Now, You Don't Need To Maintain PO S/B A/c For Small Savings Scheme

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    After investors in small savings schemes were not happy with the idea of maintaining an additional basic savings account with post office for crediting of interest and maturity proceeds from the scheme, the department of Post withdrew its plan of a separate savings account with the Post Office.

    Now, You Don't Need To Maintain PO S/B A/c For Small Savings Scheme

    The ruling has been notified via the office memorandum (OM) of the DoP dated March 23.
    Earlier it was as per the department's OM agreed that the maturity proceeds and interest payments of department run small savings schemes shall be credited in the savings account of the person concerned with the Post office.

    Later in January this year, the mandatory opening of a savings account with the post office while investing in SSS needs to be implemented from April 1 instead of the earlier deadline of January 15, 2018.

    So, in case the post office agent or official asks you to open the new savings account with them while investing in a small savings scheme, until fresh orders come in you can cite the new rule.

    Goodreturns.in

    Story first published: Thursday, March 29, 2018, 15:35 [IST]
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