New Delhi: Ministry of Posts has decided to compulsorily link PO savings account or bank account to credit interest payment for Senior Citizen Savings Scheme, MIS and TD accounts and the latest date to do so is 31st March 2022 .
He stated that payment of cash interest will not be permitted from the MIS/SCSS/TD miscellaneous office account from April 1, 2022. He further stated that in the event an account holder does not is unable to link his savings account with MIS/SCSS/TD accounts until 31.03.2022 and 1 interest credited to various MIS/SCSS/TD office accounts, unpaid interest shall be paid only by credit to the PO savings account or check. Interest on MIS/SCSS/TD accounts will only be credited to the account holder’s savings account or bank account from 01.04.2022. (Also read: State Bank of India shares 5 tips to keep your ATM safe – Check out)
The Post Office Department in its circular said that SCSS account holders who have not linked their savings account (either a PO savings account or a bank account ) for the credit of their monthly/quarterly/annual interest and interest due in these accounts are left unpaid in various office accounts.
In addition, the circular observed that MIS/SCSS/TD account holders will be able to enjoy the following benefits by linking a savings account (either a PO savings account or a bank account) for interest payment.
a. Interest credited to the savings account will earn additional interest, if interest is not withdrawn directly from MIS/SCSS/TD accounts.
b. Depositors can withdraw the interest due without going to the post office and use it through various electronic means.
vs. Filling out multiple withdrawal forms for each MIS/SCSS/TD account can be avoided.
D. Depositors can benefit from the automatic credit facility of the interest amount from their MIS/SCSS/TD accounts through the PO savings account to the RD accounts.
You should note that the PO savings account or bank account, in which interest payment is desired by the depositor of the MIS/SCSS/TD accounts, can either be a unique account type of the depositor(s) or a joint account in which the depositor(s) of the MIS/SCSS/TD accounts must be one of the depositors or guardians of the savings account.