Post Office Saving Account provides a safe and convenient solution to save money. If there is no activity in the post office savings account for a long time then that account is considered as doormat.
If we talk about the rules of Post Office Savings Account, then if no deposit or withdrawal of money is made in an account during 3 consecutive financial years, then it is not considered active.
You have to submit the application along with new KYC documents and passbook at the post office. So that the silent account can be activated.
Interest is available at the rate of 4 percent on personal and joint accounts on post office savings account till 30 November 2023. This account can be opened by a single adult, joint account and a guardian on behalf of a minor.
Minimum deposit in this account – Rs 500. After opening the account, you cannot deposit less than Rs 10. A minimum amount of Rs 50 can be withdrawn from the post office savings account. There is no limit on maximum deposit in this account.
If the amount in your post office savings account is less than Rs 500, then you cannot withdraw money from your account. If your balance is less than Rs 500 in a year, then Rs 50 will be deducted as maintenance charge.
If we talk about the rules of interest, then after the 10th of every month the interest is calculated on the minimum balance of the month. The government decides the interest rate on this every quarter.
Similarly, if we talk about tax rules, then under Section 80TTA of the Income Tax Act, tax exemption is available on interest up to Rs 10,000 from all savings bank accounts in a financial year.
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