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This is a fixed income scheme which provides you a guaranteed return on your investment, and is meant for people who are looking for a monthly source of income without taking any risk at all. So if you invest Rs.

The maturity period of the scheme is 6 years, at the end of which you will get your money back. You cannot redeem your money within a year, but you can redeem it after that upon paying a penalty.

The minimum sum you can invest is Rs. There is no TDS on the Post Office MIS, but the interest income is taxable in your hands. The interest income from post office MIS used to be tax free under section 80L, but that section has been withdrawn from April 1 At the time of opening the scheme you can give in your bank account details, and interest will be automatically credited to your bank every month. There is a provision that allows you to transfer your money from one post office to another.

So, if you opened your account in one post office, and moved to another place you can fill up a transfer form with them, and move your scheme to another post office. This scheme is meant for people who are looking for an ultra safe investment and a regular source of monthly income on top of it. A lot of retired people will fall under this category, and if you fall under that category then you need to evaluate other options like the Senior Citizens Savings Scheme before you invest in this scheme.

Generally retired people make use of it. Hi Friend, This scheme is very useful for those who have money to invest and they want to play a safe game, POMIS will give regular return on regular intervals and we can get the money back after the decide period. I would like you to comment on Postal MIS with interest going to monthly Postal Recurring Deposit scheme…instead of cumulative FD in a bank…. Let me try my hands on that, but I am off for vacation for most of the remaining month, so it will take a long time.

I now realise that Interest from MIS, when goes to Postal RD, the yield for 5 year term is I research a lot on this long back. Take a look at this link on their official website- http: The thing that turned me on was the option to reinvest the monthly interest as a recurring deposit — which will make it Deposit in Monthly Income Scheme and invest interest in Recurring Deposit to get Above scheme operates automatically, if you open a saving bank account and give a request for automatic transfer of Monthly Income Scheme interest to Recurring Deposit through Saving Bank account.

For ease of monthly interst calculations investments in mulltiples of Rs. How can we ensure that the money received as monthly interest is depostited in the RD account every month by the agent. Hi, Just to add, Now you have the option of extending the postal RD upto a period of 10 years The six Year maturity value to Correspond with the MIS maturity date for RS10 RD is The RD will last for 10 years, or the MIS can be extended for another 6 years, could you please elaborate?

Firstly, my applauds for such a useful site… I would also like to get some clarity on the how the RD works. It would be great if explained by an example. Thanks Kunal — Recurring Deposits involves depositing a sum monthly, and then having it compound, and grow for a fixed period. You can open a RD with a bank or a post office. As per the link provided by Dear Nataraj, if we invest say Rs.

From RD Maturity — Rs. The question I have is, for Rs. So, monthly 10 Rs. Can somebody add more light? This is the URL: Can I add top-up to my existing MIS Scheme. Please give the procedure for it. Can I do it online? As far I am aware, you can have deposit of Rs: It is a good and Safe investments and highly recommend everyone for utilising this investment limit to the fullest, if you are not requiring the fun in the near future.

The interest earned is taxable, and to the best of my knowledge there is no way to avoid that. Ordinarily it is taxable though. There will be no tax on the principal amount invested, but you will have to pay tax on the bonus amount receivable on maturity, talking about the Monthly interest earned on the MIS it is fully taxable and advisable to show this amount while you file your yearly IT returns.

Thanks for the posts. However, I discovered some problems with the values shown by the calculators on the PO website which I am explaining below. The maturity value for the RD assumes that the RD runs for 6 years whereas in reality it only runs for 5 years, in which case the interest is Rs. The RD effectively matures an year earlier than the MIS. So I am not sure the percenatge interest being shown actually is accurate. Hi, Now you have the option of extending the RD up to 10 years though your MIS account will not earn interest if it stays beyond the stipulated 6 years.

Now the post office allows auto debit from MIS account to RD. You can give automatic credit to your SB and draw and pay everyyear annually for which you will get a reabate of rupees for every thousand for annual payment.

My quesion is to you, on redemption of Post office MIS scheme How I treat the bonus part on redemption should I treat long term capital gain and take the benefit of indexation. Please advice on this issue. What tax treatment is to be made for above receipt? Once again I reconfirmed with my PO Agent and she also confirmed that the discontinuation of Bonus will not affect old PO MIS i.

