4 Things To Know About Post Office Withdrawal Rules

For post office account holders, India Post has increased the withdrawal limit at Post Office GDS (Gramin Dak Seva) branches. The withdrawal limit per account holder has been increased from Rs 5,000 to Rs 20,000 after the most recent update made by India Post. But in order to make a withdrawal from a savings account, an account holder has to complete the required KYC norms. For all post office savings account holders here are the new withdrawals rules made by India Post.

1. A cash deposit transaction in an account totaling more than Rs 50,000 in a calendar day would not be authorized by the branch postmaster of the Post Office GDS (Gramin Dak Seva). Deposits in these accounts can only be made using a withdrawal form or a cheque.
2. If handed at a Core Banking enabled (CBS) Post Office, all post office savings bank (POSB) cheques generated by any CBS Post office will be considered as at par cheques and will not be forwarded for settlement.
3. On a calendar day, no cash transactions worth more than Rs 50,000 are authorized at other Service Outlets (SOLs) in an account.
4. The minimum contribution amount to open a savings account at a post office is Rs 500, an account maintenance charge of Rs 100 will be withheld if the minimum conditions are not satisfied.

India Post Payments Bank has also recently announced that it has achieved a milestone of Rs 15,000 Cr AePS transactions value disbursement till date. Via its Twitter handle India Post Payments Bank has confirmed that "Celebrating the milestone of Rs. 15,000 crore AePS Transactions value disbursement till date. Thanks to our customers for their trust in our Postmen and Gramin Dak Sevaks which keeps them motivated to provide digital banking services at your doorstep."