New Delhi: If you have got a Savings Account in the Post Office, and you’ve got in some way not been ready to preserve the minimum balance, then this piece of information offers you the a lot wanted respite. The authorities 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 sustaining the minimum balance in the put up workplace financial savings account, now a penalty of Rs 50 (with GST) might be imposed as in opposition to the earlier penalty of Rs 100. This has been completed as per change in the foundations of the Post Office Savings Account Scheme 2019.
According to the foundations, the account holder is required to preserve a minimum balance of 500 rupees in put up workplace financial savings accounts. If the minimum balance falls beneath 500 rupees earlier than the top of the monetary yr, then the account holder is fined. Till now this nice was Rs 100, which has been decreased to Rs 50.
Minimum balance required to be maintained in put up workplace financial savings account is Rs 500. If a put up workplace financial savings account holder fails to preserve Rs 500 minimum balance, then the put up workplace will deduct Rs 50 as penalty from the SB account on the final working day of each monetary yr.
However, in case your account balance turns into zero by deducting the upkeep charges from the identical, then your put up workplace account might be closed routinely. Apart from this, if the minimum balance is just not saved in the put up workplace financial savings account, then curiosity can even not be paid. The rule of minimum balance additionally applies to silent accounts. Those accounts have been there was no transaction for three consecutive monetary years i.e neither cash was deposited nor withdrawn, such accounts are known as Silent accounts.
Other than non-maintenance of minimum balance, there are different sorts of penalties which are levied. An individual can withdraw money up to 4 instances a month in a financial savings account for free. After this, a charge of 0.50 % or Rs 25 of the overall quantity is charged on each withdrawal. This charge is simply charged on withdrawal, there isn’t any cost on depositing. In addition to the fundamental financial savings account, you probably have a financial savings account or present account, you possibly can withdraw up to Rs 25,000 each month with out further fees. After that, you may be charged a charge of 0.50 % or a minimum of 25 rupees of the overall quantity withdrawn every time.
If you make a money deposit of up to Rs 10,000 in a month, then there isn’t any cost. After the money deposit restrict, a deposit of Rs 20 is charged on each transaction. To get a mini assertion, you even have to pay a minimum cost of Rs 1 and a most of Rs 20.
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