How to Open a Post Office Savings Account Online? Know Benefits, Features and Account Opening Process
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The Indian Postal service is one of the best postal services with the maximum reach. With its presence in the remotest areas of rural India, it has helped people get into the habit of savings and investment. Let’s learn more!
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The post office savings account is a deposit account scheme backed by the government of India. The plan offers fixed return on investment and is a minimum risk savings plan. The rate of interest of post office savings accounts is fixed by the RBI or Reserve Bank of India. The post office savings account caters to the common people and hence anyone can open the account with a minimum initial amount of INR 20. Let us understand how to open post office account online and other details better, in this post.
Details of Post Office Savings Account Online Opening
| Post Office Savings Account | Details |
|---|---|
| Minimum initial deposit | INR 20 |
| Minimum balance for account without cheque book | INR 50 |
| Minimum balance or initial deposit for account with cheque book | INR 500 |
| Rate of Interest | 4% |
| Tax Benefit | Up to INR 10,000/year |
How to Open Post Office Savings Account Online & Offline – Step-by-Step Guide
Steps for Post Office Savings account Online Opening:
- Visit the official website of India Post
- Go to ‘Savings Account’ option and select ‘Apply Now’
- Fill the form with appropriate information and details such as name, contact number, address, DOB, etc. Now click the tab of ‘Submit’
- Also furnish a passport size photograph
- Pay a minimum deposit amount of INR 20
- The details will be verified by the concerned post office authorities
- After verification, the account holder will get a kit with things like ATM card/Debit Card, cheque book, PIN etc.
- Once the account is made active, the account holder can register his/her mobile number for smooth e-banking service
Steps for Opening Savings Bank Account Offline:
- Visit your closest branch of post office
- Get the application form of savings account
- Carry all ID proofs like Aadhaar, PAN, as well as Address proof
- Fill the form thoroughly and attach a passport size photograph on the form
- Once you fill the form appropriately along with attaching a passport size photo, submit it to the branch
- Pay the minimum amount of money required and submit the documents required
- The savings account of post office will be activated within a week or so
For Post Office online savings account login, the account holder is required to generate the user ID and password by visiting the India Post e-banking website. The post office savings account online banking facility can be accessed by using the user ID to login to the account.
Benefits of Post Office Savings Account
The key benefit of a post office savings account is that you can get guaranteed return on your investment. Further, there are other benefits of Post Office Savings Account (POSA) as mentioned below:
- The POSA has no lock-in period
- It allows the account holder to open joint account as per requirement
- The facility of POSA is available in the remotest of areas across India
- The account holder can move POSA from one branch to another in the country
- The account holder can avail tax benefits of up to INR 10,000
Features of Post Office Savings Account
Here are the salient features of the POSA:
- A post office savings account can be opened by paying cash only
- Minors above the age of 10 years can also open as well as operate a POSA.
- In that case, a guardian/parent can open the account in the name of the minor
- The account holder can choose the nominee of the account while opening the account or after the account is opened
- An Individual is allowed to single online post office account opening and a joint account as per requirement
- To keep the account active, a minimum of one transaction in 3 financial years is required
- An account holder can move a single account into a joint one and a joint account into a single one as per requirement
Post Office Savings Account Login
A Post Office Savings account is like a regular savings account available with several features and benefits for the subscribers. With everything becoming online, India Post also initiated an online facility for its subscribers to access their savings accounts. The account holders simply need to generate their user ID and password to avail of the facility of online banking. Here are the steps to follow:
How to Activate India Post Internet Banking Facility for New Users?
Here are the steps:
Step 1 – Visit the official website of India Post
Step 2 – Go to the ‘new user activation’ tab and click on it
Step 3 – Next, submit details like customer ID and account ID
Step 4 – India Post provides a ‘User ID’ to the subscriber once the activation process is completed
How to Activate India Post e-Banking Login Process for Savings Account?
Step 1 – Visit the official website of India Post. Go to the eBanking section
Step 2 – Submit your user ID (the process of getting a user ID is described above)
Step 3 – By submitting the user ID, you can log in to the portal and have online access to your account
Interest Rate of Post Office Savings Accounts?
The current interest rate of a Post Office Savings account is 4% per annum. This rate is periodically regulated by the Central Government of India. The interest in such cases is calculated using monthly balances, and it is credited yearly.
Despite its decent interest rate, post office savings schemes in India are gaining popularity year on year. This is mostly because post offices are easily accessible across India even in the remotest part of the country. Since they have government backing, it makes post office savings accounts all the more lucrative for common people.
The interest rates for post office saving accounts are calculated and compounded every year. This helps the subscriber to generate decent returns. So, if you want to save your hard-earned money in a safe account, a post office savings account is what you need.
FAQs: Post Office Savings Account Online Opening Process
It is very simple to open a post office savings account. All you need is to visit the nearest branch of a post office or go to the official portal of India Post. You would be required to fill an application form and submit it along with relevant KYC papers and passport size photographs. Pay the initial deposit amount to start the account.
To withdraw money from a post office savings account, the account holder has to make a premature withdrawal. However, your POS account must have more than INR 500 balance for you to withdraw money.
Yes, you can change the branch of your post office account from one branch to another. You must submit a form or application as the minimum requirement for the procedure.
You would need the below mentioned documents:
ID proof like Aadhaar, Passport, DL etc.
Address proof like electricity bill, Aadhaar, passport, ration card, bank statement etc.
Passport size photographs etc.
An individual can have only one individual account and one joint account at one post office.
Yes, the account holder can modify his/her individual post office savings account to a joint post office savings account and vice versa.
Not all, but there are some core banking post offices that provide customers with debit or ATM card options.
To keep a post office savings account active, you must make at least one transaction, either deposit or withdrawal, within a period of 3 financial years.
Yes, you can open a post office account online by visiting the official website of India Post.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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