Post Office Savings: Minimum Balance of Rs 500 Must From Dec 12, Fine For Non-maintenance | All You Need to Know


Post Office Savings Latest News: If you have opened a savings account in post office, beware! You need to maintain a minimum balance of Rs 500 in the account, otherwise you will have to pay a maintenance fine. Yes, this is true. The new rule will come into effect from December 12. Also Read – Post Office Investment Savings Schemes: Here’s All You Need to Know

India Post on Friday has 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. Also Read – India Post Delivers 2,000 Tonnes of Medicines, Equipment Amid Coronavirus Pandemic Lockdown

However, if the minimum balance is not maintained by December 11, it said, a maintenance charge of Rs 100 will be collected as fine. India Post has also mentioned the same on its official Twitter handle. Also Read – Uttar Pradesh News: Postal Department Creates Record, 2.74 Lakh People Receive Money in a Day

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

If you want to open an account in India Post, you need to know its interest rate as well. The interest rate being offered to an individual or joint Post Office savings account is four per cent, which is calculated on the basis of the minimum balance between the 10th and end of the month.


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