Post Office Rule Change: These changes were announced on July 3, 2023 through an e-gazette notification issued by the Department of Economic Affairs, Ministry of Finance. The changes are known as the Post Office Savings Account (Amendment) Scheme, 2023.
Post Office Rule Change: The government has made three changes in the post office savings account that every account holder should know. These changes were announced on July 3, 2023 through an e-Gazette notification issued by the Department of Economic Affairs, Ministry of Finance. These changes are known as the Post Office Savings Account (Amendment) Scheme, 2023.
Change in number of account holders
The maximum number of joint account holders in post office savings account was two which has now increased to three.
Account withdrawal
The government has changed the Withdrawals from account application from Form 2 to Form 3, under which withdrawal of at least fifty rupees from the account can also be done by showing the passbook.
Interest on deposits in the account
On the lowest balance in the account between the 10th day and the end of the month, interest will be charged at the rate of 4% per annum. Such interest will be calculated and credited to the account at the end of each year.
Under this, in case of death of an account holder, the interest in his account will be paid only at the end of the month in which the account is closed.
