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Post Office Savings Account Interest Rates

Post Office Savings Account Interest 2020-21

Last Updated 25th Nov 2020

Saving Account Interest Rate
Post Office Savings Account 4.00% - 4.00%
Apply for Savings Account

Post Office Bank Savings Accounts Interest Rate

India Post Office offers an interest rate ranging between 4.00% to 4.00% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With India Post Office Savings Account youth and minors can get additional benefits on their Savings Account.


India Post Office Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on India Post Office Savings Account varies as per the Savings Account product. Some of the key features and benefits of India Post Office savings account are:

  • It offers interest rates from 4.00% to 4.00% p.a. You can easily access India Post Office Savings Account anywhere through a large network of branches and ATMs.
  • If you want to transfer funds from India Post Office Savings account to any other bank account, you can do it through modes such as RTGS, IMPS, NEFT and UPI facilities.
  • To maintain India Post Office Savings account, you require a minimum balance of Rs. 500.
  • India Post Office personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with India Post Office Savings Account.
  • With Auto Sweep Facility of India Post Office, your account can be linked to Multi Option Deposit MOD account.

Post Office Savings Account Rates

Saving Account Interest Rate Minimum Balance
Post Office Savings Account 4.00% - 4.00% Rs. 500

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How much interest is charged by Post Office on Savings Account?

Post Office offers an interest rate of 4.00% to 4.00% on Savings Account.

What is the minimum amount required for opening Savings Account in India Post Office?

The minimum amount required for opening Savings Account in Post Office is Rs. 500.

What are the balance non - maintenance Charges on Post Office Savings Account?

The Balance Non Maintenance Charges on Savings Account by Post Office are Rs. 100.

How does Post Office calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by India Post Office to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

What is the eligibility criteria to open a savings account in India Post Office?

Eligibility criteria for India Post Office savings account -

  • 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

Post Office News - May 2021
  • 2020-11-25 : Pradhan Mantri Jeevan Jyoti Bima Yojana by India Post Payments Bank
    IPPB announced the introduction of PMJJBY to its customers in collaboration with PNB MetLife India Insurance Company. It is available as an alternative for all individuals with an IPPB savings account between 18 to 50 yrs. The maximum maturity age is 55 years. The total coverage is ₹ 2,00,000 inclusive of multiple accounts/multiple insurance certificates kept under the PMJJBY system. The annual premium is ₹ 330/yr.
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