Post Office MIS: Can you invest ₹15 lakh? 5 rules and ₹9,250 monthly income

Post Office MIS: ₹15 lakh in a joint account at 7.4% pays ₹9,250 a month. Know the limits, withdrawal penalties and tax rules before you invest.

Looking for steady, predictable returns amid geopolitical volatility? Small savings schemes are a popular option. One of them, the Post Office Monthly Income Scheme (MIS), offers fixed returns without exposure to stock market fluctuations. Before putting ₹15 lakh into it, though, you need to understand its investment limits, joint account rules, interest payouts and premature withdrawal conditions.

The Post Office MIS currently offers 7.4% annual interest, paid monthly. The rate in force when you open an account stays fixed for its entire 5-year tenure. The minimum deposit is ₹1,000, in multiples of ₹1,000.

Can an investor deposit ₹15 lakh in Post Office MIS?

Yes, but only through a joint account. A single-holder account is capped at ₹9 lakh, while a joint account, which can have up to three adults, can hold up to ₹15 lakh. Opening multiple individual accounts does not circumvent the cap.