If you want to open a savings account in Post Office, then this news is very important for you because the rules related to savings account have been changed. As per a report by a leading daily, the government has amended the Post Office Savings Account Scheme rules to allow certain people to open zero balance basic savings accounts with the post office.
At present, it is necessary to keep a minimum balance in the post office savings account. Charges are incurred if you do not do this.
People invest in post office savings schemes as a safe option. The entire money invested in it is guaranteed to be 100 percent safe. Like any bank account, it provides a fixed rate of interest on the balance kept in the account.
Sovereign guarantees on its deposits, that is, if the post office fails to return the money of the account holders, then the government guarantees the investors money.
The Finance Ministry issued a notification on April 9, 2021 regarding the saving bank account of the post office.
As per the notification, a basic savings account (or zero balance account) with the post office can be opened by an individual who is a registered adult member of any government welfare scheme and by the guardian of a minor whose name is registered for any government benefit.
The basic savings account opened by these people will be a zero balance account. however, the number of accounts that can be opened cannot be more than one. Money from government welfare deposits or any other deposits are allowed under this account.
If you are availing any government benefit like pension, scholarship, LPG subsidy etc and do not want to keep the minimum balance in your savings account, then you can open such a zero-balance account with the post office.
Post Office Savings Account
Currently, the customers maintain a minimum balance of Rs 500 in the post office savings accounts to avoid maintenance charge.
The post office savings account can be opened by an adult in India. It can be a joint account between two adults as well. For a person who is not of age yet, a guardian can open the account on their behalf.
It currently offers an interest of 4 percent per annum and it is calculated on the minimum balance kept between the 10th date and the end of the month.
For the savings account to be deemed operational, account holders will have to make at least one transaction in three years.