Basic Savings Account in Post Offices

13 April 2021 Current Affairs:The Ministry of Finance recently notified the changes to the postal savings account plan for 2019. The Ministry of Finance has notified that beneficiaries of government welfare programs can open basic savings bank accounts at any post office in the country.

Highlights:
♦ You can open an account in the Indian Post Payment Bank or a predetermined commercial bank. The deposit required to open the account is zero.
♦ The account should be opened by the beneficiary of any government benefit plan. The account should also be opened by the beneficiary of the minor. However, minors must appoint a guardian.
♦ Basic savings accounts opened under the 1981 post office savings account rules are not included in the new notice.
♦ The account opened under Pradhan Mantri Jan Dhan Yojana is a basic savings account. So far, 422,000 such accounts have been opened. They currently have a balance of 14.5 crore rupees.
♦ The post office savings account is also a basic savings account. Its minimum account opening amount is 500 rupees. The minimum deposit is 10 rupees and there is no maximum deposit limit.
♦ The post office savings account is also a basic savings account. Its minimum account opening amount is 500 rupees. The minimum deposit is 10 rupees and there is no maximum deposit limit.
 

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