INDIA: Senior Citizens Can Now Move PO Savings Accounts

NEW DELHI (Press Information Bureau), March 31, 2006: The Ministry of Finance has issued a public notice (F. No. 1(10)/ 2006-EDMU New Delhi March 31,2006), amending the Senior Citizens Savings Scheme, 2004. "As a measure for further facilitation of Senior Citizens under the Senior Citizens Savings Scheme 2004, the depositors can now transfer their accounts from one deposit office (Post Office/Bank) to another, without application of the condition of change of residence. "A small transfer fee of Rs.5 per lakh on deposits of one lakh and above will be payable for the first transfer. If subsequent transfers are availed of, a transfer fee of Rs.10 per lakh on deposits of one lakh and above would be payable. "Earlier such transfers of Accounts were allowed only in case of change of residence of the depositor. "The present amendment is intended to provide greater flexibility to the senior citizens in choosing a more conveniently located deposit office as also one that offers good service." (http://finmin.nic.in/press_room/2006/march_details.htm#AmdSCSavingS)