This news is significant for those putting resources into small saving funds plans of the post office . From first April 2022, you can not pull out the premium pay procured on Post Office Monthly Income Scheme ( POMIS ), Senior Citizens Savings Scheme ( SCSS ) and Term Deposit Accounts in real money.
Government has made it compulsory to utilize investment account for keeping month to month, quarterly, yearly premium if there should be an occurrence of MIS, SCSS, Time Deposit accounts. In small investment plans like Monthly Income Scheme, Senior Citizen Savings Scheme Account or Time Deposit Account, the investor needs to necessarily open a post office bank account or account.
Premium on MIS, SCSS, TD accounts may be credited to the account holder’s post office investment account or financial balance with impact from April 1, 2022.If an account holder can’t link the bank account with MIS, SCSS, Time Deposit accounts by March 31, 2022, the extraordinary premium will be paid by credit or check to the PO bank account as it were.
As per the media report , with impact from April 1, 2022, premium installment in real money from Monthly Income Scheme, Senior Citizen Savings Scheme Account or Time Deposit Account won’t be permitted.
When is the interest paid
Under the 5-Year Monthly Income Scheme (MIS), the premium is paid uniquely consistently while in the 5-Year Senior Citizens Savings Scheme Account (SCSS), the premium is paid on a quarterly premise. Premium is paid on a period store account just on a yearly premise.
Process to link investment account with MIS/SCSS/TD accounts-
Post Office Savings Account– In case of Post Office Savings Account, the account holder can profit programmed move facility for connecting MIS, SCSS, Time Deposit accounts.
Bank Account– if there should arise an occurrence of Bank Account, the contributor needs to present the ECS Mandate Form alongside a dropped check or a duplicate of the primary page of the passbook of the financial balance for crediting the premium sum.
Advantages of linking bank account with MIS/SCSS/TD account-
- If premium isn’t removed straightforwardly from MIS, SCSS, Time Deposit accounts then extra premium will be accessible on premium kept in investment accounts.
- Contributors can pull out due interest without visiting the post office and can utilize something similar through various electronic means.
- Topping off of different withdrawal structures for every one of the MIS, SCSS, Time Deposit records can be kept away from.
- Investors can benefit the office of programmed credit of interest add up to Recurring Deposit (RD) account through Post Office Savings Account from their MIS, SCSS, Time Deposit accounts.
