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Small Savings
Post Office MIS vs Senior Citizen Savings Scheme (SCSS)
Both POMIS and SCSS are sovereign-backed central government savings schemes. SCSS offers a higher 8.2% interest rate and 80C tax deduction for individuals aged 60+, while POMIS (7.4%) has no age restrictions and pays out monthly.
Monthly Payout
Post Office MIS (Monthly Income Scheme)
Guaranteed Monthly Cash Flow for All Ages
Expected Return7.4% p.a. (Paid Monthly)
Risk LevelZero Risk (Sovereign Central Govt Guarantee)
Lock-In5 Years Tenure
TaxabilityInterest is fully taxable (No 80C rebate)
Pros
- No age bar (Any adult or minor through guardian can open)
- Monthly interest directly credited to savings account
- Joint account limit of up to ₹15 Lakhs (₹9L single)
- 100% sovereign government capital safety
Highest Return
Senior Citizen Savings Scheme (SCSS)
Highest Sovereign Return with Section 80C Benefits
Expected Return8.2% p.a. (Paid Quarterly)
Risk LevelZero Risk (Sovereign Central Govt Guarantee)
Lock-In5 Years (Extendable by 3 Years)
TaxabilityDeposit eligible for Sec 80C (up to ₹1.5L)
Pros
- Highest government yield at 8.2% p.a.
- Generous maximum deposit limit of ₹30 Lakhs (₹60L for couple)
- Section 80C tax rebate on principal investment
- Can be extended in blocks of 3 years indefinitely
Detailed Parameter Comparison Matrix
| Parameter | Post Office MIS (Monthly Income Scheme) | Senior Citizen Savings Scheme (SCSS) | Winner |
|---|---|---|---|
| Interest Rate (p.a.) | 7.40% | 8.20% | Senior Citizen Savings Scheme (SCSS) |
| Payout Frequency | Monthly | Quarterly | Post Office MIS (Monthly Income Scheme) |
| Max Deposit Limit | ₹9 Lakhs (Single) / ₹15L (Joint) | ₹30 Lakhs (Single) | Senior Citizen Savings Scheme (SCSS) |
| Tax Benefit (Sec 80C) | None | Up to ₹1.5 Lakhs | Senior Citizen Savings Scheme (SCSS) |
| Age Requirement | Open to All (18+) | 60+ Years Only | Post Office MIS (Monthly Income Scheme) |