INCOME TAX18 Sept 2026
Can you open multiple Post Office MIS accounts? Here’s what investors must know | Mint
Post Office Monthly Income Scheme (MIS) lets you open more than one account, but your total investment stays capped at ₹9 lakh as an individual and ₹15 lakh for joint accounts. The scheme pays 7.4% a year, monthly. You can split your money across accounts, but one deposit per account only. Check the India Post site before opening.
Key Statutory Highlights
- You can open more than one Post Office MIS account, but the combined investment cannot cross ₹9 lakh for an individual.
- Joint accounts are capped at ₹15 lakh, and each holder's share is counted as half for two adults or one-third for three adults.
- At the current 7.4% rate, a ₹9 lakh investment earns about ₹66,600 a year, which works out to ₹5,550 a month.
Actionable Advice for Taxpayers / Founders:If you plan to spread your money across more than one MIS account, add up all your holdings first to stay within the ₹9 lakh or ₹15 lakh limit, and confirm the current interest rate on the official India Post website before you open an account.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
Share: