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

Beginning April 1, 2022, the curiosity on Post Office MIS, SCSC or time period deposit won’t be handed out in money however relatively within the financial savings accounts. The division of Post, therefore, emphasised that such account holders ought to hyperlink their publish workplace financial savings account with these accounts.

In a notification, the division mentioned, “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 financial savings account to MIS, TD, SCSS

Interest credited to a financial savings account earns further curiosity if it’s not withdrawn immediately from an MIS/SCSS/TD account.Depositors can withdraw their curiosity with out having to go to a publish workplace and might use it in a wide range of methods, together with digital means.Avoiding the necessity to fill out a number of withdrawal varieties for every MIS/SCSS/TD account. Depositors could avail of the ability of automated credit score of curiosity quantity from their MIS/SCSS/TD accounts via PO Savings Account to RD accounts.

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