Post Office Rules– If you have an account at Post Office, then this article is for you. Do you know, If you do not withdraw money from the post office even after maturity, your account will be frozen? In such a situation, the small savings schemes of the post office remain the first choice of many people. Investing in them gives a guarantee and also a good interest over time. This is the reason why lakhs of people, from rural areas to cities, invest money in the post office.
Post Office Rules
But let us tell you that now an important rule related to these schemes has been changed. Earlier, if the scheme matured and the customer did not withdraw the money, then normal interest would continue to be paid on it. But now this will not happen. If the money is not withdrawn within the stipulated time limit after maturity, the account will be frozen and no interest will be paid on it. Many investors will be affected by this change. According to the new guidelines, any small savings scheme of the post office which includes schemes like PPF, Monthly Income Scheme, Senior Citizen Saving Scheme will be frozen.
This means that if you do not withdraw the money, you will not get as much benefit on your investment as you used to get earlier. Therefore, it has now become necessary to either withdraw the money as soon as the scheme matures or start the process of investing again.
This process will be started every year from 1st January and 1st July and it has to be completed within 15 days. During this time the post office will check all the accounts whose maturity has been completed for three years. If the amount is not withdrawn within the stipulated time, then the account will be frozen.
If you do not want your post office account to be frozen, then it is important to apply for an extension before or immediately after maturity. This process has become completely mandatory. So take special care of this.
