Starting April 1, 2022, the curiosity on Submit Workplace MIS, SCSC or time period deposit is not going to be handed out in money however reasonably within the financial savings accounts. The division of Submit, therefore, emphasised that such account holders ought to hyperlink their submit workplace financial savings account with these accounts.
In a notification, the division stated, “The curiosity will solely be credited solely within the account holder’s submit workplace financial savings account or checking account. In case the account holder isn’t capable of hyperlink his/her financial savings account with Senior Citizen Financial savings Scheme, Month-to-month Earnings Scheme and Time period Deposit accounts, the excellent curiosity needs to be paid solely by means of credit score in submit workplace financial savings account or by cheque.”
Advantages of linking your financial savings account to MIS, TD, SCSS
- Curiosity credited to a financial savings account earns extra curiosity if it isn’t withdrawn straight from an MIS/SCSS/TD account.
- Depositors can withdraw their curiosity with out having to go to a submit workplace and may use it in quite a lot of methods, together with digital means.
- Avoiding the necessity to fill out a number of withdrawal varieties for every MIS/SCSS/TD account.
- Depositors could avail of the power of automated credit score of curiosity quantity from their MIS/SCSS/TD accounts by means of PO Financial savings Account to RD accounts.
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