Representative image | Photo: PTI
When banks are removing the requirement of a minimum balance in savings accounts, the Post Office Savings Bank (POSB) has increased its minimum balance limit of savings accounts.
The POSB informed through a tweet that a balance of at least Rs 500 should be maintained in the savings account in order to avoid maintenance charges. The new decision will come into force from December 12.
If a minimum balance of Rs 500 is not maintained, Rs 100 will be levied as maintenance charge at the end of the financial year. If there is no balance in the account, it will be closed.
Many people in rural areas depend on Post Office Savings Account. They will be affected with the new decision to increase minimum balance limit.
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