New Delhi: Post office is a government body. So, Opening an account in the post office is a safe decision similar as you open an account with a savings bank. It also offers facilities that are customers friendly. But some changes were made to the rules regarding the withdrawal of rupees. If your account is also in the post office, it is important for you to be aware of these rules.
In the circular issued by the Ministry of Communications on August 25, it has been said that if a customer wants to withdraw more than Rs 10 thousand, they will need special verification. It was clarified in the notification that it would be necessary to do the verification on withdrawal amounts above Rs 10,000. (Also Read: Invest Rs 2,000 per month in THIS LIC policy, get a return of more than Rs 48 lakh; check details here)
The verification process has been removed for more withdrawals in single-handed post offices. Apart from this, transactions can also be checked by the post office in certain conditions. Such rules have been brought to prevent banking fraud in the post office. This will reduce the cases of fraud. (Also Read: Post Office Scheme: Here’s HOW to get more than Rs 10 lakh in just 3 years)
Apart from the rules introduced to prevent fraud related to banking, the post office has also increased the withdrawal limit. Earlier, account holders could withdraw only up to Rs 5000, which was now increased to Rs 20,000. The branch postmaster will not accept transactions of more than 50 thousand rupees in any customer’s account.
As known, anyone can open an account in the post office. The minimum balance that has to be maintained is only 500 rupees. At present, an interest rate of 4 percent is being offered which is more than any other saving account.