SB ORDER NO. 20/2011 - Removal of Maximum limit Balance in SB Accounts- Important Amendments
(i) From 1.10.2011, there will be no limit for retaining balance in single as well as joint savings account.
(ii) A depositor or depositor(s) can deposit any amount into single as well as joint savings account.
(iii) Maturity value of any savings instrument can be credited into savings account of the depositor standing in the same post office irrespective of the balance in the account.
(i) Any cheque either issued by Postmaster or any other authority irrespective of any amount can be credited into post office savings account irrespective of the balance in the account.
(ii) From the Financial year 2011-12, Interest income of Rs.3500/- in the case of single account and Rs.7000/- in case of Joint account will be exempted from Income Tax. (Section 10(15) (i) of Income Tax Act, 1961 amended vide Notification No. 32/2010 {F.No. 173/13/2011-IT A.I}/S.O.1296(E) dated 03.06.2011)
(iii) It is the duty of the depositor(s) to show the interest income earned from Post Office Savings Account(s) beyond the limit prescribed above in the Income Tax return and pay due Income Tax.
(ii) A depositor or depositor(s) can deposit any amount into single as well as joint savings account.
(iii) Maturity value of any savings instrument can be credited into savings account of the depositor standing in the same post office irrespective of the balance in the account.
(i) Any cheque either issued by Postmaster or any other authority irrespective of any amount can be credited into post office savings account irrespective of the balance in the account.
(ii) From the Financial year 2011-12, Interest income of Rs.3500/- in the case of single account and Rs.7000/- in case of Joint account will be exempted from Income Tax. (Section 10(15) (i) of Income Tax Act, 1961 amended vide Notification No. 32/2010 {F.No. 173/13/2011-IT A.I}/S.O.1296(E) dated 03.06.2011)
(iii) It is the duty of the depositor(s) to show the interest income earned from Post Office Savings Account(s) beyond the limit prescribed above in the Income Tax return and pay due Income Tax.
