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Minimum balance required for post office saving account also, otherwise 100 rupees will be fine

The minimum balance for a post office saving account is 500 rupees. If less than that, you will get a fine of 100 rupees.

The interest rate is 4 percent.

The biggest feature of a savings account is that the rules for withdrawing and depositing in it are quite easy. If the customer wants, he can open a savings account in the post office as well. Earlier there was no mandatory minimum account balance (MAB), but now it has been implemented. Here you also get good returns. In this article, you will be told about the rules regarding minimum amount for a post office saving account.

Till December 10, 2020, there was no mandatory minimum balance for the post office saving account. This rule was implemented from 11 December. It is 500 rupees for a savings account. 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 If you have more than 500 rupees deposited in your post office account, then the same amount of money can be withdrawn, so that the balance of at least 500 rupees is maintained.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 more than 500, then the maintenance fee of 100 rupees will be deducted. This account is automatically closed after the balance becomes zero.

4% annual interest

Talking about the post office account feature, it can be opened in the name of single and double adult in addition to children above 10 years of age. This account opens with at least 500 rupees. The interest rate is 4 percent. If the account balance is less than 500 till the last day after the 10th of any month, then interest benefits will not be available in that month.

At least 50 rupees can be withdrawn

The interest amount gets credited at the end of the financial year. At least 50 rupees can be withdrawn from the post office account. If the interest income is less than 10 thousand rupees then no tax will be deducted. Tax is deducted if there is more interest income than that.

Also read this, for the first time you are taking a credit card, then know these 4 important things, otherwise you may have to face loss

Read this also, now you will be caught thinking about tax evasion, without knowing the department will know your full income

Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.

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