BANKING AFFAIRS

Detailed explanation-1: -Eligibility of MIS Scheme in Post Office A POMIS account can only be opened by a resident Indian. This system does not apply to non-resident Indians. Anyone above the age of 18 can open an account. You can open an account on behalf of a minor who is 10 years old or older.

Detailed explanation-2: -Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts. Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account. Joint account can be opened by two or three adults.

Detailed explanation-3: -A person can put in a maximum of INR 4.5 lacs in MIS (this includes his/ her share in joint accounts). For calculation of share of an individual in joint account, each joint holder have equal share in each joint account. A Post Office MIS Scheme can be started by an individual.

Detailed explanation-4: -Multiple account ownership: You can open more than one account in your name. But the total deposit amount cannot exceed Rs. 9 lakhs in all of them together. Joint account: You can open a joint account with 2 or 3 people. In this case, an aggregate sum of up to Rs.15 lakhs can be invested in this account.