India Post has declared that the withdrawal cap at Post Office Gramin Dak Seva branches would be increased in order to deliver support to Post Office Savings account holders. The withdrawal cap per account holder has been increased from Rs 5,000. Currently, the post office savings account interest rate is 4%. With the current interest rate here are the new post office cash deposit and withdrawal guidelines that all account holders need to know.
1. India Post has declared that the withdrawal cap at Post Office GDS Branches would be increased. Now, the cap has been raised from Rs 5,000 to Rs 20,000 per account holder and the step has been taken to enhance the post office deposits in the potential future.
2. A branch postmaster (BPM) will not approve a cash deposit transaction in an account exceeding more than Rs 50,000 in a single day. Furthermore, before the Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), Monthly Income Scheme (MIS), Kisan Vikas Patra (KVP), and National Savings Certificate (NSC) schemes are made accessible in the RICT CBS App, deposits in these accounts will only be approved in the application of a withdrawal form or a cheque.
3. If submitted at a Core Banking enabled (CBS) Post Office, all PosB cheques provided by any CBS Post office will be considered as at par cheques and will not be forwarded for clearance.
4. In a single day, no cash transactions worth more than Rs 50,000 in an account are authorized at other SOLs.
5. The minimum required amount to maintain a savings account at a post office is Rs 500, and if the minimum cap is not fulfilled, an account maintenance charge of Rs 100 including GST will be withheld from the account. The Department of Post announced in December of last year that keeping a minimum balance in a Post Office Savings Account is now mandated.