Post Office Savings Account Rule Changed: Big news! The government has made three changes in the Post Office Savings Account. Every account holder should know about these changes.
These changes were made through an e-Gazette notification issued by the Department of Economic Affairs, Ministry of Finance on July 3, 2023. The changes will be known as the Post Office Savings Account (Amendment) Scheme, 2023.
Change in the number of account holders:
The maximum number of joint account holders in Post Office Savings Account was two, which has now increased to three. In this regard, the notification said that in sub-paragraph (1), clause (b) of paragraph 3 of the Post Office Savings Account Scheme, 2019, instead of ‘two adults jointly’, the word ‘maximum three adults jointly’ will be changed.
Withdrawal from the account:
The government has changed the withdrawal application from Form 2 to Form 3, under which withdrawal of at least fifty rupees from the account can be done only by showing the passbook. That is, if you want to withdraw more than Rs 50, you will have to fill the form and show the passbook while signing. At the same time, conditions like minimum balance can be imposed on withdrawing money through check and other digital means. In such a situation, money will be withdrawn when there is minimum balance in the account.
Rule of interest on the amount deposited in the account:
On the lowest amount in an account between the tenth day and the end of the month, interest will be paid at the rate of 4% per annum. Such interest will be calculated and credited to the account at the end of each year. Under this, in case of death of an account holder, interest in his account will be paid only at the end of the month in which the account is closed.
