Post Office Savings Account

India Post Office offers a wide range of savings accounts that allows individuals to deposit money, keep it safe, and withdraw funds, all while earning interest. It provides a savings account according to the needs of the specific customer groups and caters to their requirement. For instance, it offers the Premium saving account for its high-end customers and also provides the minor savings account for children below the age of 18 years. The bank offers several facilities like internet banking, mobile banking, and allows no minimum balance requirement in many saving account products.

Benefits of India Post Office saving Account are as follow:

• India Post Office offers an interest rate on saving account in the range of 4.00% to 4.00%.
• Balance requirement for India Post Office savings account is Rs. 500.
• An individual can transfer the India Post Office savings account to any other branch without changing the account number.
• Safe deposits locker facility, nomination facility is also available.
• India Post Office savings account provides the facility of linking to the Multi Option Deposit account to fetch higher term deposit interest on the surplus money.
• It provides various kinds of debit cards as per account holder’s convenience.
• India Post Office offer banking facilities like internet banking and missed call banking. An individual can also avail the mobile banking facility which provides services like interbank mobile payment services (IMPS), utility bill payments, mobile recharges, enquiry and statements and cheque book request.
• No charge is levied for passbook service.

Product	Minimum balance	Interest Rate	Non Balance Maintenance Charges
Post Office Savings Account	Rs. 500	4.00% - 4.00%	Rs. 100

Post Office offers multiple savings account products for different purposes. Some of the popular products of Post Office savings are:

Post Office Savings Account

Post Office Savings Account is one of the safest ways to ensure that you can easily access your hard-earned money when you need it. It offers the option of full or partial liquidation of funds at a very short period. The moderate returns, coupled with safe and secure nature, makes it a viable option to park money.

Key Features:

• 4.0% per annum on individual / joint accounts
• Account can be opened by cash only.
• Minimum balance to be maintained is Rs. 500/-
• Cheque facility/ATM facility are available
• Interest earned is Tax Free up to Rs.10,000/-
• Nomination facility available
• Minor after attaining majority has to apply for conversion of the account in his name
• At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active.
• One account can be opened in one post office.

Eligibility:

• A single adult, Joint Account (Maximum 2 adults), Minor above 10 years of age and A guardian on behalf of a minor or Person of unsound mind

India Post Office asks their customers to make nominations which imply that they should nominate individuals to whom the amount lying in their accounts should go in the event of their death. Nomination can be made in account opening form itself or on a separate form indicating the name and address of the nominee. The person can change the nomination any time. Post Office savings account provides the nomination facility in all the savings products.

India Post Office provides a Welcome Kit containing personalised cheque book and ATM Card, which is mailed to the customers’ postal address selected for correspondence, after 7 – 8 working days from the date of opening of a particular savings account.

Individuals can call India Post Office’s 24X7 helpline number , which is accessible from all landlines and mobile phones in the country.

✅Can I open Post Office bank account online?

India Post Office enables individuals to open a savings bank account online as well. Individuals can open an Insta saving account and digital savings account.

✅What is the minimum balance for an Post Office savings account?

Minimum balance requirement differs with India Post Office saving account products. The minimum balance required to open a Post Office Savings Account in India Post Office is Rs. 500.

✅Which saving account is best in Post Office?

There are various savings account products offered by India Post Office. These accounts are specially developed for a certain section of people. Individuals may compare the interest rate offered, minimum account requirements and facilities provided to select the best product.

✅Can I open Post Office account with zero balance?

The minimum balance requirement to open a savings account with India Post Office is Rs. 500. If any individual does not maintain the minimum balance then non-balance maintenance charges are levied.