In a bid to relieve the holders of Postal Savings Accounts, India Post has announced that it will increase the withdrawal limit at Post Office GDS (Gramin Dak Seva) branches. The withdrawal limit per person has been increased by ₹5,000. At a time when various banks are reducing the interest rate on the savings account, the interest rate on the postal savings account is 4% per annum.
Here cash deposit, withdrawal rules change for postal account holders
1) India Post has announced that it will increase the withdrawal limit at Post Office GDS (Gramin Dak Seva) branches. And now the limit has been crossed ₹5000 to ₹20,000 per customer. The move aims to increase post office deposits over time.
2) No Branch Post Manager (BPM) will accept cash deposit transactions for more than ₹50,000 in one account in one day. In addition, until the Public Provident Fund (PPF) / Savings Plan for the Elderly (SCSS) / Monthly Income (MIS) / Kisan Vikas Patra (KVP) / National Certificate schemes savings (NSC) are made available in the RICT CBS application. these accounts are to be accepted only by withdrawal form or by check.
3) All PosB checks issued by a CBS post office, if presented at a Core Banking enabled (CBS) post office, will be treated as au pair checks and will not be sent for clearing.
4) No cash transaction for more than ₹50,000 will be authorized in other SOL in one account in one day.
5) For a savings account held in a post office, the minimum amount required to be maintained is ₹500 and if the minimum criteria are not met, ₹100 will be deducted as an account maintenance fee.
In December last year, the Post Office said it was now mandatory to maintain a minimum balance in the Postal Savings Account. “Maintain a minimum balance of ₹500 in your savings account. Make sure your savings account has a minimum balance before December 11, 2020, otherwise the maintenance fee ₹100 plus GST will be deducted from your account. “