The Monthly Income Scheme pays interest each month at the government-notified rate (currently 7.4% p.a.). Tenure 5 years. Maximum deposit: ₹9 lakh single account, ₹15 lakh joint. Interest is taxable.
Monthly income
₹0
Total interest (5 yr)
₹0
Principal returned
₹0
Maturity total
₹0
Quarterly income
₹0
⚠ Exceeds the ₹9L cap for the selected account type.
Quick facts
Tenure: 5 years (premature withdrawal allowed after 1 year with penalty)
Caps: ₹9L single, ₹15L joint, ₹3L minor
Interest: Paid monthly; taxable; eligible for Section 80TTB (seniors) up to ₹50k/year
80C: NOT eligible — POMIS does not get 80C deduction