Post Office Savings Account: Review the new interest and withdrawal policies for your account

 Post Office Savings Account: Review the new interest and withdrawal policies for your account

Post Office Savings Account: The government has announced a number of modifications to the post office savings account, including a rise in the number of joint account holders and a modification to the withdrawal guidelines.

Savings accounts at the post office: 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.

Joint Account 

Up until recently, you could open 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 taken 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. Retraction

Form 3 has replaced Form 2 as the withdrawal form. You must present 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 over Rs 50.

Apart from that, withdrawals made through checks and electronic methods may be subject to a minimum balance requirement. This means that if you use these methods to withdraw money, this feature will only be accessible if your account balance is greater than the minimum balance restriction.

3. enthusiasm

According to the New Post Office Savings Account (Amendment) Scheme, 2023, the phrase "at the end of the month" shall be replaced with the phrase "at the end of the month" in paragraph 5 of the principal scheme.

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 calculated and paid to the account holder. The account of a deceased account holder will be Only at the end of the month before the month the account is closed will interest be paid.