Are You Saving in Postal Small Savings Schemes? Here’s a Big Update For You !

Postal Small Savings Schemes are meant for conservative investors who prefers guaranteed and steady income through those deposits. Even though these deposits offer returns far below the inflation rate, even today there are some set of people who still prefers post office small savings.

What’s up to now for Postal small savings schemes– Up to now postal customers need not mandatory hold postal savings a/c. They can invest in Post Office Monthly Income Scheme(POMIS),Senior Citizen Savings Schemes(SCSS), Post Office Time Deposits(POTD)and Recurring Deposits(RD) irrespective of linking their savings a/c to these deposits.

What Postal Department Noticed – As there is no need to link their postal savings a/c to small savings schemes, postal department has noticed that many customers are withdrawing money in liquid form(Physical Cash) where as in bank deposits the maturity proceeds would be credited to the savings a/c.

Postal Department Decision On Linking Savings a/c– To bring uniformity in financial transactions likewise banks, from here on-wards the maturity proceedings of small savings schemes would be credited to the postal savings a/c.

So if you already have postal savings a/c you need not bother, just verify whether your customer id is linked to your small savings schemes or not!

What if you don’t have Postal Savings a/c till now– If you are saving in postal small saving schemes, but don’t have postal savings a/c till now, Hurry on! Postal Department has put deadline to postal customers to link their postal savings a/c with their small savings schemes on or before March 31st,2022.

So don’t delay to link your savings a/c to your deposits a/c(if already had savings a/c)or else open postal savings a/c as soon as possible as the last date to link the both is March 31st,2022. So Hurry!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: