From expansion of joint account holder limit to revised withdrawal rules — Key changes in post office savings scheme

Another important change affects the rules for withdrawing funds from post office savings accounts. Previously, individuals were able to withdraw a minimum of Rs 50 from their accounts by presenting the passbook and filling out Form-2, as per the guidelines outlined in the Post Office Savings Account Scheme of 2019. However, the new amendment has introduced a shift to Form-3 for withdrawal purposes. This means that individuals looking to withdraw a minimum of Rs 50 from their accounts will now need to complete and sign Form-3, in addition to presenting their passbook. This change aims to streamline and update the withdrawal process, ensuring better compliance with the latest regulatory framework.

According to the rule, the lowest balance in the account between the 10th day and the end of the month will earn interest at the rate of 4 percent per annum. Such interest will be calculated and deposited in the account at the end of the year. Meanwhile, if an account holder dies accidentally, then the interest in his/her account will be paid only at the end of the month in which the account is closed.