MONTHLY INCOME SCHEME

Opening of Account:

1. Any resident Indian can open a MIS account.

2. A depositor can open any number of accounts but the total of deposits in all the accounts put together (including accounts opened under the scheme in Banks)  should not exceed the maximum limit prescribed i.e. Rs. 9 lakhs in Single Account and Rs.15 lakhs in Joint account.(See Clarification issued below vide orders dated 15.07.2024 )

3. For the purpose of maximum balance, the depositor's share in the balance of joint account shall  be taken as one half or one third of such balance according as the account is held by two or three adults. Hence, deposits held by an individual in his/her single account together with his/her share in joint accounts should not exceed the prescribed limit of Rs.9 lakhs. 

4. The limit for investment in MIS account opened in the name of minor by a guardian will be separate one and will not be taken into account for determining limit of investment in accounts opened by guardian in his/her own name.

5.  The minimum deposit prescribed is Rs.1000/- and the deposit should be in the multiple of Rs.1000/-.  Only one deposit (Initial) is allowed in an account. 

6.  No withdrawal is permissible from the account before the expiry of 5 years (Maturity period)

7.  The deposit can be made either in cash or cheque or demand draft drawn in favour of the depositor or the Postmaster or by submitting a signed withdrawal form in respect of Savings Account standing in the same post office or by electronic transfer mode available in Department of Posts and permitted by Reserve Bank of India 

8.  The accounts under the scheme can also be opened through authorized agents covered by the Standardised Agency System. When the deposit/investment is made through any Authorised Agent, deposit/investment through withdrawal form shall not be accepted.

The procedure prescribed for opening of TD Account shall be applicable for opening of MIS Account in CBS Finacle System.

Types of Accounts :

1.  The following types of accounts can be opened under Monthly Income Scheme:

(i) Single type in the name of a single adult.

(ii) Joint account up to a maximum of three adults in joint names

(iii) A minor who has attained the age of ten years

(iv) A guardian on behalf of a minor or a person of unsound mind.

Clarification issued vide Postal Directorate No. FS-10/17/2020-FS-Part(1) dated 15.07.2024:

The revised maximum limit of Rs.9 lakhs in Single account and Rs 15 lakhs in joint accounts is not applicable to accounts opened prior to  the date of issue of SB Order No 7/2023 ie 31.03.2023.