Rule of the Post Office: From April 1, 2022, interest on Post Office Monthly Income Scheme (MIS), Senior Citizen Saving Scheme (SCSS), and Post Office Fixed Deposit (Term Deposit) will not be paid in cash. Interest will be paid only to the account holder’s post office savings account or bank account.
Postal Regulations: Customers of the post office should be aware of some important news. The rules governing post office savings plans have also changed. The interest rate on post-office savings has now been changed by India Post. If you use the post office, you should be aware of the changes. In addition, the post office has issued a circular and made a major announcement regarding interest payments.
The new rules will go into effect on April 1st.
According to a circular issued by the post office, “interest on Post Office Monthly Income Scheme (MIS), Senior Citizen Saving Scheme (SCSS), and Post Office Fixed Deposit (Term Deposit) will not be paid in cash beginning April 1, 2022.” Interest will be paid only to the account holder’s post office savings account or bank account. If an account holder has not linked his or her bank account to the Senior Citizen Savings Scheme, Monthly Income Scheme, or Term Deposit, the total interest will be paid by check or in his or her post office savings account.
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A link to a savings account is required.
It is worth noting that this rule applies to all post office customers, regardless of whether they receive their interest money monthly, quarterly, or annually. In addition, if a customer has not linked his bank or post office savings account to his savings scheme, he may face problems beginning April 1. To avoid any complications, all customers should link their post office scheme to their savings account before March 31, 2022.
Money will be transferred to the accounts of various offices.
Let us remind you that if you do not link both accounts by March 31, the interest received after April 1 will be deposited in the post office’s various office accounts. Once the interest has been deposited in the miscellaneous office account, it will only be paid through a post office savings account or a cheque. That is, it has the potential to cause you problems.
The interest money is paid monthly in the post office under the 5-year Monthly Income Scheme (MIS). The interest on the 5-year Senior Citizen Saving Scheme (SCSS) is paid quarterly. At the same time, TD account interest is paid on an annual basis.
There is no interest in this sum.
If you have a Senior Citizen Saving Scheme, Monthly Income Scheme, or Term Deposit open at the post office, there is no interest available on the interest. This means that the interest will be deposited into your account as if it were dead money. As a result, by withdrawing this capital, you will be able to do other things.
