Customers Furious Over Closure of Saving Accounts in Pakistan Post - Android

The termination of the saving accounts at the Pakistan Post in Rawalpindi is causing issues for both the account holders… Read More

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The termination of the saving accounts at the Pakistan Post in Rawalpindi is causing issues for both the account holders and the management of the post office.

As per a letter sent to the Postmaster-General, the Ministry of Finance, and the concerned stakeholders, the Chief Postmaster revealed that account holders are losing faith in the current system and have requested the management to update the regulations and service structure.

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The management of the Pakistan Post is also facing difficulties in transferring accounts to national savings. As of today, more than 0.1 million account holders were unable to conduct their financial activities due to the current national savings policy.

Due to limited facilities available at the offices in various districts, account holders are forced to regularly visit the Pakistan Post offices to stay updated on their affairs.

The Chief Postmaster has requested the concerned authority to facilitate customers without bank accounts in drawing cash amounts up to Rs. 200,000. He also suggested that the accounts holding more than Rs. 500,000 be transferred to national savings.

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Approved in the early days of January 2021, the termination of the savings accounts and the pension system will result in a massive reduction in the revenue of the national institution. According to an estimate, the department’s annual revenue will be reduced from Rs. 12 billion to one-third of it.

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