New Delhi: The post office has revamp rules related to saving accounts. If rules are not followed, the post office will charge a penalty. The Department of Post has increased the minimum balance limit in the post office account from Rs 50 to Rs 500.
Along with new breathtaking schemes for its customers, the post office has decided to increase its minimum balance policy from 50 to Rs 500. If the rule is not adhered, the account holder has to pay 100 rupees as penalty. This will be done every year. In case if there is zero balance in these accounts, then it will be automatically closed.
The post office currently pays 4 percent interest per year on savings accounts. Apart from this, the account is to be linked to Aadhaar. If it is not linked then one can not directly take the benefit of government subsidy in your account. A circular issued by the Department of Posts says, people can avail direct benefit transfer (DBT) in their post office savings account. The column will appear in the account opening application or purchase of certificate form.
Currently, there are many facilities available on opening a savings account in the post office. The minimum balance required in a non-check facility account is Rs. 50 / -. Interest earned from the financial year 2-12-13 is tax free up to Rs. 10000 per year. Apart from this, an account can also be opened in the name of a minor person and a minor person of the age of 10 years and above can also open and operate an account.