Ahost of savings schemes are offered by the Post Office (PO) to cater to the different needs of different people. Many people turn to investing in different post office schemes as they tend to offer assured guaranteed returns and risk-free investment. Considering the long-term benefits, the schemes are capable of doubling money.
Most of the schemes are available with post offices across India and can be availed by visiting the India Post office branches. The Post Office Savings Account (SB) is just like any other savings account that is offered by retail banks. The minimum deposit amount is Rs 500 and the minimum withdrawal amount is just Rs 50. At present, an interest rate of 4 per cent is being offered on Post Office Savings Account.
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Post Office Saving Account Withdrawal
In September 2022, the Department of Posts, which handles Posts Office savings accounts and investment schemes, made a rule change for high-value withdrawals. Now, post office savings account holders need to verify their identity before making a withdrawal of Rs 10,000 and above.
Charges associated with Post Office Saving Account
Last year, the government introduced NEFT facility introduced for Post Office Savings Accounts. Service charges for customer initiated NEFT outward transactions across counter are:
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8 other services and their charges
Issue of duplicate pass book – Rs 50
Issue of statement of account or deposit receipt – Rs 20 in each case
Issue of pass book in lieu of lost or mutilated certificate – Rs 10 per registration
Cancellation or change of nomination – Rs 50
Transfer of account – Rs 100
Pledging of account – Rs 100
Issue of cheque book in Savings Bank Account – No fee for up to 10 leafs in a calendar year and thereafter at Rs 2 per cheque leaf.
Charges on dishonour of cheque – Rs 100
