Post Office Rules Change: Postal department made a big change in these rules regarding savings account, know details
According to the Ministry of Communications in the circular issued on August 25, verification will be required for withdrawal of Rs 10,000 or more from savings accounts in any branch of the post office.
There will be no verification in these branches, it said that the verification of withdrawal of Rs 10,000 and above from Single Handed Post Offices has been abolished. An order dated 17 July 2018 has suggested verification for withdrawal only in the respective branch post offices. However, a note has been added under Rule 64 in the recent POSB CBS manual.
Circle Head will be able to do special investigation
According to this notification, it is the special responsibility of the Circle Head to see that every necessary effort to prevent security measures and fraud is done carefully. Circle Heads are free to conduct any specific investigations they wish to do, depending upon the local circumstances. The purpose of this verification is to minimize the fears of banking fraud.
Account holders will be able to withdraw up to Rs 20,000 in a day.
Apart from this, the postal department has also increased the withdrawal limit for its customers. Under the new rule, account holders can withdraw up to Rs 20,000 in a day at a branch of Gramin Dak Seva. Earlier this limit was Rs 5,000.
Know, how much can be the maximum transaction
Apart from this, no branch postmaster (BPM) will accept cash deposit transactions of more than Rs 50,000 in an account in a day. That is, cash transactions of more than Rs 50,000 cannot be done in one account in a day.
Deposits will be accepted only through check or withdrawal form.
According to the new rules, apart from savings account, now Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), Monthly Income Scheme (MIS), Kisan Vikas Patra (KVP), National Deposits in Savings Certificates (NSC) schemes will be accepted through check or through withdrawal form.
Annual interest of 4 percent is available on this scheme, let us tell you that 4 percent annual interest is available on Post Office Saving Scheme. To open a savings account in the post office, you have to deposit only Rs 500. Even after this, it is necessary for you to maintain a minimum balance of Rs 500 in your account. If the amount in your account is less than Rs 500 then Rs 100 will be deducted as account maintenance fee.