Post office NEW RULES alert! ALWAYS ENSURE this to avoid maintenance charge, closure of account

Post office NEW RULES alert! There is an important update for Post Office Savings account holders. India Post has made it mandatory for all its savings account holders to maintain minimum balance in their accounts. Failing this, the account holders will have to pay extra maintenance charge. The minimum balance for these accounts has been kept Rs 500. This Post office new rule for savings account holders will come into effect form December 11, 2020.  

Informing about this new move to its customers, India Post took to tweeter and wrote, “Now maintaining minimum balance in Post Office Savings Account is mandatory. Maintain minimum balance of Rs 500 in your post office savings account by 11.12.2020 to avoid maintenance charge.”    

As per the deposit and withdrawal condition of the India Post official website, In case account balance is not raised to Rs. 500 at the end of financial year, Rs 100 will be deducted as account maintenance fee and if account balance became Nil the account shall stands automatically closed.  

Here is the India Post tweet:

Now maintaining minimum balance in Post Office Savings Account is mandatory.#MyPostIndiaPost pic.twitter.com/JoT1N6bUjo

— India Post (@IndiaPostOffice) November 29, 2020

Interest will be calculated on the basis of minimum balance between 10th of the month and end of the month and allowed in whole rupees only. “No interest will be allowed in a month if balance between 10th and last day of the month falls below Rs. 500. Interest shall be credited in account at the end of each Financial Year at the interest rate prescribed by Ministry of Finance. At the time of closure of account, interest will be paid up to the preceding month in which account is closed,” mentions India Post describing how interest will be calculated going forward.  

If no deposit/withdrawal takes place in an account during continuous three financial years, the account shall be treated as silent/dormant. Revival of such account can be done by submitting application along with fresh KYC documents and passbook at concerned Post Office.  

Minimum withdrawal amount in Post Office savings account is Rs 50, while there is No maximum limit to deposit the amount.

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