Post Office Savings Account holders need to maintain a minimum balance to avoid paying maintenance charges from next month.
Post Office Savings Account minimum balance
Post Office Savings Account holders need to maintain a minimum balance by December 11, 2020 to avoid paying maintenance charges. The minimum amount that needs to be maintained in a post office savings account is Rs 500. India Post has informed its customers to maintain the minimum balance of Rs 500 in their savings account by 11-12-2020 (i.e. 12 days from today) to avoid the maintenance charge.
“Now maintaining minimum balance in Post Office Savings Account is mandatory,” India Post Office tweeted. “Maintain minimum balance of Rs 500 in your post office savings account by 11.12.2020 to avoid maintenance charge,” India Post said in a message to its savings account customers.
As per the India Post Official website, if the minimum balance of Rs 500 is not maintained in a savings account at the end of the financial year, Rs 100 will be deducted as account maintenance fee and if the account balance becomes nil, then the account shall be automatically closed.
Post Office savings account can be opened by a single adult, or jointly by two adults, or a guardian on behalf of a minor, or a guardian on behalf of a person of unsound mind, or by a minor above 10 years in his own name.
Only one post office savings account can be opened by an individual. Also, only one account can be opened in the name of a minor or a person of unsound mind.
Nomination is mandatory at the time of opening the Post Office Savings Account.
Currently., the interest rate being offered on an individual or joint Post Office Savings Account is 4 per cent. The interest is calculated on the basis of the minimum balance between 10th of the month and the end of the month.
As per the Post Office website, no interest is allowed in a month if the balance in the account is below Rs 500 between 10th and the last day of the month.