We are a consumer organization serving Mysore, Karnataka for more than two decades. We have 700 members. The postal department is restricting savings bank account to Rs. One lakh for single account and Rs. Two lakhs for joint accounts. As a result, larger cheques issued by the post office (on maturity of say, MIS, RD or PPF accounts) can not be deposited into a savings bank account at the same post office! Instead, we are asked to deposit these cheques in commercial banks! The realization of cheques takes nearly a week at banks and this delay is clearly avoidable. The postal department should remove this restriction and bring it on par with commercial banks. The present system is definitely against the consumers inerest and needs to be reviewed immediately.
V. Mahesha, Working President, MGP