Post Office Saving Account | Now Maintaining Minimum Balance is Mandatory

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Nowadays many People invest in the “Post Office Saving Account”, so it is now very important to maintain the minimum balance in your post office saving Account.

Check and maintain your Minimum Balance of Rs. 500/- in Post Office Saving Account to avoid maintenance charges of Rs. 100/.

Remember 11.12.2020 is the last date, after which the minimum balance maintenance charges will be applicable.

In case account balance not raised to Rs. 500 at the end of the financial year Rs. 100 will be deducted as Account Maintenance Fee and if account balance became Nil the account shall stands automatically closed

Who Can Open Post Office Saving Bank Account (SB)?

1. a single adult

2. two adults only (Joint A or Joint B)

3. a guardian on behalf of minor

4. a guardian on behalf of person of unsound mind ​

5. a minor above 10 years in his own name


Interest payable, Rates, Periodicity etc.

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4.0% per annum on individual / joint accounts


Deposit and Withdrawal

All deposits/ withdrawals shall be in whole rupees only.

1. Minimum deposit amount: – Rs. 500 (subsequent deposit not less than 10 rupees).

2. Minimum withdrawal amount: – Rs. 50

3. Maximum deposit: – No maximum limit

4. No withdrawal will be permitted which effect reducing of the minimum balance Rs. 500.

5. In case account balance not raised to Rs. 500 at the end of the financial year Rs. 100 will be deducted as Account Maintenance Fee and if account balance became Nil the account shall stands automatically closed


Interest:

1. Interest will be calculated on the basis of the minimum balance between 10th of the month and end of the month and allowed in whole rupees only.

2. No interest will be allowed in a month if the balance between the 10th and the last day of the month falls below Rs. 500.

3. Interest shall be credited in account at the end of each Financial Year at the interest rate prescribed by Ministry of Finance.

4. At the time of closure of account, interest will be paid up to the preceding month in which account is closed.

5. Exempt u/s 80TTA of the Income Tax Act*.

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Source: India Post

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