A post office is an extremely safe and convenient place to have a savings account. You can earn interest on the funds parked in it.
It works like a regular savings bank account and you can withdraw or deposit money in it whenever you want. You just need to maintain a minimum balance of Rs.500. The penalty for not maintaining the minimum balance is Rs.50.
If you are searching for how much can you withdraw from a post office savings account or how to withdraw money from a post office savings account, you will find the answers here.
You can withdraw money from your post office savings account in two ways. If you already know how to withdraw money from a savings bank account, the procedure is not that different.
Searching for how to withdraw money from a post office savings account through an ATM? Post office savings accounts also provide ATM cards just like banks to withdraw cash.
You can use these cards at ATMs of the Department of Posts (DOP) or other bank ATMs. To know how to use an ATM to withdraw cash.
There are no cash withdrawal charges if you use a DOP ATM. You can use it for free for any service as many times as you want.
However, if you use ATMs of other banks, the first 3 transactions are free in metro cities and the first 5 transactions are free in non-metro cities. Once the free transactions are over, you will be charged Rs.20 + GST per transaction.
Another way to withdraw cash from your Post Office Savings Account is by visiting the nearest post office branch.
You can fill out a withdrawal form that you can get from the branch itself. Once you submit the form, the money will be handed over to you from the cash counter.
You can also use your cheque and write it to ‘Self’ and use it to withdraw cash from the branch.
Please note that you will need to show your passbook to withdraw cash using a form. You won’t need to show it if you are withdrawing money using a cheque.
Like any other savings account, there are some limitations to how much money you can withdraw from a post office savings account. This section will talk about how much can you withdraw from a post office savings account.
|
Daily Withdrawal Limit from ATM |
Rs.25,000 |
|
Withdrawal Limit per Transaction |
Rs.10,000 |
|
Minimum Cash Withdrawal from Branch |
Rs.50 |
|
Withdrawal Limit at Branch |
No limit at the source branch |
Post office savings accounts are safe and provide services at par with bank savings accounts. You can withdraw cash from your post office savings account through ATMs or by visiting your nearest post office branch.
The post office savings ATM card charges an annual maintenance charge of Rs.125 + GST. Please note that you cannot withdraw an amount lower than Rs.50. Also, you need to maintain a minimum balance of Rs.500 to keep your account functional.
Yes, you can easily withdraw money from your post office account through ATMs or by filling out a withdrawal form at the branch.
Yes, you can transfer funds from your post office savings account to any other bank’s account.
No, you cannot withdraw money from a post office directly without showing your passbook. However, you can withdraw money from an ATM or by using a cheque if you do not have your passbook with you.
Yes, you can withdraw Rs.1 Lakh from your post office account by visiting the branch, given that you have a PAN card. You cannot withdraw this amount from an ATM, as the daily limit of ATM transactions is Rs.25,000.
Yes, you can use your post office account ATM card at any bank’s ATM. You will, however, have to pay charges once you cross the free transaction limits.
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