Post office savings: Check mandatory minimum balance limit, fine for non-maintenance
India Post has said on its website that Post office savings account holders will have to maintain a minimum balance mandatorily. Failing to maintain the minimum balance will attract a fine from December 12.
Post Office savings account holders will have to maintain a minimum balance of Rs 500 from December 12 to avoid paying a fine or maintenance charges, according to details mentioned on the India Post website.
India Post has said on its website that Post office savings account holders will have to maintain a minimum balance of Rs 500 mandatorily. “Now maintaining minimum balance in Post Office savings account is mandatory,” said the message on India Post’s website.
A maintenance charge of Rs 100 will be collected as a fine if a minimum balance of Rs 500 is not there in the account by December 11. India Post has also mentioned the same on its official Twitter handle.
Post Office savings account can be opened by an adult or jointly by two adults. A guardian can open it on behalf of a minor. An individual is entitled to open no more than one account and the same rule applies to any guardian opening an account on behalf of a minor.
It may be noted that nomination is mandatory at the time of opening a Post Office savings account.
As of now, the interest rate being offered to an individual or joint Post Office savings account is four percent, which is calculated based on the minimum balance between the 10th and end of the month.
It has been clearly mentioned on the official post office website that no interest will be calculated for a month if the minimum balance in the account is below Rs 500 between the 10th and the last day of the month.