When will the monies be deducted from my bank account? Do I receive interest on the monies that are deducted from my bank account when I make the application?
- For applications using cash, the money will be deducted from your bank account at the point of application.
- For applications using SRS funds, banks will lock, or earmark, the SRS funds at the point of application. This means that once the application has been submitted, you will not be able to use the SRS funds for other purposes until the SRS funds have been released by the next business day after allotment day for rejected applications,
or partial allotment. - You will receive interest only after the Savings Bond is issued.
This information is sourced from MAS
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