Post office savings account

Post Office Savings Account​​​

Post Office Savings Account

Interest payable, Rates, Periodicity etc.	Minimum Amount for opening of account and maximum balance that can be retained
4.0% per annum on individual / joint accounts	Minimum INR 500/- for opening
Salient features including Tax Rebate
Account may be opened by (i) a single adult (ii) Joint Account (Maximum 2 adults) (iii) Minor above 10 years of age (iv) A guardian on behalf of a minor/Person of unsound mind Account can be opened by cash only Minimum balance to be maintained in an account is INR 500/- , if balance Rs. 500 not maintained, a maintenance fee of one hundred (100) rupees shall be deducted from the account on the last working day of each financial year and after deduction of the account maintenance fee, if the balance in the account becomes nil, the account shall stand automatically closed Cheque facility/ATM facility are available Cheque facility can be taken in an existing account also. Interest earned is Tax Free up to INR 10,000/- per year from financial year 2012-13 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. At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active, else account became silent (Dorment) Minor after attaining majority has to apply for conversion of the account in his name Intra Operable Netbanking/Mobile Banking facility is available Online Fund transfer between Post Office Savings Accounts/Stop Cheque/Transaction View facility is available through Intra Operable Netbanking/Mobile Banking Facility to link with IPPB Saving Account is available Funds Transfer (Sweep in/Sweep out) facility is available with IPPB Saving Account.