Savings

What’s changing for MIS, SCSS and FD account holders starting tomorrow

From April 1, 2022, interest on postal MIS, SCSC or term deposit will no longer be paid in cash but on savings accounts. The Post Office Department therefore emphasized that these account holders should link their postal savings account to these accounts.

In a notification, the department said, “Interest will only be credited to the account holder’s postal savings account or bank account. If the account holder is unable to link their savings account Under the Senior Citizen Savings Scheme, Monthly Income Scheme Accounts and Term Deposits, interest due shall only be paid by credit to a postal savings account or by cheque.”

Benefits of linking your savings account to MIS, TD, SCSS

  • Interest credited to a savings account earns additional interest if not withdrawn directly from an MIS/SCSS/TD account.
  • Depositors can withdraw their interest without having to visit a post office and can use it in various ways, including electronic means.
  • Avoid having to fill out multiple withdrawal forms for each MIS/SCSS/TD account.
  • Depositors can benefit from the possibility of automatically crediting the interest amount from their MIS/SCSS/TD accounts via the PO savings account to the RD accounts.

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