Savings scheme

Link the bank account to the MIS, SCSS and TD system and enjoy THESE advantages, here’s how to do it

Those who have invested in the Post Office Monthly Income Scheme (MIS), Post Office Time Deposits (TD) or Senior Citizen Savings Scheme (SCSS) regularly receive cash interest on the plan they have chosen. It can be monthly, quarterly or annually.

But now the Post Office has changed the scheme and asked individuals to link their postal savings account or bank account to their TD, SCSS and MIS so they can receive interest directly into their bank account. This plan came into effect on April 1, 2022.

The Department of Posts made this decision to encourage digital transactions, combat money laundering and prevent fraud. The last date to link a savings account was March 31, 2022.

How to link MIS/SCSS/TD with a bank account?

To link a savings account to a postal term deposit, customers must submit the ECS form and void cheque. Apart from this, the first page of the bank account passbook and MIS/SCSS/TD account passbook should be presented for verification.

How to link the Postal Savings Account to the MIS/TD/SCSS?

The holder of a postal savings account must submit Form SB-83, which is a request for standing instruction for automatic transfer. It will link the PO savings account to the MIS/SCSS/TD accounts.

Benefits of linking your savings account to MIS, TD, SCSS

If your MIS account is linked to a savings account, account holders can withdraw their money at any time without going to the post office. Other than that, account holders will be freed from the hassle of filling a separate form to withdraw money and the interest money will be credited automatically.

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The Department of Posts of the Ministry of Communications has issued a circular which states:

a) Interest credited to a savings account earns additional interest if not withdrawn directly from an MIS/SCSS/TD account.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.

The government kept interest rates constant on various small savings schemes. Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme and PPF are among the small savings schemes which currently offer 7.6%, 7.4% and 7.1%, respectively. SBI’s 5-10 year fixed deposits, on the other hand, attracted interest rates of 5.50%. Interest rates for small savings are revised on a quarterly basis.

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