Here is a link for reference. KRISHNAN even he had raised his concern over the scrapping of bonus but in an immediate reply to his post itself he had cleared that the Bonus on Maturity remains unaltered for PO MIS opened prior to Dec Find below the excerpts from his post for reference.

As per Notification i have read to day no. Therefore the interest of existing ongoing account holders stands unaltered. One may visit post office web site and see the notitification No. DO any body knows this? After maturing RD or MIS account do post office return back the money through the agent if we have given signed documents or is it compulsory the person should present for withdrawel? I have suficiant amount iin co operative bank and i want my money deposit in post office as mis.

Tell me the proceedure. What are you trying to do? You can invest up to Rs. Aur income tax to dena hi padega chahe jitna bhi investment ho. Hi Manshu, First of all i would like to Thank you for taking time to answer all of our questions, i really appreciate it!. Like others i too have a question, My Father opened a MIS account on my name 3 years ago, now it is time to encash the MIS principal and the interest that was going into the linked SB account.

I investedin mis and renewal was jan,by mistake cannot do it on time but do it on the month of may now I want know can I get monthly income from jan to april,kindly clear me.

Please check with the post office — they will let you know how to handle the situation a lot better than anyone on this forum. I hope you will not get the MIS interest amount for the period of JAN to APR, but you will recieve the interest amount applicable to Post office Saving Account i.

For more information you can check out the clause 9A in the below link. My mother had opened MIS account in Post Office for Rs. On maturity datei. Bonus amount has not been paid to her. Please clarify whether the bonus amount is admissible to her or not.

December 8, the government reintroduced the bonus option on maturity in the scheme but with a lower rate i. Your mother opened the MIS in MAY which is the period during which Bonus was discontinued hence bonus has not been paid.

I hope this is the reason your mother was not entitled for a maturity bonus. Sir, I invested in 6 year MIS on Now upon maturity I am told by the post office that during that investments during that period for few months do not attract maturity bonus. I invite your kind attn to my query posted just now. In it please read the date of investment as Sorry for the trouble.

Your PO is right in your matter, Maturity Bonus is not applicable for your MIS. For more information you may please refer my reply to the query of Shri. Aman Wadhwa, it is in the same context. The maturity bonus remained discontinued for the investments done on or between Febryary 13th, and December 7th, My querry relates to income tax.

I am given to understand that the INTEREST income from the said M. Please give me a confirmed information as someone has to file tax return. Please clarify whether the Maturity Bonus received under the Post Office Monthly Income Scheme is taxable or tax free.

KBR DHAWAN on You say that the Bonus amount is Taxable. May I know, under what authority you confirm your statement. Is there any Section confirming your reply? DG Posts letter No. Therefore, the same cannot be treated as capital gains. It is unfortunae from the point of depositer bcause…any scheme once entered will not be changed till its maturity. Hi kjsarma… As far as I know, POMIS interest and bonus was always taxable even before April 1, Thank you for your response.

On the same web page the below content is displayed for your information, to state that tax was imposed only from 1. Prior to April 1,one used to get a tax deduction of Rs. That ways interest earned over and above Rs. The difference lies in the language used to tell people that upto Rs. Interest income has always been taxable and TDS is never applied on POMIS. So I think nobody stands a chance to appeal against this Govt.

Is anyone else having this problem or is it a issue on my end? If a lady has invested Rs. Hi Karan… As per notification no. But the taxability of the interest income from POMIS joint account depends on the source of capital invested. If the son is not minor and his income has also been used to make the investment, then the interest income should be taxable in the hands of both the applicants in the proportion of the capital invested.

Regret to inform but you online brokers penny stock claim deduction under section 80C for PO MIS. Instead you are liable to pay taxes for the Interest earned for the particular financial year. I want to take Small Saving Agency in karnataka. Hi Rahul… It is an old article.

The current interest rate on POMIS is 8. If I want to invest 4. Thanks Manshu,but considering limit of 4. Any references would be highly appreciated. I made a mistake in fully understanding your question. The interest already paid on this excess amount will be recovered or adjusted. Thanks for the reply. Still confused regarding the bonus.

Why the Post office will pay bonus for full Rs 9 lakhs while Rs 4. If there is any issue in keeping the deposit as it is and no excess deposit is withdrawn. After maturity the deposit amount can be taken on the name of the surviving depositor.

