Post Office Savings Account – Interest payable, Rates, Salient features & Periodicity etc.
Salient features including Tax RebateSalient features including Tax Rebate
• Account can be opened by cash only
• Minimum balance to be maintained in a non-Cheque facility account is INR 50/-
• Cheque facility available if an account is opened with INR 500/- and for this purpose minimum balance of INR 500/-in an account is to be maintained
• Cheque facility can be taken in an existing account also
• Interest earned is Tax Free up to INR 10,000/- per year from financial year 2012-13
• Nomination facility is available at the time of opening and also after opening of account
• Account can be transferred from one post office to another
• One account can be opened in one post office
• Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account
• Joint account can be opened by two or three adults
• At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active
• Single account can be converted into Joint and Vice Versa
• Minor after attaining majority has to apply for conversion of the account in his name
• Deposits and withdrawals can be done through any electronic mode in CBS Post offices.
*Inter Post office transactions can be done between CBS post offices
* ATM/Debit Cards can be issued to Savings Account holders( having prescribed minimum balance on the day of issue of card) of CBS Post offices.
Source : https://www.indiapost.gov.in