However, the Department of Posts has learned that many people have not linked their postal savings account or bank account to their MIS, SCSS, TD and accrued interest in such cases is not paid to various accounts of office. The ministry has indicated that from April 1, 2022, interest generated by these schemes will only be credited to the postal savings account or the bank account linked to the investor’s scheme.
According to the latest circular from the Ministry of Posts, “Interest on MIS/SCSS/TD accounts will only be credited to the PO savings account or account holder’s bank account from 01.04.2022. In the event that an account holder is unable to link their savings account with MIS/SCSS/TD accounts until 31.03.2022 and interest is credited to various MIS/SCSS/TD office accounts, interest outstanding amounts shall be paid only by credit to PO savings account or by check Cash interest payment is not permitted from the account of various MIS/SCSS/TD offices as of 01.04.2022.”
Ministry of Communications, Department of Posts, in its latest circular, said: “It has been noticed that some MIS/SCSS/TD account holders have not linked their savings account (either a PO savings account or a bank account) for the credit of their monthly/quarterly payments./annual interest and interest due on these MIS/SCSS/TD accounts are not paid to various office accounts. Additionally, it has been observed that many cardholders TD account depositors are unaware of the annual interest payment of TD accounts, and many MIS/SCSS/TD account depositors are unaware that undrawn interest will earn no interest.
Further, he said, “In order to provide the above benefits to MIS/SCSS/TD account holders, to have better control over POSB operations, promotion of digital transactions, prevention of money laundering activities of money and as a preventive measure to avoid fraud, the competent competent authority has decided to compulsorily link the PO savings account or the bank account to credit the interest payment of the MIS/SCSS/TD accounts. »
According to Circular, these are the benefits of linking your savings account to MIS, TD, SCSS;
a) Interest credited to a savings account earns additional interest if not withdrawn directly from an MIS/SCSS/TD account.
b) Depositors can withdraw their interest without having to visit a post office and can use it in various ways, including electronic means.
c) Avoid having to complete multiple withdrawal forms for each MIS/SCSS/TD account.
d) Depositors can request automatic credit of interest amounts from their MIS/SCSS/TD accounts to RD accounts through the PO savings account.
How to link postal savings account to MIS, TD, SCSS
In the case of a postal savings account, the account holder must submit Form SB-83 which is a request for standing instruction for automatic transfer. It will link the MIS/SCSS/TD accounts to the PO savings account. With his MIS, SCSS, TD account passbook for such endorsement, and post office savings account passbook at post office for authenticity verification.
How to link a bank account to MIS, TD, SCSS
In the case of a bank account, the person must present an ECS-1 form (ECS mandate form) accompanied by a canceled check or a copy of the first page of the bank account passbook on which they wish to have credit the amount of interest, as well as his MIS, SCSS, TD account book for such endorsement at the post office.
Note that if an account holder is unable to link their savings account with MIS, SCSS, TD accounts by March 31, 2022 and interest is credited to various office accounts, the unpaid interest will be paid only by credit to a PO savings account. or by check. Interest will no longer be paid in cash after April 1, 2022.
“The PO savings account or bank account, in which interest payment is desired by the depositor of the MIS/SCSS/TD accounts, can either be a single account type of the depositor(s) or a joint account type wherein the depositor(s) of the MIS/SCSS/TD accounts should be one of the depositors or custodians of the savings account,” the Post Office Department circular said.