As per the Manual, the bonus is payable on maturity even if the account holder is not alive. No interest will be paid on the excess amount from the date of death of the joint depositor. The interest already paid on this excess amount will also be recovered or adjusted.

My nitro+ forex mt4 indicator review has a similar case that is being discussed here. Could you give a link that provides this rule? I mean where can I find this manual?

I have an account with my father but now we are both moving to different cities. I have invested Rs. In case I want to invest more amount in MIS as and when any amount is availble with me in future, it seems I have to open a separate Account instead of adding the new amount to my alrwady existing MIS Accounts.

It is very uncomfortable as the accounts are going to be splitted up and I will have to maintain a number of Accounts till I complete the amount of 4. Instead of having No. This will help the customer in maintaining only one Single Account than a number of Accounts.

Hi Sujatha… One suggestion would be to open a Post Office Recurring Deposit account in which rate of interest is similar at 8. You need to get a savings account opened with the post office and you can get the monthly interest transferred into that account.

Cheque book facility is also there with the post office. I also want binary options trading signals itm review invest Rs. Hi Arun, A single Post Office Uk binary options strategies for beginners trading pdf download account can be opened for a maximum of Rs.

Three persons can open three single accounts for Rs. These three persons can invest Rs. I have a post office mis jointly with my husband.

I am the second holder. Can I add the interest to my source of income rather than his? If the whole of the contribution is made option trading price discovery and earnings news dissemination the first holder, then it millionaire by stock market be added to the income of the first holder.

So, you can show the interest income as your income, if the whole of the investment was made by your source of funds. Can MIS in P. I heard that there is no bonus for the amount invested. Hi Rajan, Maturity period of Post Office MIS is 5 years at present and it carries 8. Also, it is true that bonus is not payable on MIS anymore.

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Please check this link for more details: I have also a S. Account in the same Post Office standing single holder by name. Now the monthly interest can be drawn through auto credit in to saving account standing my single name at same post office? One opened during nov. Forex mini account canada depositor has deceased.

Can the nominee keep the deposits until maturity to avail bonus? Since, no penalty for claim before maturity, will the PO force us to withdraw and what will happen to bonus? As per the Post Office rules, in the event of death of the depositor, the MIS account will have to be closed and the deposit will get paid to the nominee along with the interest due.

Hi, After 5 years the total sum will be depostited back to the savings account or if desired it can kept for further in MIS scheme. If yes how many years it can be kept in MIS.

With Post Office MIS, if you do not withdraw your deposit on maturity, then simple post office savings bank interest gets paid for a maximum period of 2 years from the date of maturity. For the latest information go to: SirI want to know thatIs it possible to take loan either from my deposited MIS amount 9 lakh or from post office as loan?

Loan facility is not available against Post Office MIS deposit. You can have loan against PPF though, if you have PPF account. Please tell me the procedure and deductions.

I have deposited Rs. Can I get the monthly interest deposited in the savings bank of SBI or ICICI Bank as I am not in a position to go to post office monthly to withdraw the money.

You can open a new post office savings account and get the monthly interest transferred to it. Can I open two accounts in two different post office to the amount of rs 4. Hi, could you pls give me an eg. Hi My name is Biswajit from west Bengal earn money egold there is an urgent requirement earn money egold money due to my sister marriage next week. I am into MIS since 4 months. Is there any way out to withdraw the mis or take a loan against my deposit of Please help me guys its very urgent.

In case of MIS interest is paid monthly, so at the end i. Hi Vivek, Bonus has been discontinued by the government in Post Office MIS w. I invested ona sum of Rs. How much I will get at the end including bonus etc. Sir I deposited Rs. Both were done through the same agent. Now the post office Vasco says the entire 9 lakhs had to be joint holding. They say they will recover the interest paid to me in the second account joint holding i. Leela, With Post Office MIS, you can deposit a maximum no kill animal shelters in stockton california Rs.

In your case, it is more than Rs. I am looking for compound interest plan, is there any plan as such in which I can earn near to 1 Cr Rs at the end of my 55 I am 24 now. Try recurrent deposit of Rs. Would give you Rs. Premature withdrawal is not permitted in Post Office MIS account. However, you can get it closed prematurely.

There are penalty provisions in case of premature closure, so you should not expect any bonus in case hot nasdaq stocks buy decide to close it before maturity. I have to deposit a Cheque of MIS after maturity into my accoutn but it was lost and time period of three months validity of cheques also passed now what should i do to re issue my cheque from post office so that i can now deposit it within time.

