BANKING AFFAIRS

Detailed explanation-1: -In a Post Office savings account the amount deposited can be withdrawn at any time as per the depositor’s needs. The withdrawal is, however, subject to the maintenance of a minimum balance of Rs. 50 in a simple account and Rs. 500 for accounts with cheque facility.

Detailed explanation-2: -(i) Account can be opened with minimum of Rs. 1000 and in multiple of Rs. 1000. (ii) A maximum of Rs. 4.50 lakh can be deposited in a single account and 9 lakh in Joint account. (iii) In a joint account, all the joint holders shall have equal share in investment.

Detailed explanation-3: -India Post Payments Bank regular savings account A regular savings account in IPPB can be opened by either visiting an access point of the payments bank or by applying for the doorstep service. The account can be opened with zero balance and the account holder is not required to maintain any particular balance.

Detailed explanation-4: -The minimum amount required to open a National Savings Time Deposit Account is Rs. 1, 000. Individuals can deposit in multiples of Rs. 100 thereof.

Detailed explanation-5: -Making a deposit There are lots of ways to pay in: In branch (by cash or cheque) By post (cheques only) Transfers from your linked current account.