India Post has increased the minimum balance limit for the savings accounts of Post Office Savings Bank (POSB). The amendment will be effective from December 12, POSB customers will have to maintain a minimum balance of Rs 500 in any savings account on any day, the Central Government’s Department of Post intimated.
Service charge will be levied on the accounts which fail to maintain balance. “It is further intimated that service charge of Rs 100 per annum shall be deducted from the savings account which has a balance below Rs 500 on or after December 11, 2020 and when balance becomes negative, the account shall be treated as closed,” stated a press note released by the Chief Postmaster General, Odisha circle.
A report by the Post Office Directorate says, due to Rs 50 minimum balance limit in the post office savings account, the Indian post offices are losing around Rs 2,800 crore per annum. Anybody can open the post office savings account in single, joint or in the name of their minor child by paying INR 500 rupees in cash. The account holder will be eligible for cheque book and ATM facility. The account holder can nominate a nominee in the post office savings account also.
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