Account can be opened in the name of a minor. Minor of 10 years and above age can open and operate the account. So yes for the elder daughter,but no for the younger one.

Pl refer to http: Dear Sir, I would like to know whether both Joint Holders of MIS Account Total Rs. Dear sir If I deposit rs. Deposit should be in multiple of Rs. But my father expired on 25 the September The account stops after death. You can claim forex pamm account forum amount of Rs. Form is available at: Change Savings to MIS in the heading.

Dear Sir, my father opened a mis joint account with my mother at post office.

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After completion can I Invest all the maturity amount through Post office MIS. How much I can get per month. You can ask for the precise procedure at the post office.

As since no bonus will be provided under this scheme. I am a joint holder of mis with my mother. Can she alone withdraw the mis on maturity or my presence is requried. Iam getting the MIS int regularly in uninted bank of India,may I get the matured amount with bonus in the same bank directly on request. I am getting MIS int in ubi ,may Iget the matured amount in the same bank on request. Hello Sir, I have invested Rs.

Kindly give me the explaination. I am account holder with my two yelder brother but i have not a pass book of the account and they not give me a any type of money. Plz sugess me what i can do or process to stop the payment? MIS interest stopped going to designated bank account of your choice. I wen thrice to open the account.

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Everytime there wee hurdles including printer out of order, staff leave, come after three month of open SB Account. How can the Post Office babus think of starting bank service when they never really worked in life. I am a victim of dumping Rs 3 L in park street, Kolkata PO and not able to collect even interest after Dec when the Post Master sent a letter advising me to open the SB Account which they never open.

I need your help urgently. Actually my father did a MIS of Rs in our local post office. My father died on June and I have the death certificate of my dad. Also I have got my all KYC documents. Can you let me know the process of redeeming post office savings after maturity? Can the withdrawal be made from another branch? In shifting residence I have lost the pass books for the MIS of the postoffice scheme which i invested. Now i need to claim as the investments have matured. Please tell me what to do.

Siras per IT act A TDs to be deducted by post office on credit of interest to payee when interest amt exceed Then, why TDs is not deducted by off. Sir post offiCe clerk ne total mis kar di jo ki singal name meiu Honie jhi ye kah kar di ke koi far nahi partha agent ko kah diya. Ab 1month bad interest ke time post master kha raha ye to galt ho gaya. Dear Sir, In the procedure to withdraw the MIS Account amount Joint Holders ; do we need to submit MIS Passbook to Post Office?

Dear Sir, my MIS in Goregaon PO is matured this month but they are not giving cheque. They say it will be transferred to PO saving account l.

I do not have a PO savings bank account. How can I get my matured MIS. Can the nominee sign and get back the maturity amount or the maturity amount can be transferred to mis holders account with nominees signature with account holders authorisation. How the interest is to be taken in to their account which filing their respective income tax return? On the other hand PO processed this transaction as Death claim and prepared cheque worth Rs. What is correct procedure to handle this situation?

Hello sir, My father opened an mis in Mumbai 5 years back and now it is matured. He wants to widthdraw it but the passbook is in another city in my brothers house. Can he request for transfer in his local post office and widthdraw the amount with his certificate number? Now, from this month the above post offices refuse to pay MIS by withdrawal slip else they insist me to open a Savings account in that PO.

I came to know that in your recent circular, while opening account in Park Street HPO, they told me that as per recent circular received by them on But the other POs insist me to open an account with them.

Please tell me how many PO accounts will be opened by me? Can I transfer all my deposits from other POS to a single Po? Can I invest Rs the 1st month and then different amounts such as or the next months. My MIS interest lying with Kolkata GPO and this account is due after 6 years i. I had opened a MIS account for Rs. Please clarify thru my e-mail. Sir My self omparkash.

Claim ka prossiger bato WO medem to mana kr rehi h k mujhe iske claim k bare m nhi pata aap kisi or sinior department m baat karo iske liye …. I am nominee in one of the Post Office MIS deposit of my aunt, who expired last year in June. The deposit will mature in If i retain the MIS till maturity whether i will be entitled to interest rate of the MIS?

If yes, can i ask post office to credit monthly interest in my SB account with Post Office. Both they have joint MIS account in post with deposit of 4. So far I had not checked this interest. Could you please clarify what was the rate applicable for deposits in ? If yes can anything be done? Notify me of followup comments via e-mail.

