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Post Office Savings Scheme: Link bank account with MIS, SCSS and TD scheme and avail THESE benefits, here’s how to do it

Department of Posts has changed the scheme and asked individuals to link their Post Office saving account or bank account with their TD, SCSS, and MIS so that they can receive the interest directly into their bank account.

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Post Office Savings Scheme

Those who have invested in Post Office Monthly Income Scheme (MIS), Post Office Time Deposits (TD), or Senior Citizen Savings Scheme (SCSS) receive interest in cash regularly on the plan they have selected. It can be monthly, quarterly, or on yearly basis.

But now, the Department of Posts has changed the scheme and asked individuals to link their Post Office saving account or bank account with their TD, SCSS, and MIS so that they can receive the interest directly into their bank account. This plan has come into effect on April 1, 2022.

The Department of Posts made this decision in order to encourage digital transactions, combat money laundering, and prevent fraud. The last date to link a savings account was March 31, 2022.

How to link MIS/SCSS/TD with a bank account?

To link a savings account with a post office fixed deposit, customers need to submit the ECS Form and cancelled cheque. Apart from this, the first page of the passbook of the bank account and passbook of the MIS/SCSS/TD account will have to be shown for verification.

How to link Post Office Savings Account to MIS/TD/SCSS?

The account holder of a Post Office Savings Account must submit the SB-83 Form, which is a Standing Instruction application for automatic transfer. It will link the PO Savings Account to the MIS/SCSS/TD accounts.

Benefits of linking your savings account to MIS, TD, SCSS

If your MIS account is linked to a savings account, account holders can withdraw their money at any time without visiting the post office. Apart from this, account holders will be freed from the hassle of filling a separate form to withdraw money and the interest money will be credited automatically.

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Ministry of Communications Department of Posts issued a circular that states:

a) Interest credited to a savings account earns additional interest if it is not withdrawn directly from an MIS/SCSS/TD account.
b) Depositors can withdraw their interest without having to visit a post office and can use it in a variety of ways, including electronic means.
c) Avoiding the need to fill out multiple withdrawal forms for each MIS/SCSS/TD account.
d) Depositors may request automatic credit of interest amounts from their MIS/SCSS/TD accounts to RD accounts via PO Savings Account.

The government has kept interest rates on various small savings schemes constant. Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme, and PPF are among the small savings programmes that currently offer 7.6%, 7.4%, and 7.1%, respectively. SBI’s 5-10 year fixed deposits, on the other hand, drew interest rates of 5.50 percent. Small savings scheme interest rates are revised on a quarterly basis.

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Latest business news

Alphabet’s $32 billion acquisition of Wiz marks biggest cybersecurity push

Alphabet has announced a $32 billion deal to acquire Wiz, reinforcing its cloud security offerings as it competes with AWS and Microsoft Azure.

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Alphabet to acquire Wiz for $32 billion to boost cloud security

Alphabet, the parent company of Google, has announced its largest acquisition to date with a $32 billion deal to buy cybersecurity startup Wiz. The move signals Alphabet’s aggressive expansion in cloud security as it competes with Amazon Web Services and Microsoft Azure in the cloud computing market.

A strategic investment in cybersecurity

The acquisition will integrate Wiz into Google Cloud, reinforcing its security capabilities to help businesses mitigate cyber risks. The deal, which follows Alphabet’s previously unsuccessful $23 billion bid, underscores the company’s commitment to securing a stronger foothold in the cloud security space.

Wiz, an Israel-based firm, provides security solutions that work across major cloud providers, including Amazon Web Services, Microsoft Azure, and Google Cloud. The company has gained significant traction, boasting clients such as Morgan Stanley, BMW, and LVMH.

Regulatory scrutiny and financial impact

Despite the high price tag, Alphabet appears confident in securing regulatory approval under the new U.S. administration, which has maintained a watchful eye on major tech mergers. Notably, the termination fee—over $3.2 billion—stands among the highest in M&A history, signaling both parties’ commitment to closing the deal.

Alphabet’s stock dipped nearly 3% following the announcement, reflecting investor concerns over its heavy spending, particularly in AI and cloud computing. The company may need external financing, given its cash reserves of approximately $23.47 billion as of December 31, 2024.

Growing importance of cybersecurity

The acquisition highlights the increasing demand for cybersecurity solutions, especially in light of last year’s global CrowdStrike outage that disrupted businesses worldwide. Analysts suggest that for Google Cloud to compete effectively with Microsoft Azure, it must offer a more comprehensive suite of security services.

Alphabet expects the deal to be finalized in 2026, pending regulatory approvals. Meanwhile, Wiz will continue providing its services across multiple cloud platforms, potentially alleviating antitrust concerns.

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Gadgets

Zepto launches quick delivery of iPhone, iPad, and Apple products in India

Zepto partners with Apple to provide 10-minute doorstep delivery of iPhones, iPads, AirPods, and more in select Indian locations, competing with Blinkit and Swiggy Instamart.

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Zepto now offers quick delivery of Apple products in India

Zepto, the quick commerce platform, has announced its partnership with Apple to offer doorstep delivery of iPhones, iPads, Apple Watches, AirPods, and other Apple accessories in India. The collaboration aims to provide instant access to premium Apple products, with deliveries promised in under 10 minutes.

Zepto expands Apple portfolio with latest devices

According to an official statement from Zepto, users in select locations can now order Apple’s recently launched iPhone 16E, AirPods 4, and the latest iPad models. The initiative aligns with the platform’s strategy to expand its electronics category, following its recent launch of quick deliveries for Vivo smartphones and Asus accessories in key Indian cities.

Speaking on the development, Abhimanyu Singh, Business Head of Electronics at Zepto, highlighted the growing demand for Apple products on the platform. He revealed that over one million users searched for Apple items in the past month, with a 35% month-on-month increase in searches.

Discounts, EMI offers, and availability

Zepto is offering various incentives, including launch discounts, no-cost EMI plans, and special offers on bank card payments. Customers can also avail of coupon-based and mobile wallet discounts to reduce costs further.

While the service is currently limited to select cities, it positions Zepto in direct competition with Blinkit and Swiggy Instamart, which also offer quick delivery of Apple products. Additionally, BigBasket has begun delivering iPhone 16 and iPhone 16 Plus in partnership with Croma Electronics in cities like Bengaluru, Delhi NCR, and Mumbai.

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Gadgets

Zepto to deliver Apple products within 10 minutes

This announcement follows closely on the heels of competitor Blinkit, which recently began its rapid delivery service for Apple products, including MacBook Airs, iPads, and AirPods, in select metropolitan areas across India.

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Zepto, the innovative quick commerce platform, has taken a significant leap forward by unveiling a comprehensive selection of Apple products in its electronics category. With the addition of renowned items such as iPhones, iPads, Apple Watches, AirPods, and an array of accessories, Zepto is poised to enhance its competitiveness in the premium electronics sector. This strategic move expands its offerings to over 5,000 stock-keeping units (SKUs) available from diverse sellers on the platform.

This announcement follows closely on the heels of competitor Blinkit, which recently began its rapid delivery service for Apple products, including MacBook Airs, iPads, and AirPods, in select metropolitan areas across India.

In response to the escalating demand for immediate access to high-quality gadgets, Zepto aims to position itself as a go-to destination for consumers seeking high-end electronics. The company has reported a notable 35% month-over-month surge in the number of users actively searching for Apple products.

“Our partnership with Apple allows us to offer a broad array of cutting-edge technology, making it more accessible and revolutionizing the buying experience for premium gadgets,” said Abhimanyu Singh, business head of the electronics division at Zepto. He highlighted the increasing consumer interest, stating, “In just the past month, over a million users have searched for Apple devices—whether it’s the latest iPhone 16E, AirPods 4, or iPads—indicating a strong appetite for quick access to premium tech.”

Singh added that this expansion is not just about adding products; it is about enhancing the overall shopping experience. “With our sellers bolstering their collaboration with Apple, we’re redefining what it means to shop for electronics, ensuring the process is faster, more convenient, and seamless. We are grateful to our sellers for making this possible,” he noted.

Overall, Zepto proudly showcases a diverse catalogue of more than 45,000 products, spanning categories such as groceries, electronics, beauty items, and toys, serving customers across nearly 50 cities in India. With its commitment to excellence, Zepto continues to set new standards for quick commerce in the high-tech market.

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