Q. Is there a maximum limit on the investment I can make in a post-office MIS account?
Yes, the maximum investment limit (effective 1st March, 2000) on single and joint MIS accounts is Rs 3 lakh and Rs 6 lakh, respectively.

Q. What is the minimum investment in the monthly income scheme?
The minium investment in the Monthly income scheme w.e.f. July 18, 2000, has been revised downwards to Rs. 1000 and mutliples of Rs. 1000 thereof. Prior to this date, the scheme had a miminum investment of Rs. 6000 and multiples thereof.

Q. What if I fail to collect my monthly due in a particular month ?
You can always collect your monthly interest in the next month, but it shall not earn any additional interest for you. If you have a savings bank account in the same post office, you can authorise them to credit the monthly interest automatically to your savings bank account.

Q. I opened an MIS account two years back; now I am in urgent need of money. Can I close the account prematurely and withdraw my money?
Yes, you can certainly do that. As your account has been in operation for more than one year, you can withdraw all your money alongwith the interest earned by you till the preceding complete month; the penal deduction made would be equal to 5% of the deposit made by you.

Q. I did not opt for availing of the nomination facility at the time of opening my MIS account; can I appoint a nominee now or at a later point of time?
Nomination can always be made anytime during the tenure of the MIS account in a prescribed form available with the post master.