As per the India Post website, post office savings account holders should ensure that minimum balance is maintained in their accounts by December 11, 2020. The penalty for not maintaining the required balance will be applicable after that day.
Getty ImagesOnly one account can be opened by an individual as a single account. Further, conversion of single to joint account or vice versa is not allowed.
From December 11, 2020, not maintaining a minimum balance in your post office savings account can cost you. The India Post, on its website, has stated that maintaining a minimum balance in one's post office savings account has become mandatory. If the minimum balance of Rs 500 is not maintained, then an account maintenance fee of Rs 100 will be charged from the account.
As per the website, December 11, 2020 is the last date by which post office savings account holders are required to ensure that a minimum balance is maintained in their savings accounts. After this date, the minimum balance maintenance charge will be applicable.
As per the features of the post office savings account, "No withdrawal will be permitted which effect reducing of minimum balance Rs 500. Further, if the account balance is not raised to Rs 500 at the end of the financial year, Rs 100 will be deducted as account maintenance fee and if account balance became nil, the savings account shall stand closed automatically."
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