Japan Post Bank called at the Postal Services Privatization Committee for the ceiling on ordinary deposits to be abolished, it has emerged. Japan Post Insurance also called for the additional restrictions to be abolished, and the committee is expected to reach a conclusion by March 2027.
At the Postal Services Privatization Committee held on 9 October, Japan Post Bank called for the ceiling on ordinary deposits to be abolished. Committee Chairman Hirotaka Yamauchi (山内弘隆) made the comments at a press conference after the meeting.
The current ceiling on ordinary deposits is ¥13 million, but it was raised to ¥26 million in April 2019. This is reportedly the first time the abolition of the ceiling has been requested. Japan Post Insurance also called for the additional restrictions to be abolished.
The committee plans to reach a conclusion by March 2027 after hearing from the banking and insurance industries. There is also a view that opposition from private financial institutions can be expected.
President Takayuki Kasama (笠間貴之) explained that the number of customers exceeding the ceiling is increasing each year, and that the current limit cannot serve as a vehicle for retirement benefits or inherited assets.