There is very important news for those investing in the post office savings scheme. Now you will not be able to take interest on savings schemes in cash.Â
After the implementation of the new rule from April 1, 2022, this amount of interest will be sent to your savings account.
Post Office Linked Account: After the change in the rules of PPF (PPF), now the rules related to the saving schemes of the post office have also changed. India Post has now changed the rule of interest on savings from the post office.
The new rule will be applicable from 1st April 2022
If you take the interest money from Post Office Monthly Investment Scheme (MIS), SCSS and Time Deposit Account (TD) in cash, then this is important news for you. You will no longer get this money in cash from April 1, 2022. The interest received by the government on MIS, SCSS or TD accounts will be sent directly to the savings accounts of investors from April 1.
Make sure to link the savings account
This rule will be applicable for all whether you take interest money monthly, quarterly or annually. If an investor has not linked the savings account of the bank or post office with his savings scheme, then you may have problems from April 1. To avoid any hassle, link the post office scheme with the savings account before March 31, 2022.
Money will go to various accounts
If you do not link both the accounts by March 31, then the interest received after April 1 will be deposited in the various office accounts of the post office. Once the amount of interest is credited to the Miscellaneous Office Account, it will be paid only through Post Office Savings Account or Cheque.
In the 5-year Monthly Income Scheme (MIS), the interest money is paid on a monthly basis. Whereas for the 5-year Senior Citizen Saving Scheme (SCSS), the interest is paid on a quarterly basis. Whereas the interest on TD account is paid on an annual basis.
