Saving Account made compulsory to withdraw any schemes amount from post offices.

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Saving Account made compulsory for amount withdrawl

If you have opened a Recurring Deposit (RD) account in post offices or You have any fixed deposit in the post offices of India from now onwards you will need to open your savings account in the post office. Because, now you will not be able to get your deposit in cash or cheque on maturity.

The postal department of India is changing the rules. The post offices will not pay the amount of any account in cash or cheque. Now it is mandatory to have a savings account in the post office to withdraw money from any account.Not only this , it is compulsory to link all accounts to Aadhar till January15.

Currently the amount is paid by cash or check.The post office used to pay the payment of any amount by cash or cheque at the end of any plan yet. The post office used to pay till Rs 20 thousand  in cash or cheque and the amount more than Rs 20 thousand was used to pay through cheque.

Narsingh Mahto, Postal superintendent told that now under the new rules, it will not be paid by any cash and cheque.Instead of this , the account holder will have to open a savings account in the post office. After this , the amount of RD and other plan will be transferred in the saving account after maturity.

After this the account holder will be able to withdraw amount from his saving account.He said that now all the account holders will have to provide the Aadhar, PAN card and mobile number.If customer has not linked account with Aadhar, so his account can also be freeze.This rule will be implemented from March 2018.

Aadhar , PAN card and Mobile number are compulsory in the following

Saving account , Recurring Deposit (RD) account of five years , Time Deposit (TD) account , Monthly Income Scheme (MIS) , Public Provident Fund (PPF) , National Saving Certificates (NSC) , Senior Citizen Saving Scheme (SCSS) account , Kisan Vikas Patra (KVP) and Sukanya Samriddhi Account .

Author: Team MithilaConnect

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