Various schemes are run in the post office from ordinary citizens to senior citizens. In such a situation, all the schemes are such that they mature in 5 years. If you want to withdraw money before their maturity, then you will have to bear some loss in the form of penalty. Know about these schemes here.

Post Office MIS

In Post Office MIS i.e. Monthly Income Scheme, you have to deposit a lump sum amount for 5 years. Through this, you can get a fixed amount every month for 5 years as income. After 5 years you get your money back. But if you need money before 5 years then you have to pay penalty. If you withdraw money between one year to three years, then 2% of the deposit amount will be deducted and returned. On the other hand, if the account is more than three years old but you want to withdraw money before 5 years, then after deducting 1% from the deposited amount, the deposit amount is returned to you.

Senior Citizen Saving Scheme

In this post office scheme also you have to invest for 5 years. The deposit matures after 5 years from the date of opening the account. But if you have to withdraw money from it before five years, then penalty has to be paid. In this, 1.5% of the deposit amount is deducted for withdrawing money before completion of 2 years and 1% of the deposit amount is deducted as penalty for withdrawing money after 2 years.

Post Office Recurring Deposit Account

The recurring deposit account of the post office is also for 5 years. Investors of Recurring Deposit Account get the facility of withdrawal after 3 years. On premature withdrawal, you will get the benefit of the rate of interest as per the savings account only.

Kisan Vikas Patra

This scheme, which doubles the investment in 124 months, has a lock-in period of 30 months. In this scheme, if you withdraw money before 1 year, then you will not get any interest on it. According to the scheme, the investor will also have to pay a penalty for withdrawing money. Interest will be earned on withdrawing money between 1 year to 2.5 years, but the amount will be reduced. After 2.5 years, if the KVP is broken and the money is withdrawn, then no penalty will be imposed and the return will be given according to the interest rate prevailing at that time.

Public Provident Fund

This scheme is of 15 years, but the lock in period is of 5 years. But if after 5 years you can withdraw money with certain conditions and close the account. But 1% interest is deducted from the date of account opening till the date of closure.

The post Post Office Withdrawal Rules: Big change in the rule of premature withdrawal in these top 5 post office schemes first appeared on Rightsofemployees.com.

If you have also invested in the Post Office, then there is important news for you. The post office has changed a big rule. Now the post office has changed the rules for withdrawing money. According to the new rules of the post office, now customers will have to pay charges for withdrawing money. The post office has given this information.

Customers will have to pay extra charge 

According to the information given by the post office, India Post Payments Bank (IPPB) has changed the transaction charge from Aadhaar Enabled Payment System (AePS). According to a notification, these charges are effective from December 1, 2022. According to the new rule, those who are not customers of IPPB will have to pay charges for doing more than 1 transaction. This also includes withdrawing, depositing or generating mini statement through Aadhaar.

Post office information

According to the circular issued by the post office, customers will have to pay Rs 20 + GST ​​charge for withdrawing and depositing money in case of transactions exceeding the free limit in a month. Not only this, Rs 5 per transaction will have to be paid for the mini statement. Post office customers will now have to pay more money.

Know what NPCI says 

It is worth noting that according to NPCI, it is quite easy and secure to use AePS for availing benefits using Aadhaar number and biometrics. AePS works on an individual’s demographic and biometric/iris information, thus eliminating the dangers of fraud. In this way, AePS provides more security to the customers.

The post Post office withdrawal rules: Big news for the customers of the post office, the bank has made a big change in the rules, now extra charge will be taken first appeared on Rightsofemployees.com.