• search

Senior citizens allowed to transfer post office deposits

Written by: Staff
|

New Delhi, Mar 29: As a measure for further facilitation, depositors under the Senior Citizens Savings Scheme 2004, can now transfer their accounts from one deposit office (Post Office/Bank) to another, without application of the condition of change of residence.

A small transfer fee of Rs 5 per lakh on deposits of one lakh and above will be payable for the first transfer. If subsequent transfers are availed of, a transfer fee of Rs 10 per lakh on deposits of one lakh and above would be payable, an official release said here today.

Earlier such transfers of Accounts were allowed only in case of change of residence of the depositor. ''The present amendment is intended to provide greater flexibility to the senior citizens in choosing a more conveniently located deposit office as also one that offers good service,'' the statement said.

UNI

For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more