If you also have a savings account at the post office, know that if this is not a new rule, you will have to pay a charge
An important change regarding the savings account in the post office has come into effect from today. Changing this rule will affect everyone who has a savings account at the post office. Those who have a savings account at the post office will now have to keep it in a minimum balance account.
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The post office had directed to maintain a balance of at least Rs 500 by December 11 after amending the rules relating to post office savings accounts. It came into force on December 11 today. All account holders were informed about this by tweeting through India Post.
If any account holder does not maintain a minimum balance in his account, he will have to pay a maintenance charge. According to the post office rules, if a minimum balance of Rs 500 is not maintained by the end of the financial year, a maintenance fee of Rs 100 is deducted from the account on the last day of the financial year. After deducting this fee, it will automatically close if the account balance becomes zero.
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Let us say that a savings account is opened at the post office for Rs.500. Only one savings account can be opened at the post office. Currently, the annual interest rate on a post office savings account is 4 percent.
Investing in post office savings plans is perfectly safe. The entire money invested in it is guaranteed to be 100 percent safe. There is a sovereign guarantee on its deposits, i.e. if the post office fails to return the money to the account holders, the government guarantees the investors money.
