Tuesday, February 6, 2024

How much money you can withdraw from Post Office Savings Scheme

Post Office Savings Scheme: Change the rules of the Post Office Savings Scheme, find out how much money you can withdraw now
How much money you can withdraw from Post Office Savings Scheme

There is good news for those with an account at the post office. India Post has increased the withdrawal limit for its subscribers. With this change, India Post can compete with the rest of the banks and their savings planning schemes. Under the new rules of India Post, account holders can now withdraw up to Rs 20,000 a day at the Grameen Postal Service branch. Earlier, the withdrawal limit was Rs 50,000. India Post has said in its new guidelines that no branch or postmaster will accept cash deposits of more than Rs 50,000 a day. This means more than Rs 50,000 in cash can be transacted in one day.

According to the new rules of India Post, it will be deposited or withdrawn through the Public Provident Fund, Senior Citizen Savings Scheme, Monthly Income Scheme, Kisan Bikash Patra, and National Check.

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There will be a fine for keeping less than Rs 500

Explain that 4% interest is paid on Post Office Savings Scheme. Account holders should know they must keep a minimum of Rs.500 in their Post Office Savings Scheme account. However, if the balance is less than Rs.500 / -, Rs.100 / - will be deducted as an account maintenance penalty.

List of Post Office Savings Schemes

5-year post office recurring deposit account

Post Office Fixed Deposit Account

Post Office Monthly Income Scheme Account

Senior Citizen Savings Scheme

15 years Public Provident Fund Account

Sukanya Samrudhi account

National Savings Certificate

Kisan Bikash Patra

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Interest rates are available on post office savings schemes

Post Office Savings Account: 4%

1-year TD account: 5.5%

2 year TD account: 5.5%

5-year TD account: 6.7%

5 year RD: 5.8%

Senior Citizen Savings Scheme: 7.4%

PPF: 7.1%

Kisan Bikash Patra: 9.9%

Sukanya Samridhi Account: 7.6%

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FAQ

How much money can be withdrawn from a post office savings account?

The Post Office Savings Account offers a secure avenue for individuals to save money, but withdrawal limits are crucial to understand. Generally, account holders can withdraw up to Rs. 25,000 in a single day from a post office savings account through withdrawal forms or cheques. However, if a withdrawal exceeds Rs. 10,000, it must be done through a cheque. Additionally, post office savings accounts come with a monthly withdrawal limit of Rs. 10,000 for branch and non-branch transactions. These limits ensure financial stability and discourage large cash transactions, aligning with the government's efforts to promote digital and accountable financial practices.

Is there a limit on cash withdrawals from the Post Office?

Yes, there are limits on cash withdrawals from Post Office Savings Accounts to ensure financial security and discourage illicit activities. Generally, account holders can withdraw up to Rs. 25,000 in a single day from a post office savings account. However, if the withdrawal exceeds Rs. 10,000, it must be done through a cheque. Additionally, there is a monthly withdrawal limit of Rs. 10,000 for branch and non-branch transactions. These limits aim to strike a balance between providing easy access to funds and preventing misuse, aligning with the broader financial regulations, and promoting responsible financial behavior.

How much can you withdraw from the Post Office in one day?

Post Office Savings Accounts provide a secure means of saving, but withdrawals are subject to specific limits. Typically, account holders can withdraw up to Rs. 25,000 in a single day from their Post Office Savings Account. However, if the withdrawal amount exceeds Rs. 10,000, it must be conducted through a cheque. Moreover, there is a monthly withdrawal limit of Rs. 10,000 for both branch and non-branch transactions. These withdrawal limits aim to ensure financial stability, curb excessive cash transactions, and align with regulatory measures promoting accountable and transparent financial practices within the Post Office banking system.