4 min read
Updated on Jan 31, 2023
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 a post office account online and other details better, in this post.
|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|
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.
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:
Here are the salient features of the POSA:
A Post Office Savings Account serves people all across the country, including the most rural and interior parts of India. Hence, it is an effective means of savings and investment tool for the mass. The information offered above can be used to open a post office savings account and to save enough money so that you can have a secured future.
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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.
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