If you have a Savings Account in the Post Office and often you forget to maintain a minimum balance then there is news of relief for you.
If you have a Savings Account in the Post Office and often you forget to maintain a minimum balance then there is news of relief for you. The government has halved the penalty for not keeping minimum balance on post office savings accounts.
Minimum balance fined half
According to the notification issued by the Finance Ministry, for not maintaining the minimum balance in the post office savings account, now a penalty of Rs 50 (with GST) will be imposed, earlier this fine was Rs 100. This was done under a change in the rules of the Post Office Savings Account Scheme 2019.
How much minimum balance is necessary?
According to the rules, the account holder is required to maintain a minimum balance of 500 rupees in post office savings accounts. If the minimum balance falls below 500 rupees and not 500 rupees before the end of the financial year, then the account holder is fined. Till now this fine was Rs 100, which has been reduced to Rs 50.
This is how the account will be closed
If the balance becomes zero by deducting the maintenance fees from your account, then the post office account will be closed automatically. Apart from this, if the minimum balance is not kept in the post office savings account, then interest will also not be paid. Let me tell you that the rule of minimum balance also applies to silent accounts. Silent accounts are those in which there has been no transaction in three consecutive financial years. Meaning neither money was deposited nor withdrawn.
This is why you will be fined in the post office
Various charges other than fines for not maintaining minimum balance
Takes. It is free to withdraw cash up to four times a month in a savings account. After this, a fee of 0.50 percent or 25 rupees of the total amount is charged on every withdrawal. This fee is only charged on withdrawal, there is no charge on depositing. Apart from basic savings account, if you have a savings account or current account, then you can withdraw up to Rs 25,000 every month without additional charges. After that, you will be charged a fee of 0.50 percent or a minimum of 25 rupees of the total amount withdrawn each time.
Penalty even for depositing money
If you make a cash deposit of up to Rs 10,000 in a month, then there is no charge. After the cash deposit limit, a deposit of Rs 20 is charged on every transaction. To get a mini statement, you also have to pay a minimum charge of Rs 1 and a maximum of Rs 20.