The India Post has revised the minimum balance limit for savings account in Post Office Savings Banks (POSB). The India Post has increased the minimum balance limit for savings account. The new revised will come to effect from December 12.
As per the new decision announced by the India Post, all savings bank account holders will have to maintain a minimum balance of Rs 500 in any savings account on any day. And if this minimum balance is not maintained in a savings account at the end of the financial year, Rs 100 will be deducted as an account maintenance fee. Also if the saving account goes nil then the account shall be automatically closed.
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The India post also informed that 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. The interest rate being offered on an individual or joint Post Office Savings Account is 4 per cent. The interest is calculated on the basis of the minimum balance between the 10th of the month and the end of the month.
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