Like a bank savings account, one can likewise open an investment account with a Post office. Recently, the Division of Posts changed the money withdrawal rules. This is material for high worth withdrawal of ₹10,000 or more. In a circular dated 25 August, the Service of Correspondences had expressed that for withdrawal of High Worth Withdrawal of ₹10,000 or more in Investment accounts at Branch Post office, Confirmation is required.
It said that the confirmation of withdrawals of Rs10,000 or more at Solitary Post offices has been abstained from and cheque is endorsed exclusively for the withdrawals in regard of Branch Post offices, vide SB Request No. 9/2018 dated 17.07.2018. (ii). Notwithstanding, in the most recent POSB CBS Manual (revised up to 31.12.202L), a note has been added under Rule 64 as keeps.
“It will be the exceptional obligation of the Heads of Circle to see that every one of the preventive measures/checks are practiced fastidiously and each work made to stop cheats from really developing. The Heads of Circles are likewise allowed to devise any further exceptional looks at they need to convey in the radiance of neighborhood conditions,” read the notification.
The entire motivation behind this check was to limit the episodes of banking extortion.
“Nonetheless, the general undertaking ought to be to limit the rate of SB fakes and tone up the Divisional Organizations. In like manner the Heads of Circle are allowed to devise any unique check(s) they need to complete in the radiance of nearby conditions as preventive measure to limit the rates of Reserve funds Bank fakes,” the Branch of Posts said.
In the mean time, the India Post has expanded as far as possible for its clients. According to the new change brought by the India Post, now the account holders can pull out up to ₹20,000 in a day in the part of Gramin Dak Seva. Prior, as far as possible was ₹5,000.
Post office Saving Plan: Minimum balance
It should be noticed that 4% interest is given on the Post office Saving Plan. The account holders should realize that they need to keep a minimum balance of ₹500 in the Post office saving plan account. In any case, if the minimum balance is under ₹500, ₹100 will be deducted as account maintenance fine.
