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Post Office savings schemes: What changes for MIS, SCSS and FD account holders


Beginning April 1, 2022, the interest on Post Office MIS, SCSC or term deposit will not be handed out in cash but rather in the savings accounts. The department of Post, hence, emphasised that such account holders should link their post office savings account with these accounts.

In a notification, the department said, “The interest will only be credited only in the account holder’s post office savings account or bank account. In case the account holder is not able to link his/her savings account with Senior Citizen Savings Scheme, Monthly Income Scheme and Term Deposit accounts, the outstanding interest should be paid only through credit in post office savings account or by cheque.”

Benefits of linking your savings account to MIS, TD, SCSS

  • Interest credited to a savings account earns additional interest if it is not withdrawn directly from an MIS/SCSS/TD account.
  • Depositors can withdraw their interest without having to visit a post office and can use it in a variety of ways, including electronic means.
  • Avoiding the need to fill out multiple withdrawal forms for each MIS/SCSS/TD account.
  •  Depositors may avail of the facility of automatic credit of interest amount from their MIS/SCSS/TD accounts through PO Savings Account to RD accounts.

 

 



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