Now any citizen of the country can open Zero Balance Savings Account in the Post Office. However, some conditions will also have to be fulfilled for this. The Central Government has made changes in the rules of the Post Office Savings Account Scheme.
Till now it is mandatory to keep minimum balance in the post office savings account. According to the notification of the Finance Ministry, some special people can open a zero balance account in the post office. These include those who are registered as adult members in any government’s welfare scheme (Govt Welfare Schemes). At the same time, the guardian of such a minor can also open a zero balance account in the post office, whose name is registered in any government benefit.
According to the new rules, these people cannot open more than one such account. Government welfare deposits and other deposits are allowed in the Basic Savings Account of the post office. In this way, if you are taking any government benefits like pension, scholarship, LPG subsidy and do not want to keep minimum balance in your savings account, then you can open a zero-balance account in the post office.
According to the current rules of the scheme, a minimum balance of 500 rupees is required to be maintained in the post office savings account. If it is not done then the maintenance fee is deducted from the account.
Currently, zero balance accounts are allowed to be opened in banks. The Reserve Bank of India (RBI) has approved the banks to open zero balance accounts under the PM Jan Dhan Yojana (PM Jan Dhan Yojana) and Basic Savings Bank Deposit Account. However, a maximum of Rs 50,000 can only be kept in such bank accounts.
A maximum of Rs 1 lakh can be deposited in such an account in a single financial year. Similarly, no more than 10 thousand rupees can be withdrawn from it (Withdrawal). At the same time, no more than four withdrawals can be done in a month. Such restrictions have not been mentioned in the government notification on the post office savings account.