These changes were announced via an e-Gazette notification issued by the Department of Economic Affairs, Ministry of Finance on July 3, 2023. The changes are known as the Post Office Savings Account (Amendment) Scheme, 2023.
Highlights
Good news on minimum balance.
Penalty for for non-maintenance halved.
New Delhi: If you have a Savings Account in the Post Office, and you have somehow not been able to maintain the minimum balance, then this piece of news will give you the much needed respite. The government has halved the penalty for for non-maintenance of minimum balance in Saving Account.
According to a notification issued by the Finance Ministry, for not maintaining the minimum balance in the post office savings account, now a penalty of Rs 50 (with GST) will be imposed as against the previous penalty of Rs 100. This has been done as per change in the rules of the Post Office Savings Account Scheme 2019.
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In a small relief to the common man in a covid-struck difficult year, the penalty for non-maintenance of the minimum balance in a post office savings account has been reduced by half. As per a notification issued by the Ministry of Finance, the fee levied for non-maintenance of minimum balance in the post office savings account has been reduced to Rs50 (inclusive of GST) from Rs100 at present. This was done as part of the amendments to the Post Office Savings Account Scheme 2019 rules.
According to the post office savings account rules, currently an account holder is required to maintain a minimum balance of Rs500. If the minimum balance of the post office savings account falls below Rs500 and the difference is not deposited into the account before the end of the financial year, then an account maintenance fee is levied.
Synopsis
This was done as part of the amendments to the Post Office Savings Account Scheme 2019 rules. As per the post office savings account rules, an account holder is required to maintain a minimum balance of Rs 500 currently.
There is no monthly average balance requirement in the SBI savings account.
Related
The penalty for non-maintenance of the minimum balance in a post office savings account has been reduced by half. As per a notification issued by the Ministry of Finance on April 9, 2021, the account maintenance fee which is levied for non-maintenance of minimum balance in the post office savings account has been reduced to Rs 50 (inclusive of GST) from Rs 100 levied at present.
Post Office news alert! Now, only THESE people can open zero balance post office savings account
If you want to open a savings account with the post office, then this news is very important for you.
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Updated: Apr 14, 2021, 05:49 PM IST
If you want to open a savings account in Post Office, then this news is very important for you because the rules related to savings account have been changed. As per a report by a leading daily, the government has amended the Post Office Savings Account Scheme rules to allow certain people to open zero balance basic savings accounts with the post office.