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Post office savings accounts holders will have to maintain a minimum balance or else forced to pay a fine

Post Office savings accounts are a great thing to have. But from today, things have changed for all Post Office Savings bank account holders.  The Post Office savings account holders will be required to maintain a minimum balance of Rs 500 in their accounts. And also if you have failed to maintain the minimum balance requirement then you will be charged a maintenance fee along with the applicable GST (Goods and Services Tax).

The fine of Rs 100 along with the GST will be deducted from your account. So, that is a loss best avoided for all post office savings bank account holders. India Post issued a notification in this regard and said savings account holders will have to maintain a minimum balance of Rs 500 mandatorily. “Now maintaining minimum balance in Post Office savings account is mandatory,” said the message on India Post’s website.  The new rule will come effect from today.

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