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POST PAYMENT SAVING ACCOUNT




POST PAYMENT SAVING ACCOUNT

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 Features of Post Office Savings Account

The main features of a Post Office savings account are
  • You can choose to close the account at any time of his or her choosing
  • Minors above the age of 10 years can operate their accounts
  • To keep the account active at least one deposit or withdrawal must be done once in 3 years
  • The account can be opened only using cash
  • Nomination facility is available at the time of opening the account and after opening the account
  • Interest earned is tax free up to Rs 10,000 per year
  • Income tax relief is available on the amount of interest under the provisions of section 80L of the Income Tax Act.
  • The account can be transferred from one post office to another
  • Single accounts can be converted to joint accounts and vice versa
  • Deposits and withdrawals can be done through any electronic mode in CBS Post offices.
  • Transactions can be done via ATMs

Post Office Savings Account Benefits

Customers who wish to open these accounts have access to cheque and ATM facilities. Some attractive Benefits of Post Office Savings Accounts have been listed below:
  • Cheque facility: Cheque facility is available and can be request for existing accounts as well.
  • ATM/Debit card: For those account holders who have maintained the prescribed minimum balance on the day of issuance of the debit card, CBS Post Offices can grant ATM/Debit cards.
  • Minor Accounts: Post Office Savings Account is available to minors. For minors below the age of 10, an account can be opened in their name, but the parent or guardian will be given rights to operate the account on their behalf. Minors of 10 years and above can operate the account on their own.
  • Portability: If you shift your residence or are not happy with the services of the post office branch or for any other reason, you can shift your Post Office Savings Account to a branch of your choice. Only one account can be opened in one post office.
  • Nomination: The facility to nominate someone is made available under these accounts at the time of opening the account. The account holder can also choose to nominate a person to receive the proceeds of this account after their demise at any time.
  • Joint Holdings: Two or three adults are allowed to hold an account together under the joint account facility. A single account can be converted to a joint account and vice versa.
  • Tax Exemptions: Two or three adults are allowed to hold an account together under the joint account facility. A single account can be converted to a joint account and vice versa.
  • Electronic Facilities: Customers can make withdrawals and deposits through any electronic mode in CBS Post offices.
  • Long period for Inactivity: In order to keep the account active you only need to carry out one transaction of a deposit or withdrawal in 3 financial years. The account will not be deemed inactive unless there are no transactions for 3 financial years.

  

How to Open Post Office Savings Account

follow these simple steps to open a post office savings account.
  • Visit your nearest post office or the official website of India Post and get the application form.
  • Fill the form with appropriate information
  • Furnish the relevant documents, and a passport size photograph.
  • Pay a deposit amount, which cannot be lower than Rs.20.
    • If you want to get a post office savings account without a cheque book, you will need to pay a deposit amount of at least Rs.50.
Single account holders can deposit a maximum of Rs one lakh while joint account holders can deposit a maximum of Rs two lakhs. One of the main features of a Post Office savings account is that there is no lock-in or maturity period. Opening an account of this kind is relatively hassle-free, since one can walk into any post office, complete the formalities with the clerk, and open an account immediately.

Eligibility to Open Post Office Savings Account

The following individuals are eligible to open a Post Office savings account
  • Minors with a minimum age of ten years
  • A guardian on behalf of a minor
  • A person of unsound mind
  • Two or three adults can open a joint account
  • Group Accounts, Institutional Accounts and other accounts like Security Deposit Accounts & Official Capacity Accounts are not permissible.

Post Office Savings Accounts Interest Rate

Post Office savings account interest rate is decided by the Central Government from time to time and is generally between 3% to 4%. Interest is calculated on monthly balances and credited annually.
Post Office Savings Accounts earn a fixed rate of interest through the year, subject to change from time to time, as declared. Currently, the interest rate is as given below:
  





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