new Delhi. There is important news for the depositors of Senior Citizen Savings Scheme. It has become necessary for such depositors to link their accounts with Post Office Savings Account or Bank Account before 31 March 2021. Only then will they get interest. Depositors who do not do so will not get interest in cash.
The post office is going to stop paying interest in cash on some of its accounts. This facility will be closed on these accounts from April 1. These accounts include Senior Citizen Savings Scheme, Monthly Income Scheme and Term Deposit account.
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If you don’t link…
According to Live Mint, the Department of Posts says that some Senior Citizen Savings Scheme, Monthly Income Scheme and Term Deposit deposit account holders have linked their savings account (post office savings account or bank account) for credit of their monthly/quarterly/annual interest. not done. The outstanding interest of those who do not do so will be credited only through the Post Office Savings Account or the interest money will be given by check through the Post Office. As per the circular, it has also been observed that many term account holders are not aware of the annual interest payment of term deposit accounts. Their interest money remains in the post office account.
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Incidents like money laundering will be banned
It has been said in the circular that digital transactions should be encouraged with proper operation of the post office bank, activities like money laundering and money laundering and Senior Citizen Savings Scheme from post office savings account or bank account to protect customers from fraud. It is necessary to link the Monthly Income Scheme and Term Deposit accounts. The interest of these schemes will be credited automatically in the post office savings account or bank account.
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SB-83 form has to be filled for linking
To link these accounts, form SB-83 (automatic transfer) has to be filled. The application has to be submitted to avail the facility of transfer of interest money. The SB Form and Post Office Savings Account Passbook along with your Senior Citizen Savings Scheme, Monthly Income Scheme and Term Deposit Deposit Account passbook will have to be sent or taken to the post office for verification.
these documents required
If the bank accounts are to be linked with Senior Citizen Scheme, Monthly Income Scheme or Term Deposit Scheme, then the customer has to fill the ECS-1 form. Along with this, a photocopy of the first page of the passbook of the canceled check or the bank in which the account is held will have to be given. Along with these documents, the passbook of Senior Citizen Savings Scheme, Monthly Income Scheme and Term Deposit account will also have to be given in the post office.
Tags: personal finance, Post Office, Senior citizen savings scheme
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