Post Office Savings Account Benefits and Features

By | July 9, 2018
(Last Updated On: July 9, 2018)

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 accountsMinimum INR 20/- for opening
​Salient features including Tax Rebate​
  • Account can be opened by cash only
  • Minimum balance to be maintained in a non-Cheque facility account is INR 50/-
  • Cheque facility available if an account is opened with INR 500/- and for this purpose minimum balance of INR 500/-in an account is to be maintained
  • ​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
  • 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.
  • ATM facility is available

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