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Post Office MIS: How Many Accounts Can You Open? Rules Explained
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News18•22-09-2026, 11:06
Post Office MIS: How Many Accounts Can You Open? Rules Explained
- •The Post Office Monthly Income Scheme (MIS) allows both individual and joint accounts.
- •Maximum deposit limits are ₹9 lakh for individual accounts and ₹15 lakh for joint accounts.
- •The scheme currently offers an interest rate of 7.4% with a 5-year lock-in period.
- •Multiple MIS accounts can be opened, but the total investment across all accounts must not exceed the individual or joint account limits.
- •Withdrawals are permitted after one year with penalties: 2% before 3 years, and 1% between 3 and 5 years.
Key Questions Answered
Yes, you can open multiple accounts in the Monthly Income Scheme. However, the total deposit across all individual accounts must not exceed 9 lakh rupees, and for joint accounts, the limit is 15 lakh rupees.
The maximum deposit limit is 9 lakh rupees for individual accounts and 15 lakh rupees for joint accounts. The scheme currently offers an annual interest rate of 7.4 percent.
Money can be withdrawn after one year in an emergency, but penalties apply. Closing the account after 3 years incurs a 2 percent penalty on the deposit amount, while closing it between 3 and 5 years attracts a 1 percent penalty.
