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.