Minimum Deposit :
Rs.500/- (For Both With Cheque Book and Without Cheque Book) and Account can be Opened by Cash Only, Cheque will not be acceptable for Opening of Account. And Only One Savings Account Can be Opened at One Post Office.
Maximum Deposit Limit :
No Limit, You can keep amount deposited as high you can, quoting PAN or submitting Form 16 is compulsory, if Amount of transaction exceeds Rs.50000/-
Rate of Interest : 4 % per annum paid on IBB Method,
Mode of Operations :
Post Office Savings Account cab be operated by
- Single
- Joint A (Two individuals only)
- Joint B (Two individuals only)
- Minor himself (Above 10 Years Age)
- Guardian on behalf on minor (Below 10 years Age)
- Guardian on behalf of person of unsound mind.
Mode of Transactions :
(i) Cash Transaction : You can transact at Home Branch (Office of Account Standing) Post Office without any limit. Deposit and withdrawal can be done through any electronic mode in CBS Post Offices. And also Inter Post Office transactions like Deposit and Withdrawal can be done between CBS Post Office with limit of Rs.25000/-.
(ii) ATM/Debit Card Transactions: ATM/Debit can be issued to Post Office Savings Account holder and this ATM/Debit Card is interoperable with any Bank ATM. Post Offices have also installed more than 1000 ATM machines at All Head Post Offices and major places across the country and all these ATM Machines are interoperable means you can withdraw money of any Bank ATM Card through Post Office ATM Machines.
(iii) Net Banking Transactions : Net Banking and Mobile Banking Facility also available for Post Office Savings Account Holder, to avail this services you just fill the ATM/Net Banking/SMS Banking Application Form with fresh KYC Documents. Through this Net Banking Facility you can open Post offices accounts like RD, PPF etc
But there is no Fund Transfer facility Like NEFT/RTGS as of Now with Net Banking Facility of Post Office Savings Account Holder.
Recently on 1st September 2018, Post Office Launched India Post Payments Bank. Its provides fully Digital Banking Service to customer through which Post Office Savings Account can be linked and by the Sweep In and Sweep Out Facility Funds Can be transferable in between accounts. Where as India Post Payments Bank account is fully digital savings account through which you can make fund transfer like NEFT/IMPS, Mobole/DTH recharge, Bill Payments etc
Its means with help of India Post Payments Bank Account you can operate both the POSB Account and IPPB Account in a single IPPB Mobile APP.
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