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5 min read
Updated on Jan 22, 2024
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.
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 |
Also Read: Post office gram suraksha scheme calculator
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.
Also Read: Post office RD online payment
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 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:
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
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
Also Read: Post office scheme 2024
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.
To Conclude
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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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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