PPF, other post office savings account: New rules on cash deposit, withdrawal
In a bid to provide relief to Post Office Savings account holders, India Post has announced it will raise the withdrawal limit at Post Office GDS (Gramin Dak Seva) branches. The withdrawal limit per individual has been hiked from ₹5,000. At a time, when various banks are cutting savings account interest rate, the post office savings account interest rate is at 4 per cent per annum.
Here the cash deposit, withdrawal rules change for post office account holders
1) India Post has announced that it shall hike the withdrawal limit at Post Office GDS (Gramin Dak Seva) Branches. And now the limit has been hiked from ₹5,000 to ₹20,000 per customer. The move is aimed at increasing post office deposits over time.
2) No branch postmaster (BPM) shall accept cash deposit transaction for more than ₹50,000 in an account in a day. Further, till the Public Provident Fund (PPF)/Senior citizen savings scheme ( SCSS )/Monthly Income Scheme (MIS)/Kisan Vikas Patra (KVP)/National Savings Certificate (NSC) schemes are made available in RICT CBS App, deposit in these accounts is to be accepted by withdrawal form or cheque only.
3) All PosB cheques issued by any CBS Post office if presented at any Core Banking enabled (CBS) Post Office shall be treated as at par cheques and shall not be sent for clearing.
4) No cash transaction for more than ₹50,000 shall be allowed at other SOLs in an account in a day.
5) For savings account maintained at a post office, the minimum required amount that needs to be maintained is ₹500 and if the minimum criteria are not met, ₹100 shall be deducted as an account maintenance fee.
In December last year, the Department of Post had said that now maintaining a minimum balance in Post Office Savings Account is mandatory. “Maintain a minimum balance of ₹500 in your savings account. Assure your savings account has a minimum balance amount by 11th December 2020, failing which maintenance charge ₹100 plus GST will be deducted from your account.”
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Business headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News