English हिन्दी
Connect with us

Latest business news

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.

Published

on

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.

Read Also: Is rasoi me baraf padti hai kya: Gautam Gambhir trolled for sharing pictures of people having Rs 1 thali wearing winter clothes

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a) Interest credited to a savings account earns additional interest if it is not withdrawn directly from an MIS/SCSS/TD account.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

General Reginald Dyer or Butcher of Amritsar: Man behind Jallianwala Bagh massacre and crawling lane incident

Shiv Sena leader Priyanka Chaturvedi says using bulldozers and not judiciary is example of a state drunk on power, tweeple remind her of Kangana Ranaut’s Mumbai residence

Continue Reading

Latest business news

Nykaa CFO Arvind Agarwal resigns

Arvind Agarwal earlier worked with Amazon and joined Nykaa in July 2020.

Published

on

Arvind Agarwal

Nykaa chief financial officer Arvind Agarwal resigned from his position on Tuesday. The fashion and beauty e-commerce platform announced his resignation.

In a BSE filing, Nykaa informed that Agarwal will be leaving the Company, effective close of business hours on November 25, 2022, to pursue other opportunities in the digital economy and start-up space.

Nykaa’s founder Falguni Nayar hailed Agarwal for the crucial role he played in the company’s emergence as a listed and profitable start-up. Nayar said the company is conscious of Agarwal’s personal dreams and wishes him all the luck.

Upon his resignation, Agarwal said his journey in Nykaa has been incredible so far and all his learning and experiences have set them up for pursuing different personal growth opportunities in the field. He further wished Nykaa good luck for the growth path ahead.

Read Also: Vadh trailer out: Sanjay Mishra, Neena Gupta steal hearts with their expressions and intriguing storyline | WATCH

Arvind Agarwal earlier worked with Amazon and joined Nykaa in July 2020. He was among the key managerial personnel and handled the initial public offer of the firm. Before Amazon, Agarwal worked with Vodafone India for more than 5 years. He had also worked with YOU Telecom, Adani Port, and Tata Teleservices.

Reports said Agarwal paid a total remuneration of Rs 19.58 million during the financial year 2021.

Apart from Nykaa, food delivery application Zomato also saw the resignation of its co-founder Mohit Gupta after 5 years of association with the company.

Gupta, in a message, stated that he decided to move on from Zomato to seek other unknown adventures. He also hailed Deepinder Goyal as he has become a more mature and confident leader who is capable of leading the business into a bright future.

From Amazon to Croma, check top offers on gadgets during Black Friday sale

Gujarat Polls: Ex-Congress MLA Kaminiba Rathod joins BJP, was upset over ticket distribution

Continue Reading

Latest business news

Jeff Bezos warns of recession, advises people to refrain from buying TV, fridge, cars during holiday season

The former CEO of Amazon also advised small business owners to put off purchasing new equipment in favour of increasing their cash reserves.

Published

on

Jeff Bezos warns of recession, advises people to refrain from buying TV, fridge, cars during holiday season

In light of the possibility of a global recession, Amazon founder Jeff Bezos advised consumers to refrain from making significant purchases during the holiday season. Given the state of the economy, he urged people to keep their money safe and refrain from irrational spending in the upcoming months.

The business tycoon said American families should avoid purchasing big-ticket items such as new cars, TVs, automobiles, and refrigerators as the US is staring at a recession. He said American household debt has reached a record high of $16.5 trillion, and people are switching to credit to get their ends meet.

The former CEO of Amazon also advised small business owners to put off purchasing new equipment in favour of increasing their cash reserves.

Bezos said Take some risk off the table, adding, Keep some dry powder on hand. Just a little bit of risk reduction could make the difference for that small business if we do get into even more serious economic problems. You’ve got to play the probabilities a little bit.

He said things are slowing down and many sectors of the economy are seeing layoffs, and this is why you should hold onto your money.

Meanwhile, the founder of Amazon stated in the same interview that he will contribute the majority of his $124 billion income to charitable organizations in order to combat climate change and to help those who can bring mankind together in the face of escalating social and political conflicts.

Bezos did not say how much of his money he intended to donate. But he said, Yeah, I do, in response to the question of whether he will donate a significant percentage of his wealth to charity.

Continue Reading

Latest business news

Twitter hit with mass resignations ahead of Elon Musk’s hardcore ultimatum

So far, Musk has told employees to prepare for 80-hour weeks, no free food, and made several changes to the company’s work-from-home policy.

Published

on

Elon Musk

Twitter has been in a state of chaos ever since Elon Musk took over the microblogging platform last month. Hundreds of employees resigned on Thursday, ahead of the billionaire’s ultimatum to the company’s surviving employees, in yet another sign of turmoil at the company.

The move came after Elon Musk gave an ultimatum to employees to either agree to his extremely hardcore way of working or quit the company. Employees sent an email to all the surviving employees outlining Twitter 2.0, which means long hours and high intensity. The employees were required to click yes by 5 pm ET (3:30 am IST) today if they confirmed being part of this company or could resign.

Most US workers who choose no will be compensated for two months’ benefits-covered pay and one month’s severance pay if they agree to a future separation agreement.

Read Also: Delhi LG VK Saxena orders CM Kejriwal to remove Jasmine Shah as DDC Vice Chairman for misusing his powers

Soon after, mass resignations hit Twitter as a large number of employees decided to leave. In view of this, the company temporarily shut down offices to avoid confusion over who still had access to company property.

After widespread layoffs that took place soon after Musk took over the firm and fired more than half of Twitter’s workforce, only about 3,000 employees were left.

One of the employees shared a heartfelt post on Twitter after his resignation. He wrote And just like that, after 12 years, I have left Twitter. I have nothing but love for all my fellow tweeps, past and present. A thousand faces and a thousand scenes are flashing through my mind right now – I love you Twitter, and I’ll forever bleed blue.

So far, Musk has told employees to prepare for 80-hour weeks, no free food, and made several changes to the company’s work-from-home policy.

PM Modi says all terrorist attacks deserve equal outrage in his address at third No Money for Terror global meet

BJP releases list of 40 star campaigners for upcoming bypolls in Uttar Pradesh

Continue Reading

Trending

-->

© Copyright 2022 APNLIVE.com