BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Account can be opened by cash/Cheque and in case of Cheque the date of realization of Cheque in Govt. account shall be date of opening of account.
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Nomination facility is available at the time of opening and also after opening of account.
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Account can be transferred from one post office to another.
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All of the above are silent features of Post Office MIS Accounts
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Detailed explanation-1: -Post Office Monthly Income Scheme Account (MIS) (iv) a minor above 10 years in his own name. (i) Account can be opened with minimum of Rs. 1000 and in multiple of Rs. 1000. (ii) A maximum of Rs. 4.50 lakh can be deposited in a single account and 9 lakh in Joint account.
Detailed explanation-2: -It is a low-risk MIS and generates a steady income. You can invest up to Rs. 9 lakh individually or Rs.15 lakh jointly, and the investment period is 5 years. Capital protection is its primary objective. The interest rate for January-March 2023 is 7.10% per annum, payable monthly.
Detailed explanation-3: -The Post Office Monthly Income Scheme (POMIS)’s limit has been enhanced to Rs 9 lakh from Rs 4 lakh for single account holders, according to Budget 2023. In case of joint holding, the limit has been increased to Rs 15 lakh from Rs 9 lakh. A person who opens an MIS will receive a monthly income in the form of interest.
Detailed explanation-4: -The annual interest rate being 6.60% gives a fixed monthly income of Rs. 550. And, at the end of the scheme tenure, you will get your deposited money back.