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Big relief to Post Office account holders! Govt reduces penalty for non-maintenance of minimum balance in Saving Account


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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Post Office savings scheme: Now open account online via IPPB app from the comfort of your home


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. ....

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Have a post office RD account? Know how to deposit money online


Updated Jan 12, 2021 | 07:23 IST
Recurring deposit accounts in post offices are a good option for people wanting investment options for short-term financial goals
Have a post office RD account? Know how to deposit money online 
The post office offers a recurring deposit saving scheme which is one of the safest alternatives to traditional fixed deposit saving schemes. Under fixed deposit, you have to deposit a lump-sum amount all at once and you receive a fixed rate of return on that deposited money. If you open an FD account, you can break it only after the maturity period otherwise you are charged some penalty. Under recurring deposit, you can tackle some of the drawbacks of the FD account. If you open a recurring account with the bank then your minimum deposit could be as small as 500 and in the case of post offices, it’s even lower. In an RD account, the deposits can be made monthly or quarterly as per the provisions of the scheme. ....

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