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

Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    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.

    Story first published: Thursday, March 29, 2018, 15:35 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more