The new post office account rule that comes into effect from April 1, 2021 surely needs your attention if you maintain one or other post office account. Now, as per the rules which shall be notified soon, deposit as well as withdrawal rules shall apply on the different post office accounts. And this amount shall vary as per the nature of the post office account held.
Basic savings account
So, for the basic savings account at India Post charges shall be as though:
For withdrawal of cash four times in a month, there shall be no charge. And thereafter every transaction will be charged Rs. 25 or 0.5% of the total amount withdrawn. No charges shall apply for making deposit.
India Post Saving account and current account charges
For savings and current account: No charges shall be levied on withdrawing Rs. 25000 monthly. And thereafter, every withdrawal shall attract a minimum of Rs. 25 or 0.5 percent of the total amount withdrawn.
If you make a cash deposit up to Rs 10,000 in a month, then there will be no charge. But a deposit of over that amount shall attract a minimum of Rs. 25 on every deposit.
India Post AePS account charge
On IPPB network, there are unlimited free transactions but for non-IPPB, the number of transactions allowed for free are capped at 3. The rule is for is for mini statement, cash withdrawal and depositing cash. After the free limit in AePS is over, a charge will have to be given on every transaction.
After the threshold is exhausted, any deposit shall be charged at Rs. 20.To get a mini statement, you have to pay Rs 5. If funds are transferred after the limit is over, then 1% of the transaction amount will be charged, which will be a minimum of Rs. 1 and a maximum of Rs. 20. GST and Cess will also be levied on these charges.
Withdrawal limit hiked from post office savings account
Also, another point to note is that to provide ease to the rural post office savings account holders, India Post has announced that it shall hike the withdrawal limit at Post Office GDS (Gramin Dak Seva) Branches. And now the limit has been hiked from Rs. 5000 to Rs. 20000 per customer. The move is aimed at increasing post office deposits over time.
For a savings account maintained at a post office, the minimum required amount that needs to be maintained is Rs. 500 and if the minimum criteria is not met, Rs. 100 shall be deducted as Account Maintenance Fee . Further if there is no balance, the account shall be automatically terminated.