Post Office Savings Account minimum balance alert: Be warned, this is what will happen from today - things have changed

Post Office Savings Account Latest News: Post Office savings accounts are a great thing to have. Mostly there is nothing to worry about for account holders, but today is different. Some Post Office account holders will have to start worrying if they have neglected to do something. From today, things have changed for all Post Office Savings bank account holders. If you have a savings bank account with the Post Office, this what you must know.  

The Post Office savings account holders will be required to maintain a minimum balance of Rs 500 in their accounts. This rule takes effect from today. India Post has been informing the customers about the new changes that come into effect from today, but if you have not received them or have chosen to look the other way, then know that something will happen. 

Not maintaining minimum savings account balance? This is what will happen to you! 

If you have an account with the post office and don’t maintain the minimum balance requirement then you will be charged a maintenance fee along with the applicable GST (Goods and Services Tax). 

If you fail to maintain the minimum balance of Rs 500, a sum of Rs 100 along with the GST will be deducted from your account. So, that is a loss best avoided for all post office savings bank account holders..

On Friday, India Post issued a notification in this regard and said savings account holders will have to maintain a minimum balance of Rs 500 mandatorily. “Now maintaining minimum balance in Post Office savings account is mandatory,” said the message on India Post’s website.  

A Post Office savings account can be opened by an adult or jointly by two adults. In case of a minor person, a guardian can also open it on his or her behalf. As per updates, an individual is entitled to open no more than one account and the same rule applies to any guardian opening an account on behalf of a minor. 

You must also know the interest rates being offered by India Post on its saving account facility before opening the account. The interest rate being offered to an individual or joint Post Office savings account is 4 per cent, which is calculated on the basis of the minimum balance between the 10th and end of the month. 

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India Post recently announced a quarterly SMS alert charges of Rs 10 along with applicable GST. It was implemented from 1 August 2020 as per the information on the website.