Post office savings accounts rules change: Under the Post Office Savings Account (Amendment) Scheme 2023, the central government has changed 3 important rules related to the post office savings account.
New Delhi: The central government has made three major changes related to the post office savings account, which every account holder needs to know. In the new changes, the number of joint account holders has been increased. Whereas, the rules regarding withdrawal and interest payment have been updated. The new changes have been made for the convenience of the account holders.
Change in the number of joint account holders
The Central Government has increased the number of joint account holders in Post Office Joint Saving Account Holders Limit Hike. According to the rules, till now the maximum number of joint account holder was two, which has now been increased to three. That is, now 3 people can open a joint savings account in the post office.
Change in withdrawal rule from savings account
The Central Government has changed the withdrawal application from Form 2 to Form 3 from Post Office Savings Account Withdrawal Form Change. Due to this change, withdrawal of at least fifty rupees from the account can be done by showing the passbook. According to the Post Office Savings Account Scheme 2019, the first rule was to present a duly filled and signed passbook along with Form-2 for withdrawal of at least fifty rupees from the account.
Interest Payment Rules on Deposits in the Account
According to the new rules related to Post Office Saving Account Interest Rate Payment Rule, interest will be allowed at the rate of 4% per annum on the lowest amount in an account between the tenth day and the end of the month. After calculation, the same will be credited to the account at the end of each year. At the same time, in case of death of an account holder, interest will be paid in his account only at the end of the month in which the account is closed.
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