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Fixed & recurring deposits

National Savings (Monthly Income Account) Scheme (NSMIS)

Government of India five-year monthly-income scheme through Indian Bank, with 7.4% p.a. rate shown for April–June 2026, ₹1,000 multiples and rule-based premature-closure deductions.

General rateNSC, KVP, PPF and SCSS rates are notified by the Government of India for the applicable period. The reviewed page states SSA 8.20% p.a. for FY 2024-25 Q1, NSMIS 7.4% p.a. for April–June 2026 and NSTDS 6.9%/7.0%/7.1%/7.5% p.a. for 1/2/3/5 years; use the current Government/Indian Bank schedule before investing.Senior-citizen rateSCSS is itself a senior-citizen scheme. The other Government schemes do not publish a separate senior-citizen premium on the reviewed page.Tenure / programmeNSC 5 years; KVP 115 months (9 years 7 months); PPF 15 years; SCSS scheme tenure/rules apply; SSA deposits 15 years with maturity after 21 years; NSMIS 5 years; NSTDS 1, 2, 3 or 5 years.
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Quick eligibility check

National Savings (Monthly Income Account) Scheme (NSMIS)

0 of 3 answered

Answer what you know. This guide compares your answers with the criteria published for this product; it is not an approval decision. Your answers stay on this device.

1Does your age meet this requirement: Single adult, up to three joint adults, minor aged 10+ or guardian may open?

2Do you meet this requirement: NRIs, PIOs and HUFs are not eligible?

3Document checkDo you have this required document or proof: NSMIS form, KYC, PAN/Form 60 and minor/guardian documents where applicable?

0 of 3 answeredAnswer the remaining questions to see your checklist result.
✓ Manually checked 31 Aug 2026 · active
Offered byIndian Bank

India

Key facts

What the official sources publish

Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.

Tenure / programmeNSC 5 years; KVP 115 months (9 years 7 months); PPF 15 years; SCSS scheme tenure/rules apply; SSA deposits 15 years with maturity after 21 years; NSMIS 5 years; NSTDS 1, 2, 3 or 5 years.View source
The Government Deposit Schemes page publishes each scheme's period and maturity rule.
Source
Government Deposit Schemes
Page / section
; ; ; ; SSA; NSMIS; NSTDS
Accessed
31 Aug 2026
Confidence
high
Open official source ↗
General rateNSC, KVP, PPF and SCSS rates are notified by the Government of India for the applicable period. The reviewed page states SSA 8.20% p.a. for FY 2024-25 Q1, NSMIS 7.4% p.a. for April–June 2026 and NSTDS 6.9%/7.0%/7.1%/7.5% p.a. for 1/2/3/5 years; use the current Government/Indian Bank schedule before investing.View source
The page identifies Government-notified rates and prints the quoted scheme-period rates.
Source
Government Deposit Schemes
Page / section
Interest-rate rows for , SSA, NSMIS and NSTDS
Accessed
31 Aug 2026
Confidence
high
Open official source ↗
Senior-citizen rateSCSS is itself a senior-citizen scheme. The other Government schemes do not publish a separate senior-citizen premium on the reviewed page.View source
The page defines eligibility and does not state a separate premium for the other schemes.
Source
Government Deposit Schemes senior-citizen review
Page / section
eligibility; other scheme features
Accessed
31 Aug 2026
Confidence
high
Open official source ↗
Minimum / deposit amountNSC/KVP ₹1,000 in ₹100 multiples with no maximum; PPF ₹500 in ₹50 multiples up to ₹1,50,000 per financial year; SCSS ₹1,000 minimum and ₹30 lakh maximum; SSA ₹250–₹1,50,000 per financial year; NSMIS/NSTDS ₹1,000 and multiples.View source
The official page publishes each scheme's minimum, multiple and ceiling where applicable.
Source
Government Deposit Schemes
Page / section
Minimum investment/amount rows
Accessed
31 Aug 2026
Confidence
high
Open official source ↗
Withdrawal / refund termsNSC/KVP/PPF/SCSS/SSA/NSTDS withdrawal or premature-closure rules follow the respective Government scheme rules; NSMIS publishes a 2% deduction within three years and 1% after three years. SCSS explicitly disallows loans against the deposit.View source
The page prints NSMIS deductions and the no-loan rule; other scheme-specific rules are referenced by the Government scheme.
Source
Government Deposit Schemes
Page / section
Withdrawal, premature closure and loan rows
Accessed
31 Aug 2026
Confidence
high
Open official source ↗
Payout / redemptionNSMIS pays interest monthly after one month; NSTDS compounds quarterly and pays annually; SSA compounds annually; NSC/KVP/PPF/SCSS follow their Government scheme maturity and interest rules.View source
The page publishes monthly NSMIS, annual NSTDS and annual SSA crediting details.
Source
Government Deposit Schemes
Page / section
Frequency of computing interest; NSTDS interest; SSA features
Accessed
31 Aug 2026
Confidence
high
Open official source ↗

