Along with stopping the case of fraud towards the post office, other rules have also changed. The withdrawal limit has also been increased. 20000 can be withdrawn instead of 5000 rupees.
The post office provides many facilities to its account holders. Like other banks, it offers many facilities like opening an online account along with interest on different schemes. Also, from time to time, the post office keeps on making changes in the rules. Now a change has been made regarding the withdrawal of Rs.
It is important for you to be aware of these guidelines if you also have an account with the post office. On August 25, the Ministry of Communications had issued a circular saying that if any account holder wants to withdraw more than Rs 10,000, then they will need authentication for withdrawal of Rs 10,000. No account holder can withdraw more than Rs 10000 without verification.
Fraud cases will come down
At the same time, the authentication process has been done away with for more withdrawals in single-handed post offices. In addition, the post office can check transactions under certain circumstances. Such rules have been implemented to prevent postal banking frauds. The post office says that this decision will reduce the cases of fraud.
Withdrawal limit increased
Along with stopping the case of fraud towards the post office, other rules have also changed. Until recently, post office account holders could withdraw only up to Rs 5000, but this limit has now been increased to Rs 20,000. The Branch Postmaster will not accept any customer account transactions above Rs 50,000.
Paying interest on savings account more than other banks
Any Indian citizen can open an account in the post office. Its minimum interest is very less as compared to other banks, account can be opened with only Rs.500. At the same time, more interest is also given on the savings account than other banks. At present, the post office is providing 4% interest to the customers on the savings account.
It is worth noting that the cases of fraud in the country are increasing day by day. Cyber criminals are trying new tricks of fraud, about which banks and RBI are being alerted.