India Post Office official said via a formal tweet – “Now maintaining minimum balance in Post Office Savings Account is mandatory,”. The customers will have to maintain the minimum balance of Rs 500 in the post office savings accounts to avoid annual maintenance charge. The amendment will come into effect from December 12.
Post Office Savings Bank (POSB) amendment will be effective from December 12. Post Office savings account is similar to a regular savings account. For the savings account to be deemed operational, account holders will have to make at least one transaction in three years.
As per the new rules of minimum balance in post office savings account, no interest is allowed in a month if the balance in the account is below Rs 500 between the 10th and the last day of the month.