Like a bank savings account, one can also open a savings account with a post office. In a circular dated 25 August, the Ministry of Communications had stated that for withdrawal of High Value Withdrawal of ₹10,000 and above in Savings Accounts at Branch Post Offices, Verification is needed. It said that the verification of withdrawals of Rs10,000 and above at Single Handed Post Offices has been dispensed with and verification is prescribed only for the withdrawals in respect of Branch Post Offices, vide SB Order No. Post Office Saving Scheme: Minimum balanceIt must be noted that 4% interest is given on the Post Office Saving Scheme. The account holders must know that they need to keep a minimum balance of ₹500 in the Post Office saving scheme account.

Source: Mint September 23, 2022 18:53 UTC