PERSONAL FINANCE
The use of Savings Account for credit of monthly/quarterly/yearly interest for three Post Office schemes is becoming mandatory from April 1, 2022.
Post office schemes serve as some of the best investment options for Indians, giving guaranteed, handsome returns on investment. The interest received in three post office schemes will not be done in cash from April 1, 2022, as per a recent official circular.
The Post Office has decided to discontinue the practice of paying interest in cash on the Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS) and the Term Deposits (TD) from next month. From April, the interest in MIS, SCSS and TD accounts will be credited only in the PO Savings Account or Bank Account of the accountholder.
Link your account immediately for hassle-free interest payment
Making the use of Savings Account (either PO Savings Account or Bank Account) mandatory for credit of monthly/quarterly/yearly interest for the three deposits, the Post Office observed that some of these accountholders have not linked their savings account or credit of their interest. The interest of these accountholders remains unpaid and in sundry office account, the circular said.
The Department of Post also observed that many Term Deposit account holders are unaware of annual interest payment on their deposits and, similarly, many depositors of all these schemes are unaware that the interest that remains undrawn shall not earn any interest.
Read | Earn huge monthly income from Post Office - Know how
Benefits of linking MIS, SCSS, TD accounts to PO savings or Bank account
The move aims to promote digital transactions, prevent money laundering activities and act as a preventive measure to avoid frauds. Accountholders get the following benefits by linking:
What happens if linking is not done by deadline?
If the accountholder is unable to link their Savings Account with the MIS, SCSS or TD accounts by March 31, the outstanding interest will only be paid through credit in PO Savings Account or by Cheque.
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