How to Open Post Office Savings Account - Features, Benefits and Opening procedure

Post Office Savings Account 


Post office savings account provides interest rates of 4% per annum for both single as well as joint accounts. The interest won is tax free up to Rs. 10,000 every year. The base balance to be kept up is Rs. 50 or 500 and can be opened with just Rs.20. 


Post Office Saving Account is comparative from multiple points of view to a normal savings account. It is viewed as a profoundly secure instrument to deposit funds into and offers the choice of full or halfway liquidation of funds at extremely an abrupt announcement in the event that the need emerges. These accounts commonly offer an ensured rate of profitability and are ideal for senior citizens and individuals who are hoping to win a standard income without introduction to chance. 


How to Open Post Office Savings Account - Features, Benefits and Opening procedure



So as to open a Post Office Savings Account, you should be an Indian and a grown-up. A minor should be at least 10 years to be qualified for opening a Post Office Saving Account. For opening a joint post office saving account, 2 or 3 people are required. 


  • Least beginning deposit - Rs.20 
  • Least balance for account without cheque book - Rs.50 
  • Least balance or beginning deposit for account with cheque book - Rs.500 
  • Interest rate - 4% p.a. 
  • Tax Free Interest - Up to Rs.10,000 p.a. 


Instructions to Open Post Office Savings Account 


follow these basic strides to open a post office savings account. 


  • Visit your closest post office or the official website of India Post and get the application form. 
  • Fill the form with suitable information 
  • Outfit the pertinent documents, and a passport size photograph. 
  • Pay a deposit sum, which can't be lower than Rs.20. 
  • On the off chance that you need to get a post office savings account without a cheque book, you should pay a deposit measure of in any event Rs.50. 


Single account holders can deposit a limit of Rs. 1 lakh while joint account holders can deposit a limit of Rs. 2 lakhs. One of the principle features of a Post Office saving account is that there is no lock-in or maturity period. Opening an account of this sort is generally bother free, since one can stroll into any post office, complete the formalities with the representative, and open an account right away. 


Eligibility to Open Post Office Savings Account 


The accompanying people are qualified to open a Post Office savings account 


  • Minors with a base age of ten years 
  • A guardian for a minor 
  • A person of shaky mind 
  • A few grown-ups can open a joint account 


Gathering Accounts, Institutional Accounts and different accounts like Security Deposit Accounts and Official Capacity Accounts are not permissible. 


Post Office Savings Accounts Interest Rate 


Post Office saving account interest rate is chosen by the Central Government every now and then and is for the most part between 3% to 4%. Interest is determined on month to month balances and credited yearly. 


Post Office Saving Accounts procure a fixed pace of interest as the year progressed, subject to change now and again, as pronounced. As of now, the interest rate is as given underneath: 


Pace of Interest 4% 


Post Office Savings Account Withdrawals 


In a Post Office savings account the sum deposited can be pulled back at whenever as per the depositor's needs. The withdrawal is, in any case, subject to the support of a base balance of Rs. 50 out of a straightforward account and Rs. 500 for accounts with check facility. 


Features of Post Office Savings Account 


The primary features of a Post Office saving account are: 


  • You can decide to close the account whenever of their picking 
  • Minors over the age of 10 years can operate their accounts 
  • To keep the account dynamic in any event one deposit or withdrawal must be done once in 3 years 
  • The account can be opened just utilizing money 
  • Assignment facility is accessible at the hour of opening the account and subsequent to opening the account 
  • Interest gained is tax free up to Rs 10,000 per year 
  • Income tax relief is accessible on the measure of interest under the arrangements of section 80L of the Income Tax Act. 
  • The account can be moved starting with one post office then onto the next 
  • Single accounts can be changed over to joint accounts and the other way around 
  • Deposits and withdrawals can be made possible through any electronic mode in CBS Post offices. 
  • Exchanges is possible by means of ATMs 


Post Office Savings Account Benefits 


Customers who wish to open these accounts approach check and ATM offices. Some alluring Benefits of Post Office Saving Accounts have been recorded underneath: 


Check facility: Check facility is accessible and can be demand for existing accounts too. 


ATM/Debit card: For those account holders who have kept up the endorsed least balance upon the arrival of issuance of the debit card, CBS Post Offices can allow ATM/Debit cards. 


Minor Accounts: Post Office Savings Account is accessible to minors. For minors beneath the age of 10, an account can be opened in their name, however the parent or guardian will be offered rights to operate the account for their benefit. Minors of 10 years or more can operate the account all alone. 


Movability: If you move your habitation or are not content with the administrations of the post office branch or for some other explanation, you can move your Post Office Savings Account to a part of your decision. Just one account can be opened in one post office. 


Selection: The facility to designate somebody is made accessible under these accounts at the hour of opening the account. The account holder can likewise decide to select a person to get the returns of this account after their end whenever. 


Joint Holdings: Two or three grown-ups are permitted to hold an account together under the joint account facility. A single account can be changed over to a joint account and the other way around. 


Tax Exemptions: Two or three grown-ups are permitted to hold an account together under the joint account facility. A single account can be changed over to a joint account and the other way around. 


Electronic Facilities: Customers can make withdrawals and deposits through any electronic mode in CBS Post offices. 


Significant stretch for Inactivity: In request to keep the account dynamic you just need to do one exchange of a deposit or withdrawal in 3 money related years. The account won't be regarded latent except if there are no exchanges for 3 money related years. 


What is the procedure for opening a Post Office Savings Account? 


  • Opening a Post Office Saving Account is basic. 
  • Get a form from the post office or online. 
  • Present the appropriately filled and marked form alongside the necessary KYC documents and a photograph. 
  • Pay the sum you might want to deposit subject to at least Rs.20. 
  • Your deposit will be opened for you. 
  • For senior citizens, there are independent forms accessible. 


What are the documents needed to open a Post Office Saving Account? 


You have to consent to the KYC standards as indicated by your danger classification. For the most part, to open a savings account at the post office, you have to present the accompanying: 


ID Proof 

  • Appointive Photo Identity card 
  • Aadhaar 
  • Ration Card with photograph 
  • Passport 
  • Driving License 
  • Photograph Identity Card gave by perceived, University/Education Board//College/School, Identity card from Central/State Government or PSU. 
Address Proof 
  • Bank or Post Office Passbook/Statement with current location 
  • Passport 
  • Ration Card with current Address 
  • Electricity Bill 
  • Telephone Bill not over a quarter of a year old 
  • Pay Slip from a rumored Employer with current location, 
  • Aadhaar 


One (two if there should be an occurrence of EDBO) late Passport Size Photographs are to be given. In the event of Joint Account, photograph of all joint holders ought to be given.

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