Now Post office savings account similar to bank savings account requires you to maintain some minimum balance and this as per the Post office site is Rs. 500.
"Now maintaining minimum balance in Post Office Savings Account is mandatory," India Post Office tweeted. "Maintain minimum balance of Rs 500 in your post office savings account by 11.12.2020 to avoid maintenance charge," India Post said in a message to its savings account customers.
In case account balance not raised to Rs. 500 at the end of financial year Rs. 100 will be deducted as Account Maintenance Fee and if account balance became Nil the account shall stands automatically closed. This is as per the India Post site.
Currently the interest being offered on Post office savings account is 4 percent per annum.