Post Office Savings Account – Eligibility, Benefits, Interest Rates, How to Apply

Post Office Savings Account @ indiapost.gov.in – Eligibility, Benefits, Interest Rates, How to Apply: The post office provided a deposit scheme called Post Office Savings Account throughout India. On the account balance, the account provides a fixed interest rate. Through this saving scheme, individual investors can able to earn a fixed rate of interest on their financial assets investing.

In rural parts of India, a post office savings account is also a very helpful scheme because across India people can reach the post offices easily when compared to banks. Through post offices, a large number of unprivileged people can able to get access to savings accounts. In the below sections of this post, we also shared the Post Office Savings Account Benefits, Post Office Savings Account Interest Rates, Etc.,

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Post Office Savings Account – Overview

Post Office Savings Account Interest Rates

The post office savings account interest rates were decided by the central government. Mostly the interest rates of the post office account are similar to banks which is around 4% and the interest is calculated every month. As per provisions of the income tax regulations, the holder can avail tax-free. The Post office savings account generates returns lower than Rs. 10,000 a year through interest.

Eligibility to Open Post Office Savings Account

• To open a post office savings account the candidate must be an adult.
  Only Indian citizens can open this account.
• To open a post office savings account in case of a minor, he/ she should be at least 10 years old.
• On behalf of the minor guardian can also open an account.
• A post office savings account can be opened by Two or three persons i.e., joint post office savings account.
• A post office savings account person can be open even by an unsound mind person.

Post Office Savings Account Benefits

Opening a savings account through the banks is not easier when compared to savings accounts in the post office. The following are the benefits:

• The minimum balance to open the account in a post office savings account requires only Rs.500
• The holder can be withdrawn cash either partly or completely if need be.
• The savings account holders can avail of an assured return on all the investments because risk exposure is very less.
• The account in the post office can be transferred from one post office to another.
• The facility of ATM/Debit card also provides to core banking post offices.
• An account that was opened in the name of a minor i.e., below the age of 10 years will be managed, controlled, and operated by the parent or guardian.
• An account holder can nominate a person any other person to provide the funds in case of any death to the account holder.
• In the case of the post office savings account, it does not have any maturity period.
• So the opening process of the account is hassle-free and quick.
• An individual saving account can be converted into a joint account and vice-versa.
• With the help of post-office People residing in a rural area can open a savings account.

How to Open a Savings Account at the Post Office?

• To open an account get an application form from the nearest post office or online.
• And for senior citizens, a separate application form will be available.
• Fill in the details in the application form and submit it along with the required Know Your Customer i.e., KYC documents and photographs.
• The amount deposited in the account should not be less than Rs. 20.
• In case if you wish to open an account without a checkbook, then the minimum deposit amount in the account is required is Rs. 50.
• Your savings account will be generated once you pay the amount.

Withdrawal Amount from Post Office Savings Account

The money depositor can withdraw the deposited amount in a post office savings account at any time whenever the depositor needs it. The only thing is the minimum balance should not fall an amount of Rs. 50 and in case of a generic account the amount should not fall amount of Rs. 500 in case of a cheque facility.

Hope you have checked the information related to the Post Office Savings Account. To get notified about various resources, always check Freshers Now.