Opening a savings account in the post office is considered beneficial in many ways. Like commercial banks, customers get many benefits on post office savings account too. Like banks, ATM cards are given to customers on post office savings accounts.
Like banks, cash withdrawal limits, transaction charges are fixed on these accounts. With an ATM card, you can withdraw up to Rs 25,000 in a day. You can withdraw cash up to Rs 10,000 in a single transaction.
According to India Post, post office savings account holders have to maintain a minimum of Rs 500 in a savings account on any given day. If you do not maintain this balance, then you will have to pay penalty.
If there is no minimum balance of Rs 500 in the savings account in the last financial year, Rs 100 is charged as an account maintenance charge from the customer. However, commercial banks also charge such penalty from customers. At the same time, if the customer’s account is found to have zero balance, then the account itself is closed. Direct benefit transfer i.e DBT can be availed in Post Office Savings Account.
Apart from the savings account, tell us that in the post office, the Recurring Deposit Account (RD), Public Provident Fund (PPF), Kisan Vikas Patra, Monthly Income Scheme Account (MIS), Sukanya Samriddhi Yojana, Fixed Deposit Account and Senior Citizen Savings Scheme (SCSS) ) Account can be opened.