How to Open a Post Office Savings Account | All you need to Know about Post Office Account
Last updated on August 13th, 2020 at 11:01 pm
Post office savings bank account
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), Post Office Term Deposit etc Accounts in the Post Office.
In a Post Office savings account the amount deposited can be withdrawn at any time as per the depositor’s needs.
Follow the below steps to Opening a Post Office Savings Account:
- Download Post Office Savings Bank Account Opening Form or Collect the form from a Post Office.
- Fill the form and submit it along with your ID Proof and Photograph (Find below the Documents Required)
- Pay the Minimum INR 20/- for opening. (Minimum balance to be maintained in Savings Bank Account (SB) without Cheque Book (is INR 50/-)
- Your Post office Savings account is Opened.
Note: Only one account can be opened in one Post Office.
Post office account opening Documents Required
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You can open a Post Office Savings account in any Post Office.
Read Also: SBI ATM Pin Generation (Green PIN Process).
To open a Post office Savings account, you need to submit the following documents.
- 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
Post Office KYC Form
To know more about the Documents required to open the Post office Savings account, you can download the Post Office KYC Norms here.
Read Also : SBI Mobile Number Registration for Balance Enquiry (step-by-step procedure)
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:
To open a Post Office Savings account, visit 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.
Can I Open Post Office Account Online?
It is a common question most people ask. Right now You can‘t open the Post Office Savings Account Online. The Department of Postal (DoP) not yet provided post office savings bank account online opening option.
You need to download the Post Office Savings account application form online and submit it to your nearby Post Office to open the Post Office Savings Account.
To know Post Office Savings account Opening Procedure Call the Toll Free Number: 155299
Read Also: How to Apply for new SBI ATM Card Online
