I was deemed an NRI few years back, according to Income Tax laws, because I had to be outside India for employment purposes for more than 184 days in a financial year. I had opened a Post Office Monthly Income Scheme (MIS) account when I was back in India. Honestly, back then, I wasn't even aware what constituted an NRI in the eyes of IT dept as we always believed NRIs were those who left India & had no intention of returning as a citizen. Consequently, I wasn't aware of the restrictions on NRI investments in India. I only recently learned while browsing online that NRIs are not allowed to invest in Post Office Savings schemes including MIS & other time deposits!! As of now, I am again a Resident because in FY 2020-21 I was home due to the global pandemic & my stay in India is now more than 182 days in the FY.
1. What are my options now? Should I prematurely close the MIS account? Should I wait for its Maturity?
2. Can I still open a Post Office MIS account if I become a 2nd account holder in a Joint account for MIS along with one of my Resident Sisters? Thank you for your time and help.