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8 Different Service Charges Applicable On Post Office Savings Schemes

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Post Office provides different kinds of deposit schemes that are very prominent with investors as these schemes come with government-supported sovereign guarantee. Under section 80C of the Income-tax Act, many of these schemes also reap tax benefits, which makes such schemes the most preferred among the general public and senior citizens too. There are post office schemes run by the Ministry of Communications. Post Office Time Deposit Account (TD), Post Office Monthly Income Scheme Account (MIS), 5-Year Recurring Deposit Account (RD) Post Office, Senior Citizen Savings Scheme (SCSS), Post Office Savings Account, National Savings Certificates (NSC), Sukanya Samriddhi Accounts, Kisan Vikas Patra (KVP), and 15-year Public Provident Fund Account (PPF) are numerous savings schemes. Monthly Income Scheme, the Time Deposits of the Post Office, the National Saving Scheme, etc are some small savings schemes that impose certain service charges for the investors. For instance: issuing a new cheque book and account statement, transferring accounts from one post office to another are some chargeable services levied by post office.

8 Different Service Charges Applicable On Post Office Savings Schemes
 

If you intend to choose for any of these post office savings schemes or want to have a small savings scheme account then you must have to be aware of below mentioned different service charges too.

  1. Issuing duplicate cheque book: Rs 50
  2. Issuing account statement: Rs 20 per statement
  3. Issuing deposit receipt: Rs.20 per receipt
  4. Passbook issuance in lieu of missing or mutilated certificate: Rs.10 per registration
  5. Cancellation or change of nomination: Rs.50
  6. For transferring an account, and pledging of an account: Rs.100
  7. Issuing a cheque book in Savings bank account: No fee will be charged up to 10 leaves in a financial year. (Rs 2 per cheque leaf thereafter)
  8. Cheque dishonor fee: Rs.100

Note: Such charges are not confined to one or two schemes. These charges are also imposed by other schemes, including the Public Provident Fund (PPF), the Senior Citizens Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), Kisan Vikas Patra (KVP), etc.

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