The post office was once identified for delivering letters and money orders. But in today’s time post office means great investment plans. Post Office offers a total of 9 savings schemes for investment. One of these is a savings account. Anyone can open a savings account in a post office like a bank. If you want, you can open a savings account in the post office for as little as Rs 500. But keep in mind that you can have only one savings account in one post office. Like the bank, the post office also provides ATM facility. It also imposes some charges as well. Let us know about the charges levied on the post office ATM.
Included in Extra Services
The additional services that are available on the post office savings account include ATM card. Here you have to fill and submit a form in the same post office to use the extra service on savings account. For ATM card also you have to fill and submit the form. Before taking an ATM, you should know about the daily cash withdrawal limit and charges.
Post Office ATM Withdrawal Limit
Post Office ATM Daily Cash Withdrawal Limit is Rs 25000. That is, you can withdraw a maximum of Rs 25000 from your post office ATM in a day. Secondly, you will be able to withdraw only a maximum of Rs 10000 at a time. Now know about the fines that will be imposed.
How much will be the fine
If you withdraw money from the ATM of the post office itself, then you will not be charged any penalty. But there is a penalty for withdrawing money from ATMs of other banks. Only 3 transactions are free in metro cities. After this you will be charged Rs 20 + GST per transaction. This penalty is applicable for both financial and non-financial transactions.
How many free transactions in non-metro cities
In non-metro cities, 5 free transactions can be done from ATMs of banks other than post offices. But keep in mind that you will not get an ATM card in the mentally challenged or minor, joint account and BO account. Let us inform that the interest rate of 4 percent is being offered annually on the Post Office Savings Account. You can open a joint account either alone or with someone. Also, this account can be opened in the name of a minor child above the age of 10 years.
Must maintain minimum balance
Earlier there used to be zero balance in banks. But now the rules of most bank accounts have changed. Now you have to keep the minimum balance done by the bank in the account. Similarly, a minimum monthly balance has to be maintained in the post office savings account. The minimum balance limit in the post office savings account is Rs 500. If you do not maintain the minimum balance, then Rs 100 will be deducted from the account on the last day of the financial year. If your balance becomes zero after this fee is deducted, the account will be closed automatically. One more thing you have to deposit or withdraw money at least once in 3 financial years to keep the account running.
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