The Post Office Department has informed that from 1st April, 2022, post offices will stop paying interest on Senior Citizen Savings Scheme (SCSS), Monthly Income Scheme (MIS) and Term Deposit accounts (TDA) in cash. The interest will be credited solely in account holder’s savings account or checking account.
However, some SCSS, MIS and TDA holders haven’t linked their financial savings account for credit score of their month-to-month/quarterly/yearly interest. The division of Post has urged account holder of SCSS, MIS and TDA to hyperlink their Post Office Savings Account or Bank account both for interest cost.
“The interest due in these SCSS, MIS and TDA are left unpaid in sundry workplace account. Further, it has been noticed that many time period account holders are usually not conscious of annual interest cost of TDA Accounts,” the statement mentioned.
Further, for “higher management over Post Office Savings Bank operations, promotion of digital transactions, prevention of cash laundering and as a safety measure against frauds, the competent authority has determined for obligatory linking of both submit workplace financial savings account or checking account for crediting of interest cost of SCSS, MIS and TDA,” the statement added.