Step‑by‑Step Guide to Opening a Joint Post Office MIS Account

Getting started with the Post Office Monthly Income Scheme is a hassle‑free process. Follow these steps to set up a joint account that can generate up to ₹9,250 a month.

1. Eligibility – Both applicants must be Indian residents aged 18 years or older. 2. Documentation – Carry a government‑issued photo ID (Aadhaar, PAN, or passport), proof of residence (utility bill or bank statement), and two passport‑size photographs. 3. Visit the nearest post office – Submit the MIS application form, available at the counter or online for download. 4. Deposit – The scheme allows a minimum investment of ₹1,000. For a joint account, the combined limit is ₹15 lakh; you may split the amount as you wish between the co‑owners. 5. Receive the passbook – The post office will issue a passbook showing the principal, interest rate, and the date of first interest credit. 6. Monthly payouts – Interest of 7.4% per annum is credited each month. The amount can be collected in cash at any post office or transferred to a linked bank account. 7. Maturity – After five years, the principal is returned without any further interest.

Remember, early withdrawal before the completion of the five‑year term will attract a penalty of 2% (year 1‑3) or 1% (year 3‑5). In case of death of an account holder, the remaining balance passes to the nominee named in the application.