SB ORDER NO. 20/2011 Removal of ceiling of maximum balance to be retained in a post office savings account
SB ORDER NO. 20/2011 No. F.No.113-23/2005-SB Government of India Ministry of Communications & IT Department of Posts Dak Bhawan, Sansad Marg, New Delhi-110001, Dated: 27.09.2011 To All Heads of Circles/Regions Addl. Director General, APS, New Delhi. Subject:- Removal of ceiling of maximum balance to be retained in a post office savings account- amendment to Rule-4 of the Post Office Savings Account Rules 1981 regarding. Sir / Madam, The undersigned is directed to say that issue of removal of ceiling of Rs.1 lac in single savings account and Rs.2 Lac in Joint Savings Account fixed in the year 2000 was under consideration in the Min. of Finance (DEA). This issue was linked to the benefit of exemption in Income Tax on the interest earned in Post Office Savings Account under Section10(15) (i) of Income Tax Act, 1961 by the CBDT and Min. of Finance (DEA). After sustained efforts on the part of this Directorate, Min. of Finance (DEA) has now amended Rule-4 of the Post