The Hindu Business Line : Senior citizens savings scheme norms eased

Simplified
The transfer fee would be Rs 5 per Rs 1 lakh of deposit for the first transfer and Rs 10 per Rs 1 lakh of deposit for subsequent transfers.
Commercial banks are faced with a situation of tightening liquidity and are keen to attract more deposits into the banking system.

New Delhi , March 28

The Finance Ministry has brought in more flexibility to the senior citizens savings scheme by allowing depositors to transfer accounts from a post office to a bank or vice-versa without any strings attached.

So far, the facility of transfer of account from one deposit office to another was available only in the case of change of residence. The Finance Ministry has now done away with this requirement.

Fee structure change

However, the transfer fee structure for such a facility has undergone a change. Against the earlier norm of a transfer fee of Rs 5 per Rs 1 lakh of deposit (in cases where the deposit is Rs 1 lakh or above), the Finance Ministry has now said that the transfer fee would be Rs 5 per Rs 1 lakh of deposit for the first transfer and Rs 10 per Rs 1 lakh of deposit for subsequent transfers.

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