Post Office Monthly Income Scheme Account

URI: https://gptkb.org/entity/Post_Office_Monthly_Income_Scheme_Account
GPTKB entity
Statements (30)
Predicate Object
gptkbp:instanceOf Savings account
gptkbp:accountOpening At any post office branch
gptkbp:autoCredit Interest can be auto-credited to post office savings account
gptkbp:benefit No tax benefit under Section 80C
gptkbp:country gptkb:India
gptkbp:documentation KYC documents required
gptkbp:eligibility Resident individuals
https://www.w3.org/2000/01/rdf-schema#label Post Office Monthly Income Scheme Account
gptkbp:interestCreditedTo Savings account
gptkbp:interestPayout Monthly
gptkbp:interestTaxable Yes
gptkbp:jointAccountHolders Up to 3 adults
gptkbp:lockInPeriod 5 years
gptkbp:mainInterest 7.4% per annum (as of 2024)
gptkbp:maturityAmount Principal plus last month’s interest
gptkbp:maximumLoanAmount Not available
₹15 lakh (joint account)
₹9 lakh (single account)
gptkbp:minimumInvestment ₹1,000
gptkbp:minorAccount Allowed (above 10 years)
gptkbp:nominationFacility Available
gptkbp:offeredBy gptkb:India_Post
gptkbp:prematureWithdrawal Allowed with penalty
gptkbp:reinvestmentOption Not available
gptkbp:targetUser gptkb:joint_venture
Single
gptkbp:TDSApplicable No TDS deducted
gptkbp:transferredTo Transferable from one post office to another
gptkbp:bfsParent gptkb:Post_Office_Savings_Schemes
gptkbp:bfsLayer 7