Zero balance post office savings account: Everything you need to know
There are a number of saving schemes provided by the post office and certainly one of them is the ‘Zero balance savings account’. The essential savings account or zero balance savings account will be opened by sure folks on the post office. Although beforehand, it was necessary for the account holder to preserve a specific amount within the savings account, the federal government has just lately made some amendments to the foundations.
Who can open a Zero balance post office savings account?
Earlier this 12 months, the Ministry of Finance issued a notification on April 9, 2021, which said that a person can open a fundamental savings account or zero balance account with the post office if solely he/she is a registered grownup member below any authorities welfare scheme.
Alternatively, the account can be opened by a guardian of a minor, whose identify has already been registered for any authorities profit.
Issues to take note earlier than opening a Zero balance post office savings account
– Whereas a person and a guardian of a minor can open a fundamental account or zero savings account with the post office, they aren’t allowed to open a couple of account.
– Beneath the essential savings account schemes, authorities welfare deposits and different deposits are allowed with the post office.
– So, if you have availed any authorities advantages reminiscent of a pension, scholarship, LPG subsidy and so forth. and haven’t been sustaining the minimal balance in your savings account, you can avail the Zero balance post office savings account.
Beforehand, an individual had to preserve a minimal balance of Rs 500 in a post office savings account. If an individual fails to preserve a enough quantity, then an account upkeep charge is deducted from the person’s account.
New guidelines concerning Zero balance post office savings account
– As per the brand new guidelines by the federal government, a person is allowed to open a zero balance account with the post office as nicely, which was beforehand opened with different banks.
– A person or a guardian of a minor whose identify is registered for any authorities profit can open a zero savings account with the post office.
– At present, virtually each financial institution permits clients to open a zero balance account. The Reserve Financial institution of India (RBI) has given permission to the banks to open a zero balance account below the Jan-Dhan Yojana scheme or the Primary Savings Financial institution Deposit Account (BSBDA).
Restrictions with Zero balance post office savings account
– Opening a Zero balance post office savings account comes with sure restrictions. As an example, within the case of a Primary Savings Financial institution Deposit Account (BSBDA), the minimal balance that may be maintained in an account is Rs 50,000.
– In a monetary 12 months, the full deposits can’t exceed Rs 1 lakh, below BSBDA.
– The utmost quantity that may be withdrawn in a month can’t exceed Rs 10,000. Additionally, a person can’t withdraw the quantity greater than 4 occasions in a month.
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