly income.
One Thing You Must Do Before Opening MIS
MIS interest transfers directly into a Post Office savings account — nowhere else. So you need an active Post Office savings account before you can start. No savings account yet? Open that first. Then the MIS account opens on top of it.
Starts at Just ₹1000
The minimum deposit to open this account is ₹1000. But small deposits mean small monthly returns. If you want serious monthly income, the investment has to match that goal. The math is simple — the more you put in, the more you take out every month.
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FAQ
Q: What exactly is Post Office MIS and how does it work?
A: It’s a government savings plan where you put in a lump sum once and get interest paid to you every month. Say you put in ₹14 lakh — you’ll get ₹8633 every month for the next five years, straight into your Post Office savings account. When five years are up, your full ₹14 lakh comes back too. Nothing complicated, nothing risky. Your money stays safe the whole time.
Q: How much can I invest in Post Office MIS?
A: If you open a solo account, the cap is ₹9 lakh. Open a joint account with your wife and that goes up to ₹15 lakh. More investment means more monthly interest. That’s the main reason most people go with a joint account — bigger limit, bigger monthly payout.
Q: Is the interest from Post Office MIS taxable?
A: Yes, it is. The interest you earn every month gets added to your total annual income and taxed according to your slab. There’s no TDS deducted at source, but you have to declare this interest when you file your ITR. Don’t skip it — just account for it while planning your investment.
Q: Can I close my Post Office MIS account before 5 years?
A: You can, but there’s a cost. You can’t touch it at all in the first year. Close it between year one and three, and 2% of your principal gets deducted. Close it between year three and five, and 1% goes. The earlier you exit, the more you lose. Best to stay in for the full five years.
Q: What documents do I need to open a Post Office MIS account?
A: You need your Aadhaar card, PAN card, a passport size photo, and an active Post Office savings account. That’s all. For a joint account, both you and your wife need to carry your documents to the post office. If either of you doesn’t have a savings account there yet, get that done first before applying for MIS.
