Post Office Changes 3 Rules In Saving Account Know Details About It

Post Office Saving Account Rules: The post office has crores of customers across the country for whom it runs various schemes. Like banks, you can also go to the post office and open a Post Office Saving Account, in which you get a guarantee of good returns along with security. If you are also thinking of opening a savings account in the post office, then this news is useful for you. Recently, some changes have been made in the rules of this account in the post office.

According to the report published in the Economic Times, by issuing an e-notification on July 3, 2023, the Ministry of Finance has informed about the change in the savings account of the post office. It is worth noting that all these changes have been made for the convenience of the account holder. In such a situation, if you are also going to open a savings account in the post office, then it is necessary to know about these rules.

Change in number of account holders in joint account

Significantly, earlier the post office used to allow its customers to open an account with only two people in a joint account, which has now been increased to three. In such a situation, now three people can simultaneously open a savings account in the post office.

Changes in account withdrawal rules

Apart from the rules in the joint account, the government has also made many changes in the rules for withdrawing money from the account. Now customers will have to submit Form 3 instead of Form 2 to withdraw money from post office savings account. After this change, now the customer can withdraw at least Rs 50 from the account only by showing the passbook. Earlier, even for Rs 50, money had to be withdrawn by filling Form 2 and signing the passbook.

There was also a change in the rule of interest payment

Under the Post Office Savings Scheme scheme, now from the 10th day to the last day of the month, the lowest amount will get the benefit of 4 percent interest rate. Along with this, the amount of this interest will be deposited in the savings account at the end of this year. On the other hand, if an account holder dies, then in such a situation the account holder will get the amount of interest in the same month in which the person died.