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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.


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