In the Post Office, you invest money in all the Small Savings Schemes. Also run Post Office Savings Account. There are many schemes in which you invest money for a fixed period of time. But you can also get the post office schemes encashed if there is a dire need of money. That is, you can close your account, so that the money can be used for you on time. Information about this is available on the official website of the post office. Yes, you also have to pay fees according to the rules for premature closure of the account.
Post Office Savings Account and Time Deposit Account
The official website of the post office, you can close your post office savings account at any time. You can close the Time Deposit Account after six months.
Recurring deposit account
You can close the popular recurring deposit account of the post office anytime after three years. In this the interest rate of the savings bank account will be applicable.
MIS and Kisan Vikas Patra
You can close the Post Office Monthly Income Scheme Account ie MIS after one year. Also, Kisan Vikas Patra account can be closed after 2 years and 6 months.
PPF Account
If you have opened a PPF account in the post office, then you can close it only after at least five years. Yes, this will happen only if there is a serious illness, need for higher education or you have NRI status.
Sukanya Samriddhi Account
Under the government’s scheme for daughters, Sukanya Samriddhi account can be closed for the daughter’s marriage on her completion of at least 18 years.
SCSS and NSC (VIII Issue)
You can close the Senior Citizen Savings Scheme Account (SCSS) anytime. But the National Saving Certificate ie NSC (VIII Issue) account cannot be encashed prematurely. Account can be closed only in the event of death or forfeiture.
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