Post Office Savings Account Minimum Balance, Maintenance Charge Rules: Post Office Savings Account Holders will have to maintain a minimum balance of Rs 500 to avoid maintenance charges after 11th December 2020.
Post Office Savings Account Minimum Balance Required
The minimum balance required to be maintained in a post office savings account is Rs 500. To avoid maintenance charge, savings account customers of post office must ensure Rs 500 in their accounts by December 11, 2020.
Post Office Savings Account Minimum Balance – Non-maintenance charge
Post Office savings account minimum balance required is Rs 500.
The official website of post office says that Rs 100 will be deducted as account maintenance fee if the balance in the account is not raised to Rs 500 at the end of the financial year.
In case the balance becomes nil at the end of the financial year, the account is closed automatically.
Post Office Savings Account Opening Rules
For opening Post Office Savings Account, minimum Rs 500 is required. The Post Office Savings Account can be opened by:
- A single adult
- Two adults only (Joint A or Joint B)
- A guardian on behalf of minor
- A guardian on behalf of person of unsound mind
- A minor above 10 years in his own name
The Post Office website says, “Only one account can be opened by an individual as a single account. Only one account can be opened in the name of minor/above 10 years of age (self)/person of unsound mind.”
If a joint holder dies, then the surviving holder will be the sole holder. In case the surviving holder already has a single account in his/her name, Joint account will have to be closed.
Single to joint account conversion not allowed
The conversion of a single post office savings account to joint account or vice versa is not allowed by the Post Office.
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