Postal account balance: avoid penalties, learn about this new rule
Post office savings account: The Post Office has increased the minimum pay limit from Rs 50 to Rs 500. The Post Ministry has published a notice in the Gazette in this regard. If the holder of a La Poste savings account fails to maintain the minimum balance limit of Rs 500, La Poste will then deduct Rs 100 as a penalty from the Post Office SB account on the last working day of the fiscal year. .
The Post Office has instructed post offices to contact all holders of a Postal Savings Account in order to maintain a minimum balance of Rs 500 in their post office SB account. Post office management believes that due to the minimum balance limit of Rs 50 in the post office savings account, Indian post offices are losing Rs 2,800 crore per year. He instructed them to contact the post office savings account holder to inform him of the new post office savings account minimum balance limit rules and ask them to keep their minimum balance limit over. the SB account of the post office, in case they have less than Rs 500 in their Post Office SB account. In the event that a Post Office savings account has a zero balance in its account on the last working day of the financial year, the Post Office savings account would be automatically closed.
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From now on, anyone wishing to open a post savings account will have to pay a minimum of Rs 500. They can open the post savings account as a single, spouse or in the name of their minor child. After opening the post office savings account, the account holder will be eligible for the checkbook and the automatic teller machine. Like the bank savings account, the holder of the postal savings account can also appoint a proxy for the postal savings account.
Various postal unions are against this government’s decision. Group C of the All India Postal Employees Union believes that the majority of post office savings accounts are in rural areas and people living there may not be able to sustain this increase in post office savings. 10 times the minimum balance rule. In this case, they can close their postal savings account rather than keeping Rs 500 in their post office SB account.
For the information of readers, Post Office Public Provident Fund (PPF), Tax Savings Deposit Plans, National Savings Certificate (NSC), Sukanya Samriddhi Yojana, People’s Savings Plan elderly, etc. are one of the most popular small savings plans. These postal savings plans are âEEEâ category savings plans where the investor benefits from an exemption from tax on income on the investment, the interest rate earned and the amount at maturity. .