The National Savings (Monthly Income Account) Scheme, 2019, commonly known as the Post Office Monthly Income Scheme (MIS), is a government-backed small savings scheme with a 5-year tenure. According to reports from Mint, the scheme currently offers 7.4% annual interest, payable monthly, with investment limits of ₹9 lakh for a single account and ₹15 lakh for a joint account. The scheme allows up to three adults in a joint account and permits nomination of up to four nominees with specified shares, while nomination changes and cancellations are now free of charge since April 2025.
When a single MIS account holder dies, the registered nominee can claim the deposit by submitting specific documents as reported by Mint. The required documentation includes a duly filled prescribed claim form, death certificate in original, passbook, Aadhaar details and KYC documents, and other allied documents as per case-specific requirements. When multiple nominees are registered, payment follows their recorded shares, with surviving nominees receiving equal shares if shares are not specified. For joint MIS accounts, surviving holder(s) can continue operating the account subject to applicable scheme rules.
In cases where there is no nomination, legal heirs can claim the money through prescribed settlement options, according to Mint reports. For claims up to ₹5 lakh, India Post permits seamless settlement through an affidavit, indemnity and disclaimer, subject to applicable conditions. However, for claims above ₹5 lakh without legal evidence, a succession certificate from a competent court is required, with disputed claims potentially requiring court-issued legal authority. The scheme emphasizes the importance of updating documents properly to avoid delays and complications in the settlement process.
The investment ceilings were doubled from ₹4.5 lakh per account to ₹9 lakh in 2023, as reported by Mint. The government savings promotion (amendment) rules, 2025, removed the ₹50 fee for cancellation or change of nomination, making it easier for account holders to update their beneficiary information. The scheme also allows premature closure after one year, subject to prescribed deductions, providing flexibility for investors who need access to their funds before the maturity period.
