POST OFFICE SAVINGS SCHEME UPDATE: Without account linking you won’t get interest payment from April 1, Know more here
India Post has decided for mandatory linking of either PO Savings Account or Bank Account for crediting of interest payment of Senior Citizens Savings Scheme, MIS and TD accounts. The last dates to link accounts are 31 March 2022.
The notification said that the interest payment in cash will not be allowed from MIS/SCSS/TD office account from 1 April 2022 if it is not linked to their Savings Account with MIS/SCSS/TD. The outstanding interest must be paid only through PO Saving Account or by Cheque.
Interest on MIS/SCSS/TD accounts will be credited only in the account holder’s PO Savings Account or Bank Account with effect from 01.04.2022. The notification also listed the benefits of linking their office account to a savings account. Some of the benefits are:
- Customers will earn additional interest if the interest amount of MIS/SCSS/TD accounts is not withdrawn.
- Customers can withdraw the interest without physically visiting the Post Office by online banking.
- Filling multiple forms for each MIS/SCSS/TD account can be avoided.
- Customers can avail the facility of automatic credit of interest amount from their MIS/SCSS/TD accounts through PO Savings Account to RD Accounts.
The savings account can be a single user account or a joint account.
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