Post Office Schemes: The government has also changed the rule of withdrawing money from the account. Post Office Schemes in the country are considered as a safe investment option.
Post Office Schemes: Post office schemes give good returns without any risk. Recently the government has made 3 major changes in post office savings accounts. These changes were announced on 3 July 2023 through an e-gazette notification issued by the Department of Economic Affairs, Ministry of Finance. These changes have been named the Post Office Savings Account (Amendment) Scheme, 2023. Let us know about these changes.
Big news for joint account holders
The maximum number of joint account holders in Post Office Savings Accounts has now been increased. Earlier there could be two members in a joint account, but now this limit has been reduced to three for post office joint account holders.
account withdrawal rules
The government has also changed the rule of withdrawing money from the account. Earlier, at least Rs 50 could be withdrawn from the account by showing the passbook along with Form 2 to the withdrawal application. But now this work will be done from Form 3.
According to the Post Office Savings Account Scheme, 2019, earlier withdrawal of at least Rs 50 from the account could be done by filling and signing Form-2 along with presenting the passbook.
Interest on deposits in the account
The lowest balance in the account between the 10th day and the end of the month will earn interest at the rate of 4% per annum. Such interest will be calculated and deposited in the account at the end of the year. Meanwhile, if an account holder dies accidentally, then the interest in his account will be paid only at the end of the month in which the account is closed.
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