New Delhi: Changes in the rules of post office (PO) savings accounts are going to take place from 11 December. Actually, it is mandatory to keep minimum charges in the post office account till December 11 this year. A minimum balance of Rs 500 will have to be deposited in the post office savings account by December 11. If not done before December 11, consumers will have to pay the maintenance charge.
In a message sent to customers with their savings accounts, India Post said that it is now mandatory to maintain minimum balance in the post office savings account. If you do not want to pay the maintenance charge, then before 11 December 2020, make sure to maintain your account for 500 rupees. If at least Rs 500 is not maintained in the account by the end of the financial year, then Rs 100 will be deducted as maintenance fees. If there is no balance in the account then it will be closed automatically.
Customers get annual interest at the rate of 4 percent under the savings account. Interest up to Rs 10,000 is completely tax free. The minimum balance in this account is only 500 rupees. At least 1 transaction is mandatory in 3 financial years to keep the savings account in working condition.
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