Post Office Savings Account: Investment in post office schemes is considered to be the safest and guaranteed. Despite this, if you make a mistake by post, then you will not get interest of even one rupee in a month.
New Delhi. Even today people’s faith in the savings schemes of the Indian Post Office remains intact as before. Then the biggest advantage of investing in post office schemes is that you are free from any losses. Your maximum guarantee is only five lakh rupees in banks. This is the reason that the Post Office Savings Account is still popular among the people. But even if you make a mistake by mistake, you will not get interest of even one rupee in a month. Therefore, post office savings account holders should take care of some things in any case.
Do not do this mistake to avoid big loss
According to the information available on the official website of India Post Office (IPO), interest in post office savings account is calculated on the basis of the minimum balance in the account between the 10th of the month and the end of the month. If in any month between the 10th and the end of the month the balance in the account is less than Rs 500, then you will get any interest in that month. Therefore, keep a minimum balance of Rs 500 in the post office savings account between the 10th and the last date of the month.
If this happens, penalty may also have to be paid.
It is necessary to keep a minimum balance of Rs 500 in the Indian Post Office Savings Account. What is the maximum balance you can keep. In case of non-maintenance of minimum balance, Rs 100 as maintenance fee will be deducted from the account on the last day of every financial year.
After deducting the fee, if the balance in the account becomes Nil, then it will be closed automatically. The special thing is that a minimum withdrawal of Rs 50 can also be made from the post office savings account. The interest will be paid at the time of closure of the account and up to the preceding month in which the account was closed.
Take care of this
Remember that your account should not be silent to avail banking services through Post Office Savings Account. If there is no transaction, deposit or withdrawal of money from the post office savings account for three consecutive financial years, then the account will become silent or dormant.
After this, you may not be able to take advantage of the services related to the post office savings account. To revive the dormant account, you will have to submit the application and fresh KYC documents to the post office where your account is located. Along with this, the passbook of the post office savings account will also have to be attached.
