From April 1, 2022, the interest money of schemes like Monthly Investment Scheme of the Post Office will not be paid in cash. A notification has also been issued by the post office regarding this. That is, to get interest in the new financial year, now you have to link your bank account or post office savings account with these schemes. If you do not do this then you may have to suffer loss.
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In the notification issued by the department, it has been said that the interest money will now be credited to the post office savings account or bank account only. If investors link a bank account or post office savings account with Senior Citizen Savings Scheme, Term Deposit or Monthly Income Scheme, they will be paid by cheque.
What are the benefits of linking an account?
1- If the interest money is transferred to the account, then additional interest will also be available.
2- Investors will be able to withdraw the interest money without going to the post office.
3- Filling too many will also give a discharge.