Post Office Saving Schemes: Savings Account

                                                       Post Office Saving Schemes

                                           Savings Account

                                   

Brief overview
  • Account can be opened by cash only.
  • Cheque facility can be taken in an exi​sting account also.
  • Nomination facility is available at the time of opening and also after opening of account.
  • Account can be transferred from one post office to another.
  • One account can be opened in one post office.
  • Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
  • Joint account can be opened by two or three adults.
  • At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active.
  • Single account can be converted into Joint and Vice Versa.
    • Minor after attaining majority has to apply for conversion of the account in his name.
    Deposits and withdrawals can be done through any electronic mode in CBS Post offices.
    *Inter Post office transactions can be done between CBS post offices.
    * ATM/Debit Cards can be issued to Savings Account holders( having prescribed minimum balance on the day of issue of card) of CBS Post offices.

Saving Accounts- Rates/Interest
​​​​​​Rate of interest4% per annum
Minimum Amount for OpeningINR 20/-
Interest earned is Tax Freeup to INR 10,000/- per year from financial year 2012-13
Cheque facility available if an account is opened withINR 500/-
For Cheque facility minimum balance in an account is to be maintainedINR 500/-
​Minimum balance to be maintained in a non ​​- Cheque facility account​​INR 50/-

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