Is withdrawal allowed by reducing the balance to less than five hundred rupees in Postal Savings Account ?

 Is withdrawal allowed by reducing the balance to less than five hundred rupees in Postal Savings Account ?

w.e.f 18/12/2019, No withdrawal shall be permitted which has the effect of reducing the balance to less than Rs.500/- (five hundred rupees) as per Rule No.4 G.S.R 2019 under Savings Account Gazette Notification 12th December 2019.

(4) No withdrawal shall be permitted which has the effect of reducing the balance to less than five hundred rupees.

(5) In case of an account having a balance of less than five hundred rupees immediately before the commencement of this Scheme, the account holder shall deposit the difference amount within a period of one year from the date of commencement of this Scheme, so as to bring the balance in the account to a minimum of five hundred rupees and the accounts office shall be responsible for advising the account holder through appropriate mode to make the required deposits within the specified date

(6) If the account holder fails to make such deposit within the specified period, an account maintenance fee of one hundred rupees shall be deducted from the account on the last working day of each financial year and after deduction of the account maintenance fee, if the balance in the account becomes nil, the account shall stand automatically closed and the account holder shall be notified accordingly. This provision shall be applicable to all accounts including Silent Account.

(7) All deposits and withdrawals shall be made in whole rupees only.