It is essential to be aware of the relevant information if you are investing in a Savings Account or any other investment scheme offered by the Indian Post Office. The Post Office Savings Account has a lot of features, but like a bank account, there are fees for using these features. The purpose of this article is to provide details about the Post Office Savings Account’s services and fees.
The Post Office Savings Account has an interest rate of 4%. You can use this service at any Indian Post Office branch because it is available in all of the country’s post offices. However, this service comes with a number of costs, including duplicate passbooks and account transfers.
If you withdraw $10,000 or more from the Post Office Savings Account, you must provide identification. Banks also frequently follow this procedure. The Post Office Savings Account allows for a minimum deposit of Rs. 500, and the minimum withdrawal amount is Rs. 50.
For long-term investments, the Post Office Savings Account offers a variety of plans that double the amount invested. Nevertheless, it is essential to comprehend the costs of the services provided. Last year, the government made the NEFT option available for Post Office Savings Accounts. Customers can use this option by paying the appropriate service fees.
When using the Post Office Savings Account, there are a number of additional fees to consider in addition to the NEFT service fees. A duplicate passbook, for instance, will set you back Rs. 50. A deposit receipt or statement of account will set you back Rs. 20 for the two. A fee of Rs. 10 will be assessed for accepting a new passbook in place of a damaged or lost certificate. 10 will be applied for each registration.
There is a Rs fee for changing or canceling a nomination. 50. You’ll pay Rs to transfer your account. 100, and account pledges will also cost Rs. 100. Check bounce fees are Rs. 100, and there will be no fees for up to 10 leaves and Rs. if you need a check book in the savings bank account. 2 on each subsequent page.
