Minimum Balance Limit For Post Office Savings Bank Accounts Increased

Bhubaneswar: The minimum balance limit for savings accounts of Post Office Savings Bank (POSB) has been increased.

Effective from December 12, POSB customers will have to maintain a minimum balance of Rs 500 in any savings account on any day, the Central Government’s Department of Post intimated. Accounts which fail to maintain that will attract a service charge.

“It is further intimated that service charge of Rs 100 per annum shall be deducted from the savings account which has a balance below Rs 500 on or after December 11, 2020 and when balance becomes negative, the account shall be treated as closed,” stated a press note released by the Chief Postmaster General, Odisha circle.