Do you have Post Office Savings Account? Know about services charges on schemes, passbook reissuance

Having a savings account in the Post Office is considered by many to be the safest bet. However, are you aware that the post office levies some service charge if you have a savings account or a small savings scheme account there?

There are charges for getting services like getting a new cheque book, transferring accounts, issue of the account statement,s etc. Post office small savings scheme accounts include Post office Time Deposits accounts, Monthly Income Scheme accounts, NSCs, etc.

Here are all the service charges you need to know about: 

1. Issue of duplicate passbook - Rs 50.
2. Issue of the statement of account or deposit receipt - Rs 20 in each case.
3. ​Issue of passbook in lieu of lost or mutilated certificate – Rs 10 per registration.
4. Cancellation or change of nomination – Rs 50
5. Transfer of account – Rs 100
6. Pledging of account – Rs 100
7. Issue of checkbook in Savings Bank Account – No fee for up to 10 leaves in a calendar year and thereafter at Rs 2 per cheque leaf.
8. Charges on dishonour of cheque - Rs 100

Additionally, account holders have to pay the t​ax as applicable on the above service charges. Similarly, if one is a post office savings account holder and requires more than 10 cheque leafs in a calendar year, then they have to pay Rs 2 per additional cheque leaf.

Apart from those mentioned above, post office savings schemes also include Senior Citizens Savings Scheme (SCSS), Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Sukanya Samriddhi Yojana (SSY), etc.

According to the finance ministry circular, KVP and NSC certificates are not to be issued in a physically pre-printed form. They are either be issued in the 'exclusive e-mode' or 'passbook mode'. So, if someone has lost their NSC certificate or if it is in a mutilated condition, then they will have to get it re-issued in a passbook form, where they have to pay Rs 10 per registration.