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Post Office Savings Account Interest Rates

Post Office Savings Account Interest 2022

Last Updated 26th Oct 2021

Saving Account Interest Rate
Post Office Savings Account 4.00% - 4.00%
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Post Office Bank Savings Accounts Interest Rate

India Post Office offers an interest rate ranging upto 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 also offers attractive benefits like mobile and internet banking services, free Debit Card and customised savings account depending on different customer profiles.

Features and Benefits

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 upto 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 an 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 the Auto Sweep Facility of India Post Office, your account can be linked to a 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

Eligibility & Documentation Required for Opening Savings Account in India Post Office

To open a savings account in India Post Office, you need to fulfill the following eligibility criteria:

  • You need to have valid KYC Documents.
  • You can open a savings account singly or jointly.

Documents Required

You can open a savings account with prescribed application form and minimum KYC documents, which are mentioned below:

  • Application Form with attested photographs
  • Proof of identity- Passport, Voter ID card, PAN Card, Govt./Defence ID card, Driving Licence etc.
  • Proof of current address- Credit Card Statement, Salary slip, Electricity Bill/Telephone Bill, ration card etc.

How is India Post Office Savings Account Interest Rate Calculated?

As per the RBI mandate, India Post Office calculates saving account rate on average balances in the account on a daily basis. The interest can however be paid monthly, annually or quarterly. The following formula is used by India Post Office to calculate interest on Savings Bank Account on the basis of daily balance in the account

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

Compare Savings Account Interest Rates of All Banks

Post Office Savings Account Products

  • Post Office Savings Account : India Post Office offers interest rates ranging between 4.00% to 4.00% on Post Office Savings Account.You can open a Post Office Savings Account in India Post Office by depositing Rs. 500 amount as minimum balance.

FAQs

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

As per the current rates, India Post Office offers maximum interest rate of 4.00% on Savings Account. India Post Office provides this interest on the minimum balance maintenance of Rs. 500. The interest rate may however vary across the India Post Office savings account product.

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

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

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

The Balance Non Maintenance Charges on Savings Account by India Post Office are Rs. 100.The minimum balance requirement in India Post Office savings account is Rs. 500.

How does India 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?

To open a savings account in India Post Office you need to fulfill the following eligibility criteria:

  • 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
  • You must have your basic KYC done

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Post Office News - Jan 2022
  • 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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