Post Office Savings Account @ indiapost.gov.in – Eligibility, Benefits, Interest Rates, How to Apply: The post office provided a deposit scheme called Post Office Savings Account throughout India. On the account balance, the account provides a fixed interest rate. Through this saving scheme, individual investors can able to earn a fixed rate of interest on their financial assets investing.
In rural parts of India, a post office savings account is also a very helpful scheme because across India people can reach the post offices easily when compared to banks. Through post offices, a large number of unprivileged people can able to get access to savings accounts. In the below sections of this post, we also shared the Post Office Savings Account Benefits, Post Office Savings Account Interest Rates, Etc.,
- 1 Post Office Savings Account – Overview
- 2 Post Office Savings Account Interest Rates
- 3 Eligibility to Open Post Office Savings Account
- 4 Post Office Savings Account Benefits
- 5 How to Open a Savings Account at the Post Office?
- 6 Withdrawal Amount from Post Office Savings Account
- 7 Post Office Savings Account – Frequently Asked Questions
Post Office Savings Account – Overview
|Name of the Scheme||Post Office Savings Account|
|Announced by||Indian Post|
|Benefits||Better saving account benefits when compared to normal bank saving accounts|
|Mode of Application||Offline/ Online|
|Beneficiaries||People Across India|
Post Office Savings Account Interest Rates
The post office savings account interest rates were decided by the central government. Mostly the interest rates of the post office account are similar to banks which is around 4% and the interest is calculated every month. As per provisions of the income tax regulations, the holder can avail tax-free. The Post office savings account generates returns lower than Rs. 10,000 a year through interest.
Eligibility to Open Post Office Savings Account
- To open a post office savings account the candidate must be an adult.
Only Indian citizens can open this account.
- To open a post office savings account in case of a minor, he/ she should be at least 10 years old.
- On behalf of the minor guardian can also open an account.
- A post office savings account can be opened by Two or three persons i.e., joint post office savings account.
- A post office savings account person can be open even by an unsound mind person.
Post Office Savings Account Benefits
Opening a savings account through the banks is not easier when compared to savings accounts in the post office. The following are the benefits:
- The minimum balance to open the account in a post office savings account requires only Rs.500
- The holder can be withdrawn cash either partly or completely if need be.
- The savings account holders can avail of an assured return on all the investments because risk exposure is very less.
- The account in the post office can be transferred from one post office to another.
- The facility of ATM/Debit card also provides to core banking post offices.
- An account that was opened in the name of a minor i.e., below the age of 10 years will be managed, controlled, and operated by the parent or guardian.
- An account holder can nominate a person any other person to provide the funds in case of any death to the account holder.
- In the case of the post office savings account, it does not have any maturity period.
- So the opening process of the account is hassle-free and quick.
- An individual saving account can be converted into a joint account and vice-versa.
- With the help of post-office People residing in a rural area can open a savings account.
How to Open a Savings Account at the Post Office?
- To open an account get an application form from the nearest post office or online.
- And for senior citizens, a separate application form will be available.
- Fill in the details in the application form and submit it along with the required Know Your Customer i.e., KYC documents and photographs.
- The amount deposited in the account should not be less than Rs. 20.
- In case if you wish to open an account without a checkbook, then the minimum deposit amount in the account is required is Rs. 50.
- Your savings account will be generated once you pay the amount.
Withdrawal Amount from Post Office Savings Account
The money depositor can withdraw the deposited amount in a post office savings account at any time whenever the depositor needs it. The only thing is the minimum balance should not fall an amount of Rs. 50 and in case of a generic account the amount should not fall amount of Rs. 500 in case of a cheque facility.
|To Check Post Office Savings Account Complete Details: Click HERE|
|To Download Post Office Savings Account Application Form: Click HERE|
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Post Office Savings Account – Frequently Asked Questions
What is the Post Office Savings Account?
The Indian Post Office under the savings scheme released the Post Office Savings Account for the people of India. Through the Post Office Savings Account, the individuals can get the fixed rate of interest for their deposits.
Who are eligible for the Post Office Savings Account?
The residents of India with the age of a minimum of 18 years are eligible for the Post Office Savings Account.
How to open Post Office Savings Account?
The investors can visit their nearest post office or authorized bank’s branch for enrolling in the Post office schemes, for making the investment and the investors have to fill the required forms for opening the account along with the proof of the required documents required.
What is the benefit of a Post Office Savings Account?
The candidates can open the savings account with even Rs.500 also. And also the account holders can withdraw the amount according to their own choice.