Post office New Rule: Interest on MIS, SCSS, TD accounts will be deposited only in the post office savings account or bank account of the account holders from April 1, 2022.
Post office New Rule: If you invest in the Small Savings Scheme of the Post Office, then this news is for you only. Your pocket is going to have a deep impact from April 1. In small savings schemes like Post Office Monthly Income Scheme, Senior Citizen Savings Scheme and Time Deposit Accounts, investors will have to compulsorily open a Post Office Savings Account or Bank Account.
These changes will happen from April 1
In small savings schemes like Monthly Income Scheme, Senior Citizen Savings Scheme Account or Time Deposit Account, the investor has to compulsorily open a post office savings account or bank account. Interest on MIS, SCSS, TD accounts will be credited only to the post office savings account or bank account of the account holders from 1st April 2022.
Actually, if an account holder does not link the savings account with MIS, SCSS, TD account by March 31, 2022, then the outstanding interest will be paid only through credit or check in the post office savings account.
According to the notification issued by the government, from April 1, interest payment will not be allowed in CAS in Monthly Income Scheme, Senior Citizen Savings Scheme Account or TD Account.
How to Link Savings Account to MIS/SCSS/TD Account
Post office savings account
Account holders can avail Automatic Transfer service to link MIS, SCSS, TD accounts for Post Office Savings Account.
Bank account
For a bank account, the depositor has to submit the ECS mandate form along with a canceled check or a copy of the first page of the bank account passbook for depositing the interest amount.
