Big news for post office investors, no interest payment in cash on other schemes including fixed deposits from April 1

The Department of Post said that some account holders of SCSS, MIS and term deposits have not yet linked their savings accounts.

Interest will not be paid in cash from 1st April 2022.

if you post office depositor ,Post Office depositors) then this is big news for you. The Department of Post has issued a circular and made a big announcement regarding interest payment. It has been said in this circular that from 1st April 2022, the Post Office Monthly Income Scheme (MISSenior Citizen Saving Scheme (SCSS), Post Office Fixed Deposit (Term Deposit) but the interest will not be paid in cash. Interest will be paid only in the post office savings account or bank account of the account holder. If an account holder has not linked his/her bank details with Senior Citizen Savings Scheme, Monthly Income Scheme or Term Deposit, then the total interest will be paid either by check or in his/her post office savings account.

The Department of Post said that some account holders of SCSS, MIS and term deposits have not updated their savings account yet. Apart from the post office, the savings account can also be in the bank. Interest in these schemes is paid on monthly, quarterly and yearly basis.

Many term deposit holders are not even aware of the interest

According to the circular, many term deposit account holders are not even aware that interest is being paid to them. The interest amount for all these schemes is deposited in the Sundri office of the post office. It further states that this has been made necessary for the purpose of better control over the post office savings bank operations, to promote digital transactions, to prevent any kind of money laundering. If the post office account or bank account is linked with all these savings schemes, then illegal activity can be stopped.

Interest amount earns no interest

For information here, let us tell you that if your Senior Citizen Saving Scheme, Monthly Income Scheme or Term Deposit is open in your post office, then no interest is available on the interest. This means that the interest money will be deposited in your account like dead money. In such a situation, it is better to take out that money and use it in other works.

The hassle of filling the form will end

If the interest money goes directly to your bank account, then the depositor will not even need to fill multiple forms from time to time to get the interest income for different schemes. Depositors can also take advantage of automatic interest payment by linking bank accounts.

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