how to open post office savings account

How To Open Post Office Saving Account; India Post, apart from delivering mail, is also known for offering a wide range of financial and retail services under the Department of Posts. Yes, these include small savings schemes like Public Provident Fund and National Savings Scheme Certificate. Apart from this, the Post Office also offers Post Office Savings Account along with many savings schemes.

How To Open Post Office Saving Account; How to open post office savings account, this is the complete process

Post Office Savings Account New Rules

If we talk more about the post office savings accounts, then out of 34 crore accounts, 17 crore are listed as savings accounts and the rest are monthly income plans, recurring deposits, (Recurring Deposit) etc., if experts are to be believed, this initiative of India Post will establish the country’s largest banking network by connecting all its 1.55 lakh branches with IPPB. Apart from this, the post office has started its core banking service,

But currently, it only provides fund transfer service within post office savings bank accounts. But now, with this move, account holders can transfer funds to any bank account instantly without any hassle! However, this digital banking service is optional for Post Office Savings Account Holders, which means! That if the account holder chooses this service! So only their accounts will be linked to the IPPB account.

Post Office Savings Account Interest Rate December 2020 (How To Open Post Office Saving Account)

India Post currently offers an interest rate of 4% per annum on an individual account or joint accounts. Held in Post Office Savings Account. Not only this, the interest earned is tax-free up to INR 10,000 in a financial year!

How To Open Post Office Saving Account

Opening a Post Office Savings Account is really simple!

  • Visit your nearest or preferred post office. Savings account can be opened in any post office. (You can later transfer the account from one India post to another if required)
  • Ask for the Savings Account Opening Form or you can download it online.
  • Submit the duly filled and signed application form along with required KYC documents and 2 recent photographs
  • Pay a minimum account amount of INR 20 to open your account! The maximum amount of initial deposit is INR 1,00,000 (Single Account) and INR 2,00,000 (Joint Account)
  • That’s all! your account will be opened
  • You can later make deposits and withdrawals in cash or through any electronic mode at CBS Post Offices.
  • At least one transaction in three years is required to keep the account active

Can post office savings account be opened online

A Post Office Savings Account can no longer be opened online. You can simply download the account opening form online!

Who Can Open Post Office Savings Account (How To Open Post Office Savings Account)

  • person must be an adult
  • person of Indian nationality
  • Minors who are at least 10 years of age
  • A Guardian at a Parent’s Tip
  • 2 or 3 Individuals (Joint Account)
  • false minded person

Key Features of Post Office Savings Account – Post Office Savings Account Features

  • Account can be opened by cash only
  • Minimum balance in non-cheque facility account is INR 50
  • If an account is opened with INR 500! So check out the facility available and for this purpose, a minimum balance of INR 500 has to be maintained in an account!
  • Check facility can be availed in existing account also
  • Interest earned is tax-free up to INR 10,000 per annum from FY 2012-13
  • Nomination facility is available at the time of account opening and even after account opening
  • Account can be transferred from one post office to another

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