Que.1: Can a depositor open more than one P.O.M.I.S. account?
Ans: Yes. A depositor may open more than one account subject to the condition thatdeposits in all accounts taken together shall not exceed the prescribed limit.
Que.2: Can joint MIS account be opened by 3 persons?
Ans : A joint MIS account can be opened by 2 and 3 persons and in such case, the share of the individual account holder will be ½ or 1/3 of the total deposits as the case may be. The maximum amount that can be deposited in a joint account opened with 2 or 3 persons will however be Rs.9,00,000/- only.
Que.3: Whether a depositor is entitled for bonus on MIS?
Ans : No bonus shall be paid on the deposits made in the POMIS account opened on or after 13th Feb. 2006. However, bonus will be paid on all the accounts already opened before 13th Feb. 2006, on their maturity.Government of India announced bonus @ 5% on M.I.S.accounts opened on or after 8th December 2007. No bonus shall be paid on the deposits made in the accounts opened on or after the Ist day of December, 2011.