Benefits and features

  • Five-year tenure
  • 7.4% p.a. shown for April–June 2026 quarter
  • ₹1,000 minimum and multiples
  • Monthly interest after one month from deposit
  • Premature closure deduction 2% within three years or 1% after three years
  • Nomination up to four nominees

Eligibility

  • Single adult, up to three joint adults, minor aged 10+ or guardian may open; , and are not eligible.

Passing a listed condition does not mean the bank will approve an application.

Documents the bank lists

  • NSMIS form, , /Form 60 and minor/guardian documents where applicable

Related official documents

Indian Bank deposit and small-savings rate referencesofficial-rate-sheet · current · accessed 31 Aug 2026
↗
Government Deposit Schemes — Indian Bankofficial-product-page · current · accessed 31 Aug 2026
↗

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Deposit maturity estimate

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Money at maturity₹1,50,058one lakh fifty thousand fifty-eight rupees
Money you put in₹1,00,000one lakh rupees
Interest earned₹50,058fifty thousand fifty-eight rupees

This is only an estimate, not a bank or insurer offer. The final amount can change because of taxes, fees, rate changes and provider rules.

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Ordinary Current Account · Minimum / balance ₹5,000 metro/urban; ₹2,500 semi-urban/rural

This value is copied from Indian Bank accounts and Government small-savings — published terms. Check the table notes before relying on it.

Source: Current Account; PMJDY; Government Deposit Schemes · Complete published tables Open official source ↗

Published tables

Complete rates, limits and schedules

Tables preserve every reviewed row and column from the cited official source.

Table 1 · 10 rows · 6 columnsIndian Bank accounts and Government small-savings — published termsView tableHide table

Scroll sideways to view every column

Indian Bank accounts and Government small-savings — published terms
ProductMinimum / balanceTenureRate / payoutWithdrawal / facilitiesEligibility
Ordinary Current Account ₹5,000 metro/urban; ₹2,500 semi-urban/ruralOpen-endedNo interest published; //RuPay debit card subject to eligibility; digital transactions excluded from account-keeping chargesIndividuals, proprietors, firms, companies, trusts, , societies
PMJDY / BSBDANil balance; nil shortfall chargeOpen-endedSavings schedule applies; free digital banking25 free cheque leaves/year; free mandatory Indian citizens; individual account
Small AccountNil balance; nil shortfall chargeOpen-endedSavings schedule applies; free mandatory Withdrawal slips/passbook; simplified Individuals meeting small-account rules
VIII₹1,000 + ₹100 multiples; no maximum5 yearsGovernment-notified rate; maturity under rulesMultiple accounts; Internet Banking/IndSMARTAdults, guardians and minors aged 10+; no /
₹1,000 + ₹100 multiples; no maximum115 monthsGovernment-notified rate; maturity under rulesMultiple accounts; Internet Banking/IndSMARTAdults, guardians and minors aged 10+; no /
₹500–₹1,50,000/year15 yearsGovernment-notified rate; annual creditNomination up to four; Internet Banking/IndSMARTIndividuals/guardians; no /
₹1,000–₹30,00,000Government scheme tenureGovernment-notified quarterly rate; taxable interestNo loan against deposit; nomination; Internet BankingQualifying senior citizens/retirees; no //
Sukanya Samriddhi₹250–₹1,50,000/yearDeposit 15 years; maturity 21 years8.20% shown for FY2024-25 ; annual compoundingUp to 50% education withdrawal after published milestone; section 80CGuardian for girl child below 10
NSMIS₹1,000 multiples5 years7.4% p.a. Apr–Jun 2026; monthly payout2%/1% premature-closure deduction by period; nominationAdult, joint adults, minor 10+ or guardian; no //
NSTDS₹1,000 multiples1/2/3/5 years6.9%/7.0%/7.1%/7.5% p.a. Apr–Jun 2026; annual payoutFive-year term qualifies for section 80CAdult, joint adults, minor 10+ or guardian; no //
Current Account; PMJDY; Government Deposit Schemes · Complete published tables · accessed 31 Aug 2026Open official source ↗

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