Question 1

What is the Post Office Monthly Income Scheme (MIS)?

Accepted Answer

Post Office MIS is a government-backed savings scheme that provides a fixed monthly income on your deposit. It has a 5-year lock-in period and pays interest monthly, making it ideal for retirees and risk-averse investors seeking regular income.

Question 2

What is the maximum deposit limit in Post Office MIS?

Accepted Answer

The maximum deposit limit for a single account is Rs 9 lakh, and for a joint account it is Rs 15 lakh. The minimum deposit is Rs 1,000.

Question 3

Is Post Office MIS taxable?

Accepted Answer

Yes, the monthly interest income from Post Office MIS is taxable as per your income tax slab. However, TDS is not deducted at source. You must declare the interest income in your tax return.

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