New Delhi: If post office savings account holders want to avoid maintenance charges, they should have Rs 500 in their account by December 11, 2020. India Post is tweeting that if the account holders do not want to deduct the maintenance charge from their account, they have to keep a minimum balance of at least Rs 500 in their account till 11.12.2020. India Post has said that it is now mandatory to have a minimum balance of at least Rs 500 in a post office savings account. If the savings account holders do not maintain this minimum balance, the maintenance charge will be deducted.
Rs 100 will be deducted on amount below Rs 500
According to the India Post website, if the savings account does not have a minimum balance of at least Rs 500, a charge of Rs 100 will be deducted for maintaining the account. If there is no balance in the account, it will be closed. A post-savings account can be opened by an adult in his own name or as a joint account holder. An account can be opened in the name of a minor or a parent of a mentally unbalanced person. An account can be opened for a minor above ten years. The name of the nominee is mandatory for opening a savings account at the post office.
Savings account earns 4% interest
At this time, 4 per cent interest is earned on the amount deposited in the post office savings account. Interest is calculated on the 10th and last date of each month. If there is no balance in the account between the 10th and last day of the month, no interest is charged on it.