Post office savings account charges: Only this much charge has to be paid on these facilities

In this article, we will talk about the various facilities offered by the Post Office Savings Account and the charges associated with them. Learn about the minimum charges that need to be paid to enjoy these facilities hassle-free.

Introduction

The Post Office Savings Account has been a popular investment option for a long time now. The account is known for its safety, reliability, and convenience. It is a great option for those who are looking to invest their money and earn interest on it, without taking any risks.

The Post Office Savings Account offers various facilities, such as ATM withdrawals, fund transfer, and online banking. However, many people are unaware of the charges associated with these facilities. In this article, we will discuss the different charges that need to be paid to enjoy these facilities without any hassle.

Post office savings account charges: Only this much charge has to be paid on these facilities

Here are the different facilities offered by the Post Office Savings Account and the charges associated with them:

ATM withdrawals

One of the most convenient facilities offered by the Post Office Savings Account is the ability to withdraw money from ATMs. However, there is a charge associated with this facility. Here are the details:

• For the first five transactions in a calendar month, there are no charges.
• For more than five transactions, a charge of Rs. 20 per transaction will be levied.

It is important to note that this charge is applicable to both domestic and international transactions.

Fund transfer

The Post Office Savings Account also offers the facility to transfer funds to other accounts. Here are the charges associated with this facility:

• For fund transfer up to Rs. 1,000, there are no charges.
• For fund transfer above Rs. 1,000 up to Rs. 10,000, a charge of Rs. 2 per transaction will be levied.
• For fund transfer above Rs. 10,000 up to Rs. 1 lakh, a charge of Rs. 5 per transaction will be levied.
• For fund transfer above Rs. 1 lakh up to Rs. 2 lakhs, a charge of Rs. 15 per transaction will be levied.
• For fund transfer above Rs. 2 lakhs, a charge of Rs. 25 per transaction will be levied.

Online banking

The Post Office Savings Account also offers the facility of online banking. Here are the charges associated with this facility:

• For accessing account information and downloading account statements, there are no charges.
• For fund transfers through NEFT or RTGS, the charges are the same as mentioned above under the Fund Transfer section.

FAQs

Here are some frequently asked questions about the charges associated with the Post Office Savings Account:

Q. Are there any charges for opening a Post Office Savings Account?

A. No, there are no charges for opening a Post Office Savings Account.

Q. Are there any charges for closing a Post Office Savings Account?

A. No, there are no charges for closing a Post Office Savings Account.

Q. Are there any charges for non-maintenance of the minimum balance in the account?

A. No, there are no charges for non-maintenance of the minimum balance in the Post Office Savings Account.

Q. Are there any charges for using the account for more than one year?

A. No, there are no charges for using the account for more than one year.

Q. Can the charges for the facilities mentioned above change in the future?

A. Yes, the charges for the facilities mentioned above can change in the future. It is always advisable to check with the Post Office before availing of any of these facilities.

Conclusion

The Post Office Savings Account offers various facilities that make it convenient for investors to manage their money. However, it is essential to be aware of the charges associated with these facilities to avoid any surprises in the future. The charges are minimal and only applicable after a certain number of transactions.

It is advisable to keep track of your transactions to avoid exceeding the limit and paying unnecessary charges. Additionally, it is always a good idea to check with the Post Office for any changes in the charges associated with these facilities.

Overall, the Post Office Savings Account is an excellent investment option for those looking for a safe and reliable way to invest their money. With minimal charges, it offers a range of facilities that make it easy to manage your finances.

So, if you are looking to invest your money in a safe and reliable option, consider opening a Post Office Savings Account today! Remember, the Post Office savings account charges: Only this much charge has to be paid on these facilities.