Kochi: The government has imposed restrictions on opening zero balance accounts at post offices. In a notification issued by the Ministry of Finance on April 9, 2021, it was stated that not everyone can open a Zero Balance or Basic Savings Account anymore.
Zero balance accounts can now be opened only by senior members registered with any government welfare scheme or by parents of minors who are registered to receive government benefits. All Post Office Savings Accounts opened by these individuals will be Zero Balance Accounts.
No one can open more than one account. That account can be used to receive government benefits such as pensions, scholarships, and LPG subsidies.
