The government agreed Tuesday to raise the cap on deposits at Japan Post Bank despite fears among small, regional rivals that it will result in an outflow of funds. Savers will be able to stash a total of ¥13 million in future, compared with ¥10 million as of now.

The Cabinet of Prime Minister Shinzo Abe approved the revision, which will also raise a limit on insurance at Japan Post Insurance Co. to ¥20 million from ¥13 million.

The changes, both effective April 1, are the first in 25 years for the bank and 30 years for the insurer.