Archive · 18 Sep 2026
Multiple Post Office MIS Accounts Allowed Within Investment Limits
The Post Office MIS is a savings scheme that pays money every month.
A person can open more than one MIS account.
However, all of that person’s accounts together cannot contain more than ₹9 lakh.
A joint account can hold up to ₹15 lakh.
The current interest rate is 7.4% per year, but the government can review it.
Each account receives only one deposit, so it does not work like a recurring deposit.
The scheme lasts for five years.
An account can be closed early after one year, but some money is deducted.
Investors may open multiple MIS accounts, but the combined individual deposit cannot exceed ₹9 lakh.
The current stated interest rate is 7.4% annually, with interest paid monthly and rates reviewed quarterly.
Joint MIS accounts can hold up to ₹15 lakh and may include up to three adults.
Each MIS account accepts one deposit in multiples of ₹1,000; additional deposits are not permitted before maturity.
The five-year scheme permits premature closure after one year, with deductions of 2% or 1% depending on timing.
- Who
- Individuals, joint account holders, and eligible minors or their guardians may open MIS accounts.
- What
- The rules allow multiple Post Office MIS accounts, subject to overall deposit limits.
- When
- The scheme has a five-year tenure; premature closure is available after one year, and the stated interest rate is reviewed periodically.
- Where
- The accounts are offered through India Post.
- Why
- Investors may use multiple accounts to organize investments or monthly income, but multiple accounts cannot increase the permitted investment ceiling.
- Current interest rate
- 7.4% per annum, payable monthly
- Individual investment limit
- ₹9 lakh across all MIS accounts
- Joint investment limit
- ₹15 lakh
- Minimum deposit
- ₹1,000, in multiples of ₹1,000
- Tenure
- 5 years
- Premature closure
- Allowed after one year; a 2% deduction applies within three years and 1% thereafter
- Account structure
- Single adult or up to three adults jointly; eligible minors may also hold accounts through the stated arrangements