Post Office schemes are preferred by people because of better securities and returns. However, according to a recent update by India Post, cash withdrawals can be made only four times a month from the post office. You will then have to pay a fee of 0.05 per cent on each transaction. Recently, a notice was issued by the government asking for a reduction in interest rate, but it was withdrawn the next day itself.
Post Office rules for depositing and withdrawing money:
1- As per the recent update, you can withdraw up to Rs 20,000 from the Gramin Dak Seva branch. Earlier, this limit was only up to Rs 5,000.
2- Branch Post Master can only allow deposits up to Rs 50,000. spared cash deposits of more than 50,000 rupees. Money can be withdrawn from schemes like Public Provident Fund, Senior Citizen Saving Scheme, Kisan Vikas Patra only through cheques or withdrawal forms.
3- You have to maintain a minimum balance of Ra 100 else Rs 100 will be deducted as maintenance.
4- You can withdraw money from the post office only four times a month from your savings account. The fifth time onwards, you have to pay Rs 25 or 0.50 per cent of the amount withdrawn.
5- If you deposit up to Rs. 10,000 in your account, you will not have to pay any charge. But above that, you will be charged at least Rs 25.
6- For withdrawal of up to Rs 25,000 in a month from savings and cash account, you won't be charged anything, but over that, you will have to pay Rs 25 or 0.5 per cent of the amount withdrawn..
