This rule has now been extended to the Post Office Savings Account as well. It has been made mandatory to keep money in the form of minimum amount.
New Delhi: The Post Office has made an important announcement. This announcement refers to the minimum balance in the post office savings account. Now, the postal department has given information about the minimum amount to be kept in the savings account. Until now, you had to keep a minimum balance in a bank savings account. This rule has now been extended to the Post Office Savings Account as well. It has been made mandatory to keep money in the form of minimum amount. (Post Office Savings Account Maintain Minimum Balance Rs 500 Or Pay Fine)
According to the postal department, savings account holders are required to keep a minimum of Rs 500 per month. The minimum balance rule has been in force since December 11. If this amount is not kept, Rs 100 will be deducted from the account holder’s account by adding maintenance charges and GST.
Features of Post Office Savings Scheme
– The minimum deposit amount should be Rs.500.
– Minimum withdrawal amount is Rs.
– There is no limit on the maximum deposit amount.
Now maintaining minimum balance in Post Office Savings Account is mandatory.#MyPostIndiaPost pic.twitter.com/ZLDkEpIYts
— India Post (@IndiaPostOffice) December 10, 2020
Now, if the amount in the account is less than Rs 500, such account holders will not be allowed to withdraw money.
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– If more than Rs.500 is not credited to the account in the financial year, a deduction of Rs.100 will be made in the name of maintenance fee. If the deposit remains zero for the entire financial year, the account will be closed.
– The interest rate will be fixed on the basis of the minimum balance amount and its duration will be from the 10th of the month to the last day of the month.
– If the minimum balance in the account is less than Rs.500 from the 10th of the month to the end of the month, no interest will be paid on it.
The interest rate will be fixed as per the instructions of the Finance Minister and will be credited to the account at the end of the financial year.
– No tax will be levied on interest up to Rs.10,000 on all savings accounts under Section 80TT of Income Tax.
– If you have not withdrawn or deposited money from a savings bank account for 3 consecutive years, it will be treated as a dormant account. KYC has to be done to restart such account. The passbook will have to be renewed from their respective post office.
Rules for opening an account at the post office
– Each person can open a single account at the post office. Savings account earns 4% interest.
– A single person can open a savings account as a single or joint account.
– Accounts can be opened even for children below ten years of age, mentally retarded persons.
How to open a post account?
Internet banking and mobile banking facility is available for opening an account at the post office. Internet banking is a method just like banks. For internet banking, first you need to login to India Post Internet Banking. Then click on the Navigate Accounts option. Then click on Balance and Transaction Information. Then go to the savings account. Now click on My Transaction option. Finally download your details.
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