Retirement Planning: According to the new rules of the Post Office, interest in cash on some accounts will stop. The new rules related to this will come into effect from April 1.
Retirement Planning: This news is important for the depositors of Senior Citizen Savings Scheme. If you invest money in this government scheme, then you will have to link your account with Post Office Savings Account or Bank Account before March 31, 2021. Otherwise, depositors will not get interest in cash if they do not link.
Let us tell you that according to the new rules of the Post Office, interest in cash will stop on some accounts. The new rules related to this will come into effect from April 1, which includes Senior Citizen Savings Scheme, Monthly Income Scheme and Term Deposit Account.
Loss if not linked
As per the new rules of the post office, Senior Citizen Savings Scheme, Monthly Income Scheme and Term Deposit deposit account holders have not linked their savings account (Post Office Savings Account or Bank Account) for the credit of their Monthly/Quarterly/Annual Interest . The outstanding interest to such customers will be credited through Post Office Savings Account only or interest money will be paid by check through Post Office.
Fill SB-83 Form for Link
Depositors will have to fill up the SB-83 (automatic transfer) form to link these accounts. At the same time, to take advantage of the facility of transfer of interest money, the application will also have to be submitted. After this, to complete the process, he will have to send it to the post office for verification or will have to go by himself.
These documents will be needed
- For linking the customer has to do ECS-1 form Phil.
- A photocopy of the first page of the passbook of the canceled check or the bank in which the account is maintained will have to be given.
- Along with these documents, the passbook will also have to be given to the post office according to your schemes.
