MOST IMPORTANT & URGENT: Pay Pending Interest Before Closing TD/MIS/SCSS Accounts
Important and Urgent: Interest Must Be Paid Before Closure of TD, MIS and SCSS Accounts
India Post has deployed a new system patch to prevent the payment of interest after the closure of Time Deposit (TD), Monthly Income Scheme (MIS) and Senior Citizens Savings Scheme (SCSS) accounts.
As part of this system change, a warning/alert message will now be displayed during the account-closure process. The alert serves as a reminder to ensure that any interest amount pending in the respective Sundry Accounts is dealt with before the account is closed.
No Withdrawal of Pending Interest After Closure
Once a TD, MIS or SCSS account is closed, the system will not permit withdrawal of any pending interest amount lying in the respective Sundry Account.
Therefore, it is essential for all concerned officials to verify whether any interest pertaining to the account is pending in Sundry before proceeding with closure.
Instructions to All SOLs
All Post Offices/SOLs are hereby instructed to ensure that:
- Any interest lying in the Sundry Account is identified before account closure.
- The pending interest is paid to the depositor before closing the TD/MIS/SCSS account.
- The closure process is undertaken only after ensuring that no payable interest remains pending in Sundry.
- The new warning/alert displayed by the system during closure should be carefully noted and acted upon.
Strict Compliance
This system change is intended to ensure that depositors do not lose access to interest amounts that have become payable but remain in Sundry at the time of account closure.
All SOLs must therefore ensure that any interest lying in Sundry is paid before proceeding with the closure of TD/MIS/SCSS accounts, without fail.
This may be treated as MOST IMPORTANT AND URGENT.