If the minimum balance is not maintained, then a maintenance charge of Rs 100 and GST will have to be collected, this amount will be deducted from your accounts.
Postoffice Savings Account is very popular among small savings schemes. In villages and small towns, people have high confidence in postoffice savings. But now a new change may shock these customers.
The Department of Post said that it is necessary to maintain a minimum balance of 500 rupees for a post office savings account. According to the new rule, “Now a minimum balance of 500 rupees will have to be kept in the savings account. Ensure that your savings account has a balance of at least 500 rupees by 11 December 2020. If the minimum balance is not maintained, then the 100 rupees maintenance charge And GST will have to be collected on that. This amount will be deducted from your accounts. ”
Post office savings account is currently receiving 4% interest annually. Also, a balance of 500 rupees has to be kept in the account.
Know 10 special things about post office savings-
– It is necessary to keep a balance of at least 500 rupees in the account.
– Minimum 50 rupees can be withdrawn.
– There is no limit to invest.
If the minimum balance is less than Rs 500, then investment will not be allowed.
If the minimum balance is not increased to Rs 500 by the end of the financial year, then Rs 100 and GST will have to be given as an account maintenance charge. If the account balance is zero, the account will be automatically closed.
– Interest will be calculated on the 10th of every month and at the end of the month based on the minimum balance in the account.
If the minimum balance is less than 500 rupees on the 10th of the month and the last of the month, then no interest will be received.
– Every financial year, at the end of the year, according to the fixed interest from the Finance Ministry, interest will be given.
According to section 80TTA of income tax, interest income up to Rs 10,000 is tax free.
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