There is going to be a change in the rules of the post office from April 1, 2022. It has been said by the Department of Posts that before March 31, Senior Citizen Savings Scheme, MIS and TD accounts should be mandatorily linked with PO bank or bank account. If this is not done, now the post office will not pay the rate of interest under these accounts in cash. Either they have to deposit the money by check or in the bank.
The post office has said in its issued instructions that the accounts of these savings scheme will have to be linked with the savings account of the bank or post office. Otherwise, the outstanding interest will be paid by check only. Whereas interest on MIS/SCSS/TD accounts for non-collection of cheque will be credited only to the account holder’s PO savings account or bank account with effect from 01.04.2022.
The Department of Posts in its circular has said that account holders of Senior Citizens Savings Scheme (SCSS) who have not linked their savings account for credit of their monthly/quarterly/annual interest and interest payable may be deprived of several benefits. , furthermore information has been given that if they get linked MIS/SCSS/TD. So many benefits are given to them.
What will be the benefits
Explain that the depositors can get these accounts linked to the PO by visiting their nearest post office. In the post office, you will have to give information about your account and investment savings scheme. After which the scheme will be linked to your account.