Post Office Savings Account: If you have one of these accounts, several regulations are changing for you.
The government has made certain announcements about post office savings accounts, including a revision to the withdrawal policies and an increase in the number of joint account users. The Post Office Savings Account (Amendment) Scheme, 2023, was announced in July in relation to this. Tell us what has changed for you as of late.
1. Joint Account
Up until recently, you could create a post office savings account with two joint account holders, but now there are three. Regarding this, it was stated in the announcement that “maximum three adults jointly” will now be accepted in place of “two adults jointly” in sub-paragraph (1), clause (b) of paragraph 3 of the Post Office Savings Account Scheme, 2019. Will accept.
2. Withdrawal
Form 3 has replaced Form 2 as the withdrawal form. You must provide your passbook in order to withdraw even Rs. 50. That is, you must fill out the form, sign it, and hand it in with your passbook in order to withdraw any sum above Rs 50. Apart from that, withdrawals made through checks and electronic means may be subject to a minimum balance requirement. This means that if you use these ways to withdraw money, this feature will only be accessible if your account balance is greater than the minimum balance restriction.
3. Interest
According to the New Post Office Savings Account (Amendment) plan, 2023, the phrase “at the end of the month” should be replaced with the phrase “at the end of the month” in paragraph 5 of the primary plan.
The account with the lowest balance at the end of the 10th day of the month will earn interest at a rate of 4% annually. At the conclusion of that year, this interest will be computed and paid to the account holder. The account of a deceased account holder will be Only at the end of the month before the account is closed will interest be paid.
