Post Office Alert: The government has changed some rules related to bank deposits with effect from April 1, 2022. The government has made it mandatory to use savings accounts to deposit monthly, quarterly, annual interest in MIS, SCSS and Time Deposit accounts. So if you are withdrawing the interest earned on Post Office Monthly Income Account (MIS), Senior Citizen Savings Scheme and Fixed Deposit Accounts (Time Deposit) as cash then you are not like that. will do. The government has changed the rules from 1 April 2022.
According to the new circular of the Department of Posts, “Interest on MIS/SCSS/TD accounts will be credited only to the PO Savings Account or Bank Account of the account holder with effect from 01.04.2022. In case an account holder is not able to link his/her savings account with MIS/SCSS/TD accounts by 31.03.2022 and interest is credited to MIS/SCSS/TD Miscellaneous office accounts, then the outstanding interest will be paid through credit only. Should be done in PO Savings Account or by Cheque. Interest payment in cash from MIS/SCSS/TD Miscellaneous Office Account will not be allowed with effect from 01.04.2022.
Also read- What is the mathematics of tax on income from interest, who gets relief, understand the full account
Benefits of linking savings account with MIS, TD, SCSS..
Interest deposited in savings account attracts additional interest if it is not withdrawn directly from MIS/SCSS/TD account.
Depositors can withdraw their interest without visiting the post office and can use it through various modes including electronic means.
Avoiding the need to fill multiple withdrawal forms for each MIS/SCSS/TD account.
Depositors can avail the facility of automatic credit of interest amount from their MIS/SCSS/TD accounts to RD accounts through PO Savings Account.
Tags: bank account, Interest paid, Post Office, Post Office MIS, Savings accounts
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