Post Office Savings Schemes: The postal department said that the interest money will be deposited only in the post office savings scheme or bank account of the account holder.
If the account holder does not link his savings account with Senior Citizen Savings Scheme, Monthly Income Scheme and Term Deposit account, then the interest due will be paid only by depositing it in the post office savings account.
Interest in cash will no longer be given on Post Office Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSC) and Term Deposit. Now interest money will come in the account itself. The Department of Post Office says that such account holders should link their post office savings or bank account with these accounts. The new rule has come into force on 1 April 2022.
In a notification, the Department of Posts said that the interest money will be deposited only in the post office savings scheme or bank account of the account holder. Now the facility of paying interest in cash has been discontinued.
If the account holder does not link his savings account with Senior Citizen Savings Scheme, Monthly Income Scheme and Term Deposit account, then the outstanding interest will be paid only by depositing it in the post office savings account or will be paid through cheque.
Bank account can be linked like this
To link his bank savings account with post office term deposit, the depositor will have to submit an ECS form along with a canceled cheque or a copy of the front page of the bank account passbook and MIS/SCSS/TD account passbook for verification.
How to Link Post Office Savings Account
In case of Post Office Savings Account, the account holder has to submit Form SB-83 (Automatic Transfer-Standing Instruction) for linking MIS/SCSS/TD Account with his Post Office Savings Account with his MIS. Apart from this, Post Office Savings Account Passbook is also necessary for verification.
no change in interest rates
The government has not made any change in the interest rates on various small savings schemes. Under this, at present 7.6 percent interest is being received in Sukanya Samriddhi Yojana, 7.4 percent in Senior Citizen Saving Scheme, 7.1 percent in PPF. On the other hand, SBI’s 5-10 year fixed deposit is getting 5.50 percent interest. The interest rates for small savings schemes are reviewed on a quarterly basis.
