Post Office updates numerous rules to decrease fraud instances. The government organisation also released a circular on August 25.
The post office is an official government organisation. Similarly to opening an account at a savings bank, doing so at the post office is a prudent move. Furthermore, it provides user-friendly amenities. But certain amendments were made to the rules surrounding the withdrawal of rupees. You should be especially cognizant of these regulations if you maintain an account at the post office.
Continue reading to learn about the changes that affect those who have post office accounts.
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If a consumer wishes to withdraw more than Rs 10,000, they would require extra verification, as stated in a circular released by the Ministry of Communications on August 25. The notification specified that withdrawals over Rs 10,000 would require verification.
More withdrawals can now be made at post offices staffed by a single person because the verification step has been eliminated. The post office can also verify transactions under certain circumstances. Such measures have been introduced to avoid financial crimes in the post office. As a result, less fraud will occur.
The post office has raised the withdrawal limit in addition to the new regulations implemented to avoid banking-related fraud. There was a limit of Rs 5000 that account holders can withdraw before, but it has been raised to Rs 20,000. The postmaster of the branch will not process any customer transactions that exceed 50,000 rupees.
It’s common knowledge that anyone may sign up for a post office account. Only 500 Indian Rupees () need to be kept in the account at all times. The current interest rate of 4% is higher than that of any other savings account currently available.