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Be aware of the changing rules of the Postal department

The new post office account rule will come into effect from April 1, 2021.If you maintain an account there, then you should be aware of these changes. Now, as per the rules which shall be notified soon, deposit, as well as withdrawal rules, shall apply on the different post office accounts. And this amount shall vary as per the nature of the post office account held.

  • For the basic savings account at India Post charges will be the same. For withdrawal of cash four times in a month, there shall be no charge. And thereafter every transaction will be charged Rs. 25 or 0.5% of the total amount withdrawn. No charges shall apply for making a deposit.
  • For savings and current account: No charges shall be imposed on withdrawing Rs. 25000 monthly. And thereafter, every withdrawal shall attract a minimum of Rs. 25 or 0.5 percent of the total amount withdrawn. If you make a cash deposit of up to Rs 10,000 in a month, then there will be no charge. But a deposit of over that amount shall attract a minimum of Rs. 25 on every deposit.
  • On India Post Payments Bank (IPPB) network, there are unlimited free transactions but for non-IPPB, the number of transactions allowed for free is rounded off to 3. The rule is for mini statement, cash withdrawal and depositing cash. After the free limit in AePS is over, a charge will have to be given on every transaction. After the threshold is over, any deposit shall be charged at Rs. 20. To get a mini statement, you have to pay Rs 5. If funds are transferred after the limit is over, then 1% of the transaction amount will be charged, which will be a minimum of Rs. 1 and a maximum of Rs. 20. GST and Cess will also be levied on these charges
  • India Post has announced that it shall hike the withdrawal limit at Post Office GDS (Gramin Dak Seva) Branches. And now the limit has been increased from Rs. 5000 to Rs. 20000 per customer. The move is aimed at increasing post office deposits over time. For savings account maintained at a post office, the minimum required amount that needs to be maintained is Rs. 500 and if the minimum criteria are not met, Rs. 100 shall be deducted as an Account Maintenance Fee. Moreover, if there is no balance, the account shall be automatically terminated.

 

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