No subsequent deposit should be accepted in the same account. 3 lakh in a single account and Rs. 6 lakh in a joint account. The tenure of the MIS scheme is six years. No final withdrawal will be permitted in the account before the expiry of a period of 6 years from the date of opening of account.
Interest is payable, monthly, to a depositor after one month from the date of deposit.
If a depositor does not claim interest earned in a given month, no additional interest would be paid on it. If authorised by a depositor, the monthly income earned can be credited automatically to the savings bank account held by the depositor in that post office. This facility is not available in sub and branch post offices. Premature closure of the account is permitted any time after the expiry of a period of one year of opening the account. Provided that no such deduction shall be made if the account is closed after expiry of 3 years from the date of opening of such account.