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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a) Interest credited to a savings account earns additional interest if it is not withdrawn directly from an MIS/SCSS/TD account.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

Xbox announces 3,200 layoffs as Asha Sharma outlines major restructuring plan

Xbox has announced plans to lay off 3,200 employees over the next year while introducing a major restructuring programme that includes management changes, studio restructuring and cost-cutting measures.

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XBOX layoff

Xbox has announced plans to reduce its workforce by 3,200 employees, representing around 20 per cent of its total staff, over the coming year as part of a broader restructuring programme linked to Microsoft’s increased investment in artificial intelligence.

According to an email shared with employees by Asha Sharma, the company will begin the process immediately, with 1,600 employees leaving on Monday, while the remaining job reductions will take place during FY27. The company also plans to divest four gaming studios and is preparing to separate from another.

Business reset planned amid financial challenges

In her message to employees, Sharma said the company’s current financial position required significant changes, stating that Xbox’s business was operating at substantially lower margins than comparable platform and publishing companies.

She said the layoffs were not a reflection of employees’ commitment or abilities but were part of a wider effort to strengthen the company’s long-term business.

The workforce reduction comes as Microsoft continues implementing AI-focused cost-cutting measures across its operations. Overall, the technology company is reportedly cutting 4,800 jobs, with Xbox accounting for the largest share.

Sharma also described the gaming sector as experiencing one of its most challenging hardware periods and said the company needed to “reset Xbox” to improve its future performance.

Company to streamline operations and reduce management layers

As part of the restructuring strategy, Xbox plans to simplify its organisational structure, revise its content portfolio and improve platform operations.

According to Sharma, the company currently loses 64 cents for every dollar invested annually, making operational efficiency a key priority.

She said Xbox would increasingly support independent game creators by offering open development tools and broader audience access.

The restructuring will also see Mojang and King report directly to Sharma. She said both studios have evolved into major gaming platforms with large monthly active player bases and will play a central role in Xbox’s future strategy.

To improve decision-making, the company plans to significantly reduce its management hierarchy. Sharma said some departments currently have as many as 14 management layers, which slow down operations. Xbox aims to reduce this to no more than five layers, and in some cases, only three.

The company will also reduce vendor spending by 50 per cent as part of its cost-saving measures.

Helen Chiang promoted to Chief Operating Officer

Alongside the restructuring announcement, Sharma confirmed the promotion of Helen Chiang to the newly created position of Chief Operating Officer.

Chiang will oversee profit and loss responsibilities across Xbox’s content, hardware, platform and services divisions while reporting directly to Sharma.

According to Sharma, the new operating structure is intended to improve investment decisions, strengthen accountability and better integrate the company’s various business units.

Despite the ongoing restructuring and job cuts, Sharma said Xbox remains committed to long-term growth and plans to continue investing heavily in the business, while placing greater emphasis on disciplined spending and strategic priorities.

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India News

Bank holiday today: Are banks open or closed on June 29? Here’s what RBI calendar says

Banks in Himachal Pradesh and Mizoram will remain closed on June 29, 2026, due to regional holidays, while banking operations will continue normally in most other states.

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Bank Holidays

As June comes to an end, many customers are wondering whether banks across the country are open on June 29, 2026. According to the Reserve Bank of India’s (RBI) holiday calendar, bank operations will not be affected nationwide, but branches in some states will remain closed due to local holidays.

Banks closed in these states on June 29

Banks will remain shut in Himachal Pradesh on Monday, June 29, on account of Sant Guru Kabir Jayanti. In addition, bank branches in Mizoram will remain closed to observe Remna Ni, a regional public holiday.

However, bank branches in most other states and Union Territories are expected to function normally as June 29 is not a nationwide banking holiday.

Will online banking services remain available?

Even when physical branches remain closed, customers can continue using digital banking facilities. Services such as internet banking, mobile banking, UPI transactions, ATM withdrawals and cash deposits at ATMs will remain operational.

Customers planning to visit a bank branch are advised to check with their local branch beforehand, as holiday schedules may vary depending on the state and local observances.

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Union Budget 2026 highlights: Nirmala Sitharaman Raises Capex to Rs 12.2 Lakh Cr, West Bengal Gets Major Allocation

Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026 in Parliament today. Follow this space for live updates, key announcements, and policy insights.

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Finance Minister Nirmala Sitharaman arrives to present Union Budget 2026

Finance Minister Nirmala Sitharaman will shortly present the Union Budget 2026 in the Lok Sabha, marking her ninth consecutive Budget. The annual financial statement is expected to outline the government’s policy priorities, reform agenda and spending plans for the coming year. Stay tuned for live updates, key announcements and immediate reactions as the Budget speech unfolds.

Finance Minister Nirmala Sitharaman tabled her ninth Union Budget today, beginning her speech at 11 am.

Nirmala Sitharaman is set to present her ninth Union Budget today, with the finance minister scheduled to begin her speech at 11 am.

Budget 2026 live updates: Presenting the Union Budget for 2026–27, Finance Minister Nirmala Sitharaman said the occasion coincided with Magh Purnima and the birth anniversary of Guru Ravidas. She noted that over the past 12 years, India’s economic journey has been defined by stability, fiscal discipline, sustained growth and moderate inflation.

The budgeted fiscal deficit for fiscal 2026 is estimated at 4.4 per cent of gross domestic product (GDP)

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20 new waterways over next 5 years to be connected

7 high-speed corridors on rail

High-level committee on banking for next phase of Viksit Bharat

Capital expenditure hike of to ₹12.2 lakh crore in Budget 2026, with West Bengal receiving a significant share of allocations.

Mahatma Gandhi Gram Swaraj Initiative aimed at boosting the khadi, handloom, and handicrafts sectors.

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Fiscal deficit for FY26 revised to 4.4%; Budget Estimate for FY27 set at 4.3%.

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Tax holiday to foreign companies that provide cloud services by setting up data centres in India till 2047

17 cancer drugs exempted from import duties

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