New Rules MANDATORY for those who withdraw more than Rs. 10000/- from Post Office Savings Bank Account!
Posted on: 28/Sep/2022 12:02:48 PM
Post Office Savings Bank Accountholders MUST be aware that a MINIMUM BALANCE OF Rs. 500/- MUST BE KEPT IN THE ACCOUNT!
Now, the Department of India Post has announced some rules to adhere to while withdrawing more than Rs. 10000/- from the Post Office Savings Account.
The new rules have been explained in detail in a circular sent recently by the Central Ministry of Telecommunication. In this circular, it is mentioned:
"In case a POST Office Savings Account holder needs to withdraw more than Rs. 10000/-, there is a need for verification."
This rule is being implemented to ensure there are no maloperations carried out in the Post Office Savings Bank Account!
As such, it has been informed that henceforth, the Post Office Savings Bank Account holder MUST strictly adhere to these new rules!
At the same time, the maximum amount that can be withdrawn by s Post Office Savings Bank Account Holder has been INCREASED.
As per these new changes, the Post Office Savings Bank Account Holders can withdraw up to Rs. 20000/- in a single day at the GRAMIN DAK SERVICES BRANCH.
Earlier, the maximum amount of withdrawal from the Post Office Savings Bank Account was fixed at Rs. 5000/-.
An interest of 4% is offered for the Post Office Savings Bank Account Holders. One must keep a minimum balance of Rs. 500/- in this account.
However, a penalty of Rs. 100/- is imposed on the Post Office Savings Bank Account Holder in case the minimum balance is under Rs. 500/-!
