Earlier, there was a penalty of 100 rupees for not maintaining the minimum balance for a post office saving account. Now it has been reduced to 50 rupees.
If you also have a savings account in the post office, then tell that the Ministry of Finance has made changes in the charges regarding minimum account balance. On this, a notification has been issued by the Ministry of Finance on 9 April. According to this notification, the penalty amount has been halved for not maintaining the minimum balance.
Earlier, there was a penalty of 100 rupees for not maintaining the minimum balance for a post office saving account. Now it has been reduced to 50 rupees. The minimum balance for a post office saving account is 500 rupees. If you do not maintain this balance, then 100 rupees will be deducted as maintenance fees. If you have more than 500 rupees deposited in your post office account, then the same amount of money can be withdrawn, so that the balance of at least 500 rupees is maintained. Even after the end of the financial year, if the savings amount is not increased by more than 500, then the maintenance fee of 100 rupees will be deducted. This account is automatically closed after the balance becomes zero.
Now if the minimum balance of 500 rupees is not maintained in your account, then only 50 rupees will be deducted as penalty. If the account balance becomes zero after deducting the minimum balance charge, then the account will be closed automatically. In the absence of minimum balance, the customer does not get the benefit of interest either.
The rule of minimum balance also applies to the silent account. If a bank account is not traded for three consecutive financial years, then it becomes a silent account. The State Bank of India eliminated the need for minimum balance in March 2020 due to the Corona epidemic. At present, there is no need to keep minimum monthly balance in SBI account.