Business Desk, Amar Ujala, New Delhi
Updated Sat, 12 Dec 2020 02:52 AM IST
Hear the news
The new rule became effective from December 11, 2020. India Post has tweeted and informed all the account holders. Changing this rule will affect all those who have a savings account in the post office.
According to the new rule, if there is no minimum balance of Rs 500 in the account till the end of the financial year, the maintenance fee and GST of Rs 100 will be deducted from the account on the last day of the financial year. After this, if the balance in the account becomes zero then it will be closed. Bureau
Account can be opened for Rs 500
A savings account is opened at the post office for Rs 500. It should be kept in mind that only one savings account can be opened in a post office. Currently, the annual interest rate on a savings account in the post office is 4 percent. It can be opened in single (joint) or joint (joint), in the name of a minor child over the age of 10 years and for the mentally weak person.
… One-time withdrawal or deposit required
Check / ATM facility on savings account, nomination facility, transfer of account from one post to another, Intra operable NetBanking / Mobile banking facility, online fund transfer facility between savings account is available at the post office. To keep the account active, it is necessary to withdraw or deposit at least once in three years.
Investment fully secured
The entire amount invested in post office savings schemes remains 100 percent safe. Sovereign is guaranteed on its deposits. This means that if the post office fails to return the money to the account holders then the government guarantees the investors money.
Special things about post office savings…
- Can withdraw a minimum of Rs 50, no investment limit.
- Can not invest if the minimum balance is less than 500 rupees.
- Interest will be calculated on the 10th of every month and at the end of the month based on the minimum balance in the account.
- During this time, the minimum balance will not be less than 500 rupees.
- Under Section 80 TTA of the Income Tax Act, interest up to Rs 10,000 will not be taxed.