Many Indian citizens have post office accounts, one of the reasons many of them opt for a PO bank account as they give several interesting opportunities to invest and deposit money safely. In a new update by the post office, customers who want to close their account have to give their passbook back before closing it. This was first reported by The Economic Times.
If you are planning to close your post office bank account, make sure to carry your passbook with you. This applies to all sorts of deposit accounts like RD/FD/MIS/Kisan Vikas Patra and NSC (National Savings Certificate). This rule is the same for mature or premature accounts.
According to the report, the Post Office announced this in a circular earlier this month. It stated, “At the time of closure/premature closure of any TDA type of accounts (RD/TD/MIS/SCSS/KVP and NSC), all single and double-handed post offices (including BOs) shall collect closed passbook from the account holders. The closure entry is to be noted after the last transaction in the passbook by the post office concerned with a date stamp.”
On the other hand, the report said that the citizens who are closing their bank account at the post office can ask for an account statement in return for submitting the passbook. The PO will have to provide you with the statement free of cost. Along with the statement, the account holder will also get ACR (Account Closure Report).
For more breaking news, click here.