Post Office Savings Account - Penalty if minimum balance not kept!!
Posted on: 07/Dec/2020 3:22:59 PM
The Postal Department has informed that a penalty will be levied if minimum balance is NOT KEPT in the Post Office Savings Account.
Earlier, the minimum balance to be kept in the Post Office Savings Account was fixed at Rs. 50. However, the central government revised this, increased it with a minimum balance of Rs. 500 and issued an order accordingly. As such, with this regulation already in vogue, a time extension has been given to the Post Office Savings Account holders to ensure a minimum balance of Rs. 500 in their respective Post Office Saving Account until 11th December.
In case of failure to ensure this new minimum balance of Rs. 500, a deduction of Rs. 100 will be made from the account every year and the balance may reduce to nil and the account will get closed. So, the customers/Post Office Savings Accounts holders are advised to ensure keeping a minimum balance of Rs. 500 in their accounts! A notification has been issued in this regard by the Chief Post Official.
