What is Post Office MIS (Monthly Income Statement) Account?
This kind of account, like most post office schemes, can be opened by both cash and cheque.
The interest rate is 7.4% per annum, compounded monthly and paid.
This account also offers a nomination facility.
Maximum three adults can hold a joint account, all account holders have equal share and rights.
The account can be transferred from one post office to another.
An individual can open the account with a minimum of Rs. 1000 and make deposits in multiples of Rs. 100. The maximum investment limit in a single account is Rs. 4.5 lakh and Rs. 9 lakh in joint accounts.