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Post Office account balance - Avoid penalty, know about this Minimum Balance

Post Offices have rolled out savings accounts and schemes with attractive interest rates – from a regular post office savings account, to a senior citizen savings account, etc. in order to cater to different sections of the population. Customers holding a savings account with a post office can subscribe to various savings schemes through their account.

For those who are aware or more importantly currently an account holder in the same scheme, then you must maintain a minimum balance by December 11, 2020 to avoid paying maintenance charges

“Now maintaining minimum balance in Post Office Savings Account is mandatory,” India Post Office tweeted. “Maintain a 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.

The New rule:-

As per the India Post Official website, Rs 100 will be deducted as account maintenance fee if the minimum balance of Rs 500 is not maintained in a savings account at the end of the financial year, and in case the account balance becomes nil, then the account shall be automatically closed. Rs 500 is the minimum deposit amount to open a savings account in post office, while the subsequent deposit should not be less than Rs 10. The minimum withdrawal amount is Rs 50. There is no maximum limit for deposit. No withdrawal is permitted that reduces the minimum balance below Rs 500.

If there is no transaction in an account for consecutive three financial years, then the account shall be treated as silent or dormant. Fresh KYC documents, passbook are to be submitted along with an application form to revive such accounts.

Post Office savings account can be opened by :-

i) A single adult

(ii) Two adults only (Joint A or Joint B)

(iii) A guardian on behalf of minor

(iv) A guardian on behalf of person of unsound mind ?

(iv) A minor above 10 years in his own name

Other Salient Features:-

·      Only one account can be opened by an individual as a single account

·      Only one account can be opened in the name of minor/above 10 years of age (self)/person of unsound mind

·      In case of death of a Joint holder, the surviving holder will be the sole holder, if surviving holder already has single account in his/her name, Joint account have to be closed

·      Conversion of single to joint account or vice versa is not allowed

·      Nomination is mandatory at the time of opening of account

Minor after attaining majority has to submit fresh account opening form and KYC documents of his/her name at concerned Post Office for conversion of the in his/her name


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