Depositors can only open online account in post office from July

Savers will not be able to open accounts at post offices manually from the first day of July this year, the Internal Resources Division (IRD) said in a notification.

To continue savings at the postal savings bank, depositors will have to open accounts online, according to two separate notifications by the IRD, a division under the finance ministry.  

The investor-bearing manual term deposit account opened before June 30, 2021, will get benefit up to 30th June of 2023.

"No auto-renewal benefit will be given. All the manual term deposit will be closed after June 30, 2023. They can open a new account online," IRD stated in the notifications.

The account will be closed after adding profit following one year, it said. However, if a depositor wants, she or he will be open a new digital term deposit account online on the same day, according to IRD.

The rules will become effective immediately, it said.