Monthly Income Scheme

Monthly Income Scheme 2024, Interest Rate, Eligibility, Benefits & Tax Benefits

Monthly Income Scheme:- A financial investment plan that offers a consistent income over a predetermined period of time is called a monthly income scheme (MIS). You invest a predetermined sum of money on a regular basis for a predetermined amount of time in a managed investment system (MIS). Throughout time, the money grows and accumulates. You get the returns as a fixed monthly income when the plan matures. There is a chance for capital appreciation with MIS. This investment option is provided by banks, mutual funds, insurance companies, and financial institutions.


Popular Monthly Income Scheme

The popular monthly income schemes listed below are available for investment by Indian citizens:

  • Post Office monthly income plan: A lot of people think that investing in the Indian Post Office’s monthly income plan is a great idea. For many, investing in it carries no risk because the government is backing it. The POMIS currently offers monthly interest payments of 7.40% annually. The deposit period for the plan is five years. The highest possible combined investment is Rs.9,000,000, while the maximum possible individual contribution is Rs. 4,50,000. All you need to start investing in this plan is Rs. 1,500.
  • Senior Citizen Savings Plan: India’s retired population benefits from a senior citizen savings plan. They will receive a monthly income from this plan. This service is provided by certain bank branches and post offices. You have one month to sign up for this plan after you retire.
  • Monthly Income Plan: This type of mutual fund mainly invests in fixed income and only a small portion in stocks and stock-related securities. Investors receive a consistent income distribution from fund companies on a regular basis. The performance of the fund will decide this amount, which is not set in stone. Given that they rely on the performance of mutual funds, the returns cannot be guaranteed. There’s also the possibility of getting subpar results.
Monthly Income Scheme

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The interest rate of the Monthly Income Scheme

7.4% per annum

Interest Rates and Taxes for Various Savings Plans

List of SchemesInterest Rate and Return
Post Office Monthly Income Savings Account (MIS)7.4% per annum payable monthly
Senior Citizen Savings Scheme8.2 ​% per annum*
Kisan Vikas Patra7.5% compounded annually

 The Eligibility of Monthly Income Scheme

Applications for the MS in MIS program must have two years of work experience in technology OR an undergraduate degree in computer science, information technology, or a related field plus two years of general work experience.

Benefits of the Monthly Income Scheme

gives management of the company access to a single database where they can manage all transactions and plan procedures. It greatly improves work effectiveness and saves time. guarantees enhanced decision-making and data analysis.

Full Form of Monthly Income Scheme

The Management Information System is the full name of this acronym. MIS stands for people, organization, relationship, and computerized technology analysis. MIS practitioners are used by organizations to quantify the benefits of staff, facility, and procedure investments. It’s a people-centered practice that uses computer services and techniques to accurately interpret and analyze data for the chosen purpose.

Large organizations use MIS to plan other data, including customer information. Technically proficient, MIS specialists focus on information technology and business management. Their goal is to get the most out of the investment.

Monthly Income Scheme

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Rate of Interest on Monthly Income Scheme

These accounts typically have interest rates that are the same as those set forth for regular term deposits. Additionally, they frequently give senior citizens interest rates that are higher than the going rates—anywhere from 0.25% to 0.5% higher. Since the banks set these rates, it is advisable to get precise rates from them before making an investment. Both former and present bank employees sometimes receive better interest rates.

It’s important to be aware that banks occasionally offer lower interest rates if you use a fixed deposit to supplement your income and take out the interest each month.


  • a unique fixed deposit product with a monthly investment return.
  • enticing ROI
  • There are interest payments made each month.
  • Tenor Variable: 1/2/3 years
  • Up to 85% credit available
  • No upkeep costs.

Also Read:- Karnataka Janasevaka Scheme

Monthly Income Scheme Tax Benefit

It is not tax-deductible to invest the amount in the post office monthly income scheme. Put another way, there are no tax advantages to investing in POMIS. Moreover, interest on the invested amount is subject to taxation.

How can I open a Monthly Income Scheme account online?

Opening a Post Office MIS Account: A Guide. You must go to the closest post office in order to open a monthly income plan. Obtain the application form, complete it, and send in documents proving your identity and address. This kind of account cannot currently be opened online.


  • Photo of Applicant – 2 copies
  • Copy of National ID/Smart ID of the Applicant
  • ETIN (if available)
  • Letter of Introduction from the company (For Payroll Customers only)
  • Photo of Nominee – 1 copy
  • Copy of Nominee’s ID
  • Legal Guardian’s Photo ID and Photograph (If Nominee is Minor)
  • Proof of address – Copy of Utility Bill

MIS application

For every one of those categories, Management Information Systems (MIS) have been created. Finances, marketing, manufacturing, and human resources are a few examples of application areas. Every kind of MIS is made to satisfy the demands of the management of those divisions or departments.

Monthly Income Scheme


Q. Can I close my MIS account prematurely?

Ans- Yes, after a year you are eligible to use the premature withdrawal facility. A 2% penalty will be assessed if you withdraw before the three-year period. If you decide to withdraw after three years, there will be a 1% penalty.

Q. What is the limit of MIS in 2023?

Ans- For a single account, a maximum deposit of Rs. 9 lakh and for a joint account, Rs. 15 lakh is permitted.

Q. How many MIS accounts can be opened?

Ans- It is possible to open multiple accounts at various post offices across the nation. The overall deposit, though, must not be more than Rs. 4.5 lakhs.

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