Post Office Savings Account: If you have a savings account in the post office, then maintain a minimum balance in your account. The post office had issued a directive to maintain a minimum balance of 500 rupees by December 11, after changing the rules related to the post office savings account. This rule is also effective from today i.e. December 11. So if you have not maintained the minimum balance yet, then complete it today. If an account holder fails to do so today, then the maintenance charge will have to be paid. India Post had informed this to all account holders by tweeting. If the balance in the account is not maintained, then a fee of Rs 100 will be deducted and if the balance becomes zero, the account will be closed.
Now maintaining minimum balance in Post Office Savings Account is mandatory.#MyPostIndiaPost pic.twitter.com/M8VxJht270
— India Post (@IndiaPostOffice) November 28, 2020
People invest in post office savings schemes as a safe option. The entire money invested in it is guaranteed to be 100 percent safe. There is a sovereign guarantee on its deposits, that is, if the post office fails to return the money of the account holders, then the government guarantees the investors money.
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This is the current rule
According to the post office website, if the minimum balance of Rs 500 is not maintained till the end of the financial year, under the post office rules, then the maintenance fee of Rs 100 is deducted from the account on the last day of the financial year. After deducting this fee, if the balance in the account becomes zero then it will automatically close.
Saving account in post office opens for Rs 500
A savings account is opened at the post office for Rs 500. Only one savings account can be opened in a post office. Currently, the annual interest rate on the Post Office Savings Account is 4 percent. It can be opened in single or joint, in the name of a minor child over 10 years of age, for the mentally weak person.
Check / ATM facility on post office savings account, nomination facility, facility to transfer account from one post office to another, intra operable netbanking / mobile banking facility, online fund transfer facility between post office savings accounts is available. To keep the account active, it is necessary to deposit or withdraw at least once within 3 financial years.
Source: www.financialexpress.com