Changes in saving account rules of Post Office, now direct transfer subsidy

 

People will no longer need to open bank accounts to avail government subsidies. If you have opened a post office savings account in the post office, then the government subsidy will be directly transferred to the consumer's post office saving account. For this, you just have to link your Aadhar card to the post office saving account. After this, the subsidy will come to your account through direct benefit transfer (DBT). The Post Office Department (India Post) said that for this, customers have to fill an application form, as well as link their account with Aadhar card.

 

In April 2020, the Government of India issued a common application form for investment in Public Provident Fund (PPF), National Savings Certificate (NSC) and other small savings schemes. Now the Indian government has released an application form for those who already have a savings account in the post office. It has been released under the name Application for Linking / Seeding and Receiving DBT Benefits into POSB Account. Through this, the account holder consumers can connect their savings account with their Aadhaar. Also, to get the offline link, you can submit your Aadhaar details to the respective post office branch.

 

According to the postal department circular, post office savings account holders will also need to give details of their accounts to the government authority to take advantage of the subsidy. However, according to the order of the Supreme Court of India, it is not necessary for the account holders to link their account with the Aadhar-Bank Account Link. But to avail government schemes like pension, LPG subsidy, the account needs to be linked to Aadhar. Keeping this in view, the savings account opened in the post office will also have to be linked with Aadhar to get a subsidy.

 

The post office has changed in some rules related to saving accounts. If Post Office's customers do not follow these rules then they may have to suffer losses. As per the new post office rules, the postal department has increased the minimum balance in the post office account from Rs 50 to Rs 500. Now there should be at least 500 rupees in the consumer's account. If there is no minimum balance, the post office will charge Rs 100 as penalty from you on the end of the financial year and this will be done every year. Also, if there is zero fund balance in the account, then the account will be automatically closed. The minimum balance in a savings account opened in the post office is Rs 500 now.