The India Post is all set to implement its new rule of interest on savings from the post offices very soon.
As per a Businessworld report, post office savings depositors will not be able to get interest money from Post Office Monthly Investment Scheme (MIS), SCSS and Time Deposit account (TD) in cash soon.
The new rule will come into effect from April 1 as the interest received by the government on Income Scheme Account (MIS), Small savings. Senior Citizen Savings Scheme (SCSS) accounts will thereafter be sent directly to the savings accounts of investors and not in the form of cash, said the report.
This revised guideline will be applicable for everyone whether one takes interest money every month or quarterly or annually.
In the light of the above rule change, investors are asked to link their savings account of the bank or post office with their savings scheme to continue earning interest money.
It must be mentioned here that if an investor does not link both the accounts by March 31, the interest received after April 1 will be deposited in the various office accounts of the post office.
In case, the amount of interest is deposited in the miscellaneous office account, it can only be paid only through post office savings account or cheque.