Post Office: If you are in dire need of money due to any particular reason and you want to exit from the investment scheme (Premature encashment rules) i.e. want to withdraw the money completely, then there are certain conditions and rules for this.
Post Office: In the post office i.e. post office, you invest in various small savings schemes. Many schemes also have a lock-in period. If for some particular reason you are in dire need of money and you want to exit from the investment scheme (Premature encashment rules), that is, you want to withdraw the money completely, then there are certain conditions and rules for this. You must know them.
These accounts can be closed anytime
You can close the post office savings account whenever you want. According to the official website, similarly, senior citizens can withdraw their deposits by closing the savings scheme account at any time. Yes, you may have to pay a fixed fee for the first closure.
Recurring deposit account
If you have invested in Post Office Recurring Deposit, then after three years you can close the account at any time (Premature encashment rules). In this, only the interest rate of the savings bank account will be applicable.
MIS account
You can close the Post Office’s Monthly Income Scheme (Post Office savings schemes) account i.e. MIS after one year. Also, Kisan Vikas Patra account can also be closed after 2 years 6 months i.e. two and a half years.
Rules for Post Office PPF Account
If you have opened a Public Provident Fund ie PPF account in the post office, then you will be able to close your account only after at least five years. Keep in mind that this will happen only if you have a serious illness, want to meet higher education needs or you are an NRI.
Sukanya Samriddhi Account
If you have invested in the Sukanya Samriddhi Yojana in the post office, then the account of this government scheme related to daughters will be credited to the daughter’s marriage on her completion of at least 18 years (although now the age of marriage of girls is 21 years). Can only close.
National Saving Scheme
The National Savings Scheme ie NSC (VIII Issue) account in the post office cannot be closed before maturity. However, in the event of death or seizure of the account holder, the account of this scheme (Post Office savings schemes) is closed.
