PPF, different put up workplace financial savings account: New guidelines on money deposit, withdrawal

In a bid to supply aid to Post Office Savings account holders, India Post has introduced it’s going to increase the withdrawal restrict at Post Office GDS (Gramin Dak Seva) branches. The withdrawal restrict per particular person has been hiked from ₹5,000. At a time, when numerous banks are reducing financial savings account rate of interest, the put up workplace financial savings account rate of interest is at 4 per cent every year. Here the money deposit, withdrawal guidelines change for put up workplace account holders 1) India Post has introduced that it shall hike the withdrawal restrict at Post Office GDS (Gramin Dak Seva) Branches. And now the restrict has been hiked from ₹5,000 to ₹20,000 per buyer. The transfer is geared toward growing put up workplace deposits over time. 2) No department postmaster (BPM) shall settle for money deposit transaction for greater than ₹50,000 in an account in a day. Further, until the Public Provident Fund (PPF)/Senior citizen financial savings scheme ( SCSS )/Monthly Income Scheme (MIS)/Kisan Vikas Patra (KVP)/National Savings Certificate (NSC) schemes are made obtainable in RICT CBS App, deposit in these accounts is to be accepted by withdrawal kind or cheque solely. 3) All PosB cheques issued by any CBS Post workplace if introduced at any Core Banking enabled (CBS) Post Office shall be handled as at par cheques and shall not be despatched for clearing. 4) No money transaction for greater than ₹50,000 shall be allowed at different SOLs in an account in a day. 5) For financial savings account maintained at a put up workplace, the minimal required quantity that must be maintained is ₹500 and if the minimal standards will not be met, ₹100 shall be deducted as an account upkeep payment. In December final 12 months, the Department of Post had stated that now sustaining a minimal steadiness in Post Office Savings Account is necessary. “Maintain a minimum balance of ₹500 in your savings account. Assure your savings account has a minimum balance amount by 11th December 2020, failing which maintenance charge ₹100 plus GST will be deducted from your account.” Subscribe to Mint Newsletters * Enter a sound electronic mail * Thank you for subscribing to our publication.