Post Office Schemes: If you also invest in Post Office Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS) or Post Office Time Deposit (Time Deposit or TD), then there is very important news for you.
Actually, there are many people who have not linked their Post Office Savings Account or Bank Account with their MIS, SCSS, TD and in such case the interest earned is not paid in various Office Accounts.
Link before April 1, 2022
According to the post office, with effect from April 1, 2022, the interest earned on these schemes will be credited only to the investor’s post office savings account or the bank account linked to the scheme. Explain that in these schemes, depending on the option chosen by the investors, regular interest is earned monthly, quarterly or annually.
The Department of Posts in its new circular said, “It has come to notice that some MIS/SCSS/TD account holders have not linked their savings account for their monthly/quarterly credit. As such, the interest on MIS/SCSS/TD accounts is is unpaid and lying in various office accounts.Furthermore, it has been observed that many TD account holders are not even aware of the annual interest payment of TD accounts.
Know the process of linking
In case of Post Office Savings Account, the account holder has to submit Form SB-83. It will link MIS/SCSS/TD accounts with PO savings accounts. Apart from this, MIS, SCSS, TD account passbook and post office savings account passbook will also have to be carried for verification.
In case of a bank account, the person has to submit an ECS-1 form (ECS mandate form) along with a canceled check or a copy of the first page of the bank account passbook in which he wishes to deposit the interest amount. Apart from this, MIS, SCSS, TD account passbook and post office savings account passbook will also have to be verified.
