The transfer was introduced after the Centre seen that some SCSS account holders haven’t linked their financial savings accounts which could be both PO Savings Account or Bank Account for credit score of their month-to-month/quarterly/yearly curiosity. Thereby, curiosity due within the SCSS account has been left unpaid within the sundry workplace account.
Also, the federal government noticed that many depositors of SCSS weren’t conscious that undrawn curiosity shall not earn any curiosity.
Thereby, to make sure residents have been availing full advantages of linking financial savings accounts for curiosity cost, the federal government determined that curiosity on SCSS shall be credited provided that the account holder has linked it with PO Savings account or checking account with impact from April 01, 2022. In case, if SCSS accounts aren’t linked with the PO Savings account as much as March 31, 2022, and curiosity is a credit score to sundry workplace accounts, then the excellent curiosity needs to be paid solely by credit score in PO Savings Account or by Cheque. It must be famous that, the curiosity cost won’t be in money from SCSS sundry workplace account with impact from April 01, 2022. This has been obligatory!.
Linking SCSS accounts with PO Savings accounts comes with quite a lot of advantages. For occasion, curiosity credited in a financial savings account will earn further curiosity, if curiosity isn’t withdrawn immediately from SCSS account. Also, depositors can withdraw due curiosity with out visiting the submit workplace and use the proceeds by numerous digital means too. Not simply that, it will likely be much less time-consuming as properly since submitting up a number of withdrawal varieties for every SCSS account may also be averted. Furthermore, depositors can avail the power of automated credit score of curiosity quantity from their SCSS accounts by PO Savings Account to RD accounts.
Following tips have been introduced by the federal government:
CEPT, Chennai will present a listing of these lively SCSS accounts
not linked with financial savings account to all of the Circles and CPC (CBS). Further, Circles is directed to arrange a particular drive to hyperlink financial savings accounts with SCSS accounts for curiosity cost both by issuing a request letter or contacting these account holders.
Account holders are given the choice of getting pursuits from SCSS/TD accounts credited into their Post Office Savings Account or Bank Account.
It is directed that an account holder, in case of Post Office Savings Account, should submit SB-83 Form for linking SCSS accounts with PO Savings accounts alongside along with his or her passbook for such an endorsement, and his Post Office Savings Account passbook to the submit workplace for the aim of verifying authenticity. The authorities has acknowledged that mandatory remarks needs to be made within the SCSS passbook on the final web page of the passbook with signature and stamp.
However, within the case of a Bank Account, she or he ought to submit an ECS-1 Form together with a canceled cheque or copy of the primary web page of the passbook of the Account by which she or he needs to get the curiosity quantity credited alongside along with his or her SCSS account passbook for such an endorsement on the submit workplace involved.
The Centre has requested India Post Payments Bank (IPPB) to plan an analogous foolproof system to facilitate its clients avail curiosity credit score from SCSS accounts into their IPPB Savings Account, and inform the Department in order that the identical shall be knowledgeable to all involved.
What is the Senior Citizen Savings Scheme (SCSS)?
SCSS is a government-owned financial savings scheme meant for benefitting senior residents above the age of 60 years.
Under the scheme, the aged can earn about 7.4 % each year. Interests are paid on thirty first March, thirtieth June, thirtieth Sept and thirty first December yearly relying upon the tenure an account holder has chosen for incomes pursuits.
Only a one-time deposit is allowed within the scheme in multiples of Rs1,000 and could be prolonged to a most of Rs15 lakh. The account could be opened in a person capability or collectively with a partner solely. However, within the case of a joint account, the lump-sum deposit shall be attributable to the primary account holder solely.
As per the phrases and circumstances of the scheme, if an account holder doesn’t declare the curiosity payable each quarter then such curiosity won’t earn further curiosity.Depositors in Senior Citizen Savings Scheme (SCSS) should hyperlink their accounts to Post Office financial savings or checking account earlier than March 31, 2022, to earn pursuits seamlessly on their cash deposited. The authorities has introduced that curiosity earned on SCSS shall be credited solely within the accounts linked with the PO Savings or checking account from April 01, 2022. In case, if SCSS isn’t linked with the PO financial savings or checking account, then curiosity shall be credited to the sundry workplace accounts.
The transfer was introduced after the Centre seen that some SCSS account holders haven’t linked their financial savings accounts which could be both PO Savings Account or Bank Account for credit score of their month-to-month/quarterly/yearly curiosity. Thereby, curiosity due within the SCSS account has been left unpaid within the sundry workplace account.
Also, the federal government noticed that many depositors of SCSS weren’t conscious that undrawn curiosity shall not earn any curiosity.
Thereby, to make sure residents have been availing full advantages of linking financial savings accounts for curiosity cost, the federal government determined that curiosity on SCSS shall be credited provided that the account holder has linked it with PO Savings account or checking account with impact from April 01, 2022. In case, if SCSS accounts aren’t linked with the PO Savings account as much as March 31, 2022, and curiosity is a credit score to sundry workplace accounts, then the excellent curiosity needs to be paid solely by credit score in PO Savings Account or by Cheque. It must be famous that, the curiosity cost won’t be in money from SCSS sundry workplace account with impact from April 01, 2022. This has been obligatory!.
Linking SCSS accounts with PO Savings accounts comes with quite a lot of advantages. For occasion, curiosity credited in a financial savings account will earn further curiosity, if curiosity isn’t withdrawn immediately from SCSS account. Also, depositors can withdraw due curiosity with out visiting the submit workplace and use the proceeds by numerous digital means too. Not simply that, it will likely be much less time-consuming as properly since submitting up a number of withdrawal varieties for every SCSS account may also be averted. Furthermore, depositors can avail the power of automated credit score of curiosity quantity from their SCSS accounts by PO Savings Account to RD accounts.
Following tips have been introduced by the federal government:
CEPT, Chennai will present a listing of these lively SCSS accounts
not linked with financial savings account to all of the Circles and CPC (CBS). Further, Circles is directed to arrange a particular drive to hyperlink financial savings accounts with SCSS accounts for curiosity cost both by issuing a request letter or contacting these account holders.
Account holders are given the choice of getting pursuits from SCSS/TD accounts credited into their Post Office Savings Account or Bank Account.
It is directed that an account holder, in case of Post Office Savings Account, should submit SB-83 Form for linking SCSS accounts with PO Savings accounts alongside along with his or her passbook for such an endorsement, and his Post Office Savings Account passbook to the submit workplace for the aim of verifying authenticity. The authorities has acknowledged that mandatory remarks needs to be made within the SCSS passbook on the final web page of the passbook with signature and stamp.
However, within the case of a Bank Account, she or he ought to submit an ECS-1 Form together with a canceled cheque or copy of the primary web page of the passbook of the Account by which she or he needs to get the curiosity quantity credited alongside along with his or her SCSS account passbook for such an endorsement on the submit workplace involved.
The Centre has requested India Post Payments Bank (IPPB) to plan an analogous foolproof system to facilitate its clients avail curiosity credit score from SCSS accounts into their IPPB Savings Account, and inform the Department in order that the identical shall be knowledgeable to all involved.
What is the Senior Citizen Savings Scheme (SCSS)?
SCSS is a government-owned financial savings scheme meant for benefitting senior residents above the age of 60 years.
Under the scheme, the aged can earn about 7.4 % each year. Interests are paid on thirty first March, thirtieth June, thirtieth Sept and thirty first December yearly relying upon the tenure an account holder has chosen for incomes pursuits.
Only a one-time deposit is allowed within the scheme in multiples of Rs1,000 and could be prolonged to a most of Rs15 lakh. The account could be opened in a person capability or collectively with a partner solely. However, within the case of a joint account, the lump-sum deposit shall be attributable to the primary account holder solely.
As per the phrases and circumstances of the scheme, if an account holder doesn’t declare the curiosity payable each quarter then such curiosity won’t earn further curiosity.
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