How to Open a Post Office Savings Account | All you need to Know about Post Office Account

Last updated on July 10th, 2018 at 08:10 am

You can open a Post Office Savings Account easily and operate it like regular Banking Account. Department of Post now offers different banking facilities like Online Banking, ATM Cards etc. You can open Savings Bank(SB), Recurring Deposit(RD), Time Deposit(TD), Monthly Income Scheme(MIS) etc Accounts in the Post Office.

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In a Post Office savings account the amount deposited can be withdrawn at anytime as per the depositor’s needs.

Post office account opening Documents Required

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You can open  a Post Office Savings account in any Post Office.See below the Post office account opening documents required.

  • An Address Proof (You can submit Ration Card with current Address, Electricity Bill, Telephone Bill of not more than three months old, Bank or Post Office Passbook/Statement with current address, Passport,Salary Slip of reputed Employer with current address, Aadhaar or the letter issued by the Unique Identification Authority of India (UIDAI) as the address proof).
  • An ID Proof (Aadhaar or the letter issued by the Unique Identification Authority of India (UIDAI), Electoral Photo Identity card, Ration Card with photograph, Passport, Driving License, Photo Identity Card issued by recognized, University/ Education Board/ /College/School, Identity card from Central/State Government or PSU.)
  • 2 Passport Size recent Photographs
  • Minimum Balance Amount

What is the procedure for opening a Post Office Savings Account?

You can easily open a savings account in the Post Office for :

  • Minors with minimum age 10.
  • A guardian on behalf of a minor
  • Adults with Valid KYC Documents ( 2 or 3 Adults can open a Joint Account also)
  • A person of unsound mind

Post office account opening Procedure:

Go to any near by Post Office and Submit the duly-filled and signed form along with the above mentioned required KYC documents, Passport Size Photographs and the minimum balance amount.

Note that there is a separate form for the senior Citizen and To Open a Savings Account, a Post Office Savings Bank Account holder introduction is compulsory.

Also note that you can Open only one single account and one Joint account can be opened at one Post Office.

What is the minimum balance required for the Post Office account?

The minimum balance Amount depends on the Account Type.

  • Savings Bank Account (SB) with Cheque Book (Cheque Account) : Rs.500/-
  • Savings Bank Account (SB) without Cheque Book (Non Cheque Account) : Rs.50/-
  • MIS : Rs.1500/-
  • TD : Rs.200/-
  • PPF : 500/-
  • Senior Citizen : Rs.1000/-

Post Office Savings Account Features

Features Charges
Initial Minimum Deposit Required Rs.100/-
Maximum Balance Rs.100,000/-
ATM/Debit Card FREE
Nomination Facility Available
Annual maintenance charges (from 2nd Year) Rs.100/-
PIN regeneration Rs.50/-
Mobile Alerts FREE
 Monthly Account statement (including duplicate statements)  FREE
Branch banking
Free monthly customer induced transactions.
 4 Free (Subsequently @ INR 20 per transaction at branch and Customer Service Points)
 India Post Payments Bank (IPPB) Schedule of Charges
To get more details about the Savings account charges and features, visit : https://www.indiapost.gov.in/VAS/DOP_PDFFiles/IPPBScheduleofCharges.pdf

Post Office Savings Account ATM Charges

Features Charges
ATM monthly transactions At IndiaPost ATMs FREE
At Punjab National Bank’s ATMs FREE
At other bank’s ATMs: Metro 3 txns.free
At other bank’s ATMs: Non-Metro 5 txns.free
Additional transactions at Other Bank’s ATMs Financial: INR 20

Non-financial: INR 8

Maximum ATM withdrawal per transaction INR 10,000
Maximum ATM withdrawal per day INR 25,000
Maximum cumulative spend at POS outlets and ecommerce sites per day INR 65,000

Post Office Savings Account Remittances Charges

Mode of Outward Remittance Transaction size Charges (excluding service tax) at branch and doorstep banking Charges (excluding service tax) for mobile banking
NEFT Up to INR 10,000 INR 2.5 per transaction NA
NEFT INR 10,000 – INR 1 Lakh INR 5 per transaction NA
IMPS Upto 1 INR Lakh INR 5 per transaction INR 4 per transaction
IMPS Upto 1 INR Lakh INR 5 per transaction INR 4 per transaction
AEPS Upto INR 10,000 (max. limit) Free NA
UPI Upto INR 1 Lakh (max. limit) NA INR 4 per transaction

 

Main Highlights of Post Office Savings Account

  • ATM/Debit Card – Visa Rupay ATM Debit Card will work in other Bank’s ATM
  • Cheque Books – Cheque books are issued in respect of cheque accounts. In a cheque account, minimum balance should be INR. 500/-
  • Nomination Facility – Like other Banks, Account Holder can choose a nominee
  • Portability – You can shift your account from one Post office to other. The depositor should apply in the prescribed form [SB10(b)] or manual application.
  • Joint Accounts : 2 or 3 Adults can open a Joint Account. The max.deposit amount for a Joint Account is 2 Lakh. A single account can be converted to a joint account and vice versa.
  • Tax Exemptions – Under the provisions of section 80L of the Income Tax Act, interest earned from the savings in these accounts are exempt from tax for up to Rs.10,000 earned per year.
  • Online Banking – Once your account is active, you can apply for the Online Banking account in your Post Office. Click ‘Registration for Internet Banking‘ to apply for the Postal Internet Banking Account. The online PO savings account allows you to access A/c summary, savings account details, RD A/c detail, PPF A/c detail, Term Deposits A/c detail, NSC A/c detail, Loan on RD/PPF and TDS detail. You can use the account to transfer funds, withdraw your PPF, manage Payee/Billers, service request, etc.
  • Interest for the Deposit – You will get 4% p.a interest for your deposit.

Opening a Post Office savings account is beneficial as our Nationalized and Private Banks are adding more and more limitations and charges in every month.

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Comments

    • My doubt is that, Is anyone can transfer money to our account through online(in a postal account)??

    • It is compulsory to open a savings account in post office????????

      • No, It is not compulsory.

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