Basic Savings Account can be opened in Post Office
April 10, 2021
Account Maintenance Fee halved to ₹50 for Post Office Savings Account
Now, a beneficiary of the Government welfare scheme can open a basic savings bank account with a post office. The Finance Ministry has notified changes in Post Office Savings Account Scheme, 2019. The notification has also reduced the fee for not maintain the balance in a savings account.
As of now, such accounts can be opened in a scheduled commercial bank or India Post Payment Bank.
According to the notification, the deposit required for opening of such an account will be NIL. There will be no requirement for maintaining minimum balance. The account can be opened by a registered adult member of any Government welfare scheme. The guardian of a minor, whose name has been registered for any Government benefit, can also open an account. The same set of people can operate the account. The notification also mentioned that any Basic Savings Accou
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West Bengal is the highest contributor to small savings schemes – with elections underway, it could have been a trigger for the government to roll back interest rate cuts
West Bengal is the highest contributor to small savings schemes – with elections underway, it could have been a trigger for the government to roll back interest rate cuts
Rounak JainApr 1, 2021, 13:16 IST
West Bengal residents contributed nearly ₹90,000 crore to savings schemes in 2017-18Unsplash
According to data released by the Ministry of Finance, West Bengal is the top contributor to the various National Savings Schemes offered by the government.
The state, which is currently seeing a fierce battle between the Bharatiya Janata Party and the Trinamool Congress in assembly elections, contributed nearly ₹90,000 crore in these savings schemes in 2017-18.
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Highlights
Maximum investment limit is Rs 4.5 lakh in single a/c.
Rs 9 lakh in joint account.
Post Office Small savings schemes are ideal for those people with low risk appetite, as they offer guaranteed return. Among several Post Office Small savings schemes, one such scheme that offers great returns is the Monthly Income Scheme.
An account can be opened in multiples of Rs 1000. The maximum investment limit is Rs 4.5 lakh in single account and Rs 9 lakh in joint account. An individual can invest maximum Rs 4.5 lakh in MIS (including his share in joint accounts). For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
Post Office schemes news: India Post hikes withdrawal limit for THESE account holders - Details here
The increase in withdrawal limit would help Post Office Saving Schemes compete with banks and increase post office deposits in the long term.
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Updated: Mar 7, 2021, 10:31 AM IST
In a good news for thousands of Post Office Savings Account holders, India Post has announced the raise in withdrawal limit at Post Office GDS (Gramin Dak Seva) Branches. As per India Post s announcement, the withdrawal limit per individual has been increased to Rs 20,000 from Rs 5,000. It is expected that the increase in withdrawal limit would help Post Office Saving Schemes compete with banks and increase post office deposits in the long term.