You will no longer need to open a bank account to take advantage of government subsidies. If you have opened a post office savings account in the post office, then the government subsidy will be directly transferred to your PO savings account. For this, you just have to link your Aadhaar card to the post office savings account. After this, the government subsidy will come to your account through Direct Benefit Transfer. The Post Office Department said that for this, customers have to fill out an application form, as well as link their account with Aadhaar card.
The Government issued a Common Application Form to Invest in PPF
In April, the government issued a common application form to invest in the Public Provident Fund (PPF), the National Savings Certificate (NSC) and other small savings schemes. The government has released an application form for those who already have a savings account in the post office. This is issued under the name Application for Linking / Seeding and Receiving DBT Benefits in-to POSB Account. Through this, account holders can link their savings account with their Aadhaar. At the same time, to provide offline links, you can submit your Aadhaar details to the respective post office branch.
Need to link to Aadhaar
According to the postal department circular, the PO savings account holder will also need to give details related to their account to the government authority to take advantage of the subsidy. However, according to the order of the Supreme Court, it is not necessary for the account holders to link their account with the Aadhaar-Bank Account Link. But to avail of government schemes like pensions and LPG subsidies, the account needs to be linked to Aadhaar. Keeping this in view, the savings account opened in the post office will also have to be linked to Aadhaar to get a subsidy.
It is necessary to keep a Minimum Balance
The post office has made changes to some rules related to savings accounts. If customers do not follow these rules then they may have to suffer losses. According to the new rules, the postal department has increased the minimum balance in the PO account from Rs 50 to Rs 500. You should now have at least 500 rupees in your account. If there is no minimum balance, the post office will charge Rs 100 as penalty from you on the last working day of the financial year and this will be done every year. Also, if there is zero balance in the account, then the account will be automatically closed. The minimum balance in a savings account opened in a post office is 500 rupees.