Find the monthly income from a Post Office Monthly Income Scheme deposit, with the ₹9 lakh single and ₹15 lakh joint limits applied.
How much can I deposit?
₹9,00,000 in a single account and ₹15,00,000 in a joint one, in multiples of ₹1,000. The limits count across every MIS account you hold, and in a joint account each holder is treated as owning an equal share.
When does the monthly interest arrive?
On the same date each month, starting one month after the account opens. It is credited to your post office savings account, and you can set up an automatic transfer to a bank account or straight into an RD.
What if I do not withdraw the monthly interest?
It sits in the linked savings account at the much lower savings rate. It is not added back to the MIS deposit and it does not compound there. Move it somewhere useful, or the scheme quietly underperforms.
Can I close the account early?
Not in the first year. Between one and three years you lose 2% of the deposit, and between three and five years 1%. The interest already paid is yours to keep in both cases.
Is the interest taxable?
Yes, at your slab rate, and there is no 80C deduction on the deposit. The narrow reading this page checks is whether the month you entered looks like no TDS at all or the ordinary 10% section 194A rate. If it matches neither, the next things to check are Form 15G or 15H, a lower-deduction certificate, another post-office deposit under the same PAN, joint-holder share, or the month in which deduction actually began.
MIS or SCSS?
If you are 60 or above, fill the SCSS limit first: it usually pays a higher rate and allows ₹30,00,000. MIS has no age condition, pays monthly rather than quarterly, and works for anyone. Many retirees use both to build a monthly income.