Just like any bank savings account is opened, in the same way a savings account is opened in the post office too. Many facilities are also offered in the post office savings account which banks usually offer to their customers. These also include ATM cards and mobile banking.
Usually most of the people open a savings account in the bank. But, let us tell you that apart from the bank, the post office also has the facility of opening a savings account. You can also open a savings account in the post office. This savings account is not much different from the account opened in the bank. In a post office savings account, you get all the facilities that banks usually offer on a savings account. So let us know one by one about the facilities available with Post Office Savings Account. Let’s start with the interest rate on the account.
Interest on Post Office Savings Account
Like any bank, the post office also offers interest on the savings account. According to the official website of India Post, Post Office Savings Account offers an annual interest rate of 4.0 per cent.
Who can open account?
- Single adult
- Two adults (jointly)
- Guardian on behalf of minor
- Guardian on behalf of mentally ill person
- Minor above 10 years in his own name
- Will the facility of cheque book, ATM card and mobile banking be available?
Yes, cheque book, ATM card and mobile banking facilities are provided with post office savings account. For this, the relevant form has to be submitted in the post office where you have opened the savings account.
Deposit and withdrawal
The minimum deposit amount is Rs 500 i.e. account can be opened with a minimum of Rs 500. Thereafter no deposit less than Rs.10 can be made. Also there is no maximum limit for deposit. It can be withdrawn with a minimum withdrawal of Rs 50.
According to the official website of India Post, no such withdrawal will be allowed, which will reduce the minimum balance of Rs 500 i.e. the minimum balance required to be maintained in the account is Rs 500.
