Mandatory use of Savings Account for credit of monthly/quarterly/yearly interest in case of MIS/SCSS/TD accounts – SB Order No. 04/2022
SB Order No. 04 /2022 F. No. FS-10/25/2021-FS-DOP Government of India Ministry of Communications Department of Posts (Financial Services Division) Dak Bhawan, New Delhi-110001 Dated: 02.03.2022 To, All Head of Circles/Regions Subject: Mandatory use of Savings Account (PO Savings Account or Bank Account) for credit of monthly/quarterly/yearly interest in case of MIS/SCSS/TD accounts. Sir/Madam, It has come to notice that some MIS/SCSS/TD accounts holders have not linked their savings account (either PO Savings Account or Bank account) for credit of their monthly/quarterly/yearly interest and Interest due in these MIS/SCSS/TD accounts are left unpaid in sundry office account. Further, it has been observed that many TD account holders are not aware of annual interest payment of TD Accounts. Also, many depositors of MIS/SCSS/TD accounts are not aware that undrawn interest shall not earn any interest. 2. MIS/SCSS/TD accounts holders will be able enjoy the following benefits by linking savin...