Stories
Post Office MIS: Can You Open Multiple Accounts? Rules and Deposit Limits Explained
N
News18•21-09-2026, 17:17
Post Office MIS: Can You Open Multiple Accounts? Rules and Deposit Limits Explained
- •The Post Office Monthly Income Scheme (MIS) is a popular small savings scheme offering fixed monthly interest on a lump sum deposit.
- •A maximum of 9 lakh rupees can be deposited in a single account, and 15 lakh rupees in a joint account, with a current interest rate of 7.4 percent.
- •Multiple MIS accounts can be opened, but the total deposited amount across all accounts must not exceed the specified limits (9 lakh for single, 15 lakh for joint).
- •Money can be withdrawn after 1 year with penalties: 2% if closed within 3 years, and 1% if closed between 3 and 5 years.
- •The MIS scheme has a 5-year lock-in period, making it suitable for those seeking a fixed monthly income, but consider your needs before investing.
Key Questions Answered
Yes, you can open more than one MIS account, but the total deposited amount across all accounts must remain within the specified limits of 9 lakh rupees for single accounts and 15 lakh rupees for joint accounts.
For a single account, you can deposit a maximum of up to 9 lakh rupees, while a joint account allows a maximum deposit of 15 lakh rupees. Currently, the scheme offers an annual interest rate of 7.4 percent, which is paid out monthly.
You can withdraw money after 1 year of opening the account in case of urgent needs, but penalties apply. If you close the account after 3 years, a 2 percent penalty is deducted, whereas closing it after 3 years but before 5 years incurs a 1 percent penalty.
