Can a MIS account be prematurely closed?
Ans : A MIS account can be prematurely closed at any time after the expiry of a period of one year from the date of opening of such account subject to the condition that – i) If the account is closed on or before expiry of 3 years of opening of such account, an amount equal to 2% of the deposit shall be deducted and remainder paid to him. ii) If the account is closed after expiry of 3 years from the date of opening of such account, an amount equal to 1% of the deposit shall be deducted and remainder paid to the depositor.