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How to change the color of a bar graph in excel? Decoupling is evident in the long run. Great — glad you found that link, which even Dhruva shared. Hi, Firstly, my applauds for such a useful site… I would also like to get some clarity on the how the RD works. So Net Gain in 6 Years is Rs.

Extra Interest of Rs. Hi Rahul — thanks for the excellent comparison you have done! Many Thanks to the writer and the followers for sharing very vital information about MIS. Online for the post office? You have the option of DIRECT CREDIT to your ANY SAVING account with any bank. Hi Chaps, Thanks for the posts. Thanks a lot for answering that! Does the PO provide a accrued interest certificate for filling IT Returns on RDs? Hi My quesion is to you, on redemption of Post office MIS scheme How I treat the bonus part on redemption should I treat long term capital gain and take the benefit of indexation.

Yes, to the best of my knowledge it is taxable. Nov 30, at Thanks for pointing out the mistake. You will have to go to a post office and figure it out — they will explain it to you.

What do you mean by owner? What exactly are you trying to find out here? Dear Sir had visited post office today to update my POMIS passbook, there i heard the officer telling another investor that Bonus has been withdrawn wef 13 Febcan you please clarify regarding Bonus on POMIS Scheme. With Best Regards Ashwin Reply. I investedin mis and renewal was jan,by mistake cannot do it on time but do it on the month of may now I want know can I get monthly income from jan to april,kindly clear me Reply.

Dear Sir, I invite your kind attn to my query posted just now. Thank you, Sir for your kind reply.

Sunil… It is as per DG Posts letter No. Tax on Post Office MIS There is no TDS on the Post Office MIS, but the interest income is taxable in your hands. You are most welcome Karan! Hi Srithar… You need to contact the Post Office for the exact procedure. What if one of joint account holders of MIS dies? Should joint account still be continued? Please transfer the account in your name in such a case.

Dear Shiv, Thanks for the reply. Thanks Shiv, Please suggest — If there is any issue in keeping the deposit as it is and no excess deposit is withdrawn. Hello, My brother has a similar case that is being discussed here. Ten Years; a minor of 10 years and above age can open a Post Office MIS account. What is the process of transfer of a joint account?

Similarly, a guardian can open a separate account on behalf of each minor for Rs. What is the charges on maturity of MIS if mode of payment is by cheque.? Hi Sanket, I dont think there are any charges. Pl clarify on the above sir, Reply. Hi Kan S, As per the Post Office rules, in the event of death of the depositor, the MIS account will have to be closed and the deposit will get paid to the nominee along with the interest due.

Hi Kumar, With Post Office MIS, if you do not withdraw your deposit on maturity, then simple post office savings bank interest gets paid for a maximum period of 2 years from the date of maturity. I want to open an mis of rupees 4lac what is rate of interest now. Hi Abhishek, It is 8. Roughly it is Rs. PL ignore the above comment. You need to contact the post office guys to get the details of maturity proceeds. Dear Sir, I am looking for compound interest plan, is there any plan as such in which I can earn near to 1 Cr Rs at the end of my 55 I am 24 now.

May I know which bank is offering this? Year Rate Interest Scheduled Deposits Balance 1 8. You should approach the post office and request them to reissue the maturity cheque to you.

Can she alone withdraw the mis on maturity or my presence is requried Reply. You would be required to sign the withdrawal form. You physical presence is not required. Sorry, you need to contact the post office in your area for your queries.

Iam getting the MIS int regularly in uninted bank of India,may I get the matured amount with bonus in the same bank directly on request Reply.

I am getting MIS int in ubi ,may Iget the matured amount in the same bank on request Reply. I want to invest rs per month what should I do…. Please help me Reply.

Hi all, I need your help urgently. Please suggest me what should I do in this situation. Thanks, — S Ghosh Reply. Then, why TDs is not deducted by off Reply. Sir i am intersted in mis scheme plz suggested to mis scheme Reply. Post Office clerk ki compliant kaha kare. How can I get my matured MIS Reply. Dear Sir, Can you please clarify the following: Please note my father is living in ranchi Reply. I want to invest money for monthly income plz call me Reply.

Interest should be increased more. Bonus ,after maturity must be increased minimum 10percent. My question is as under. Cancel reply Leave a Comment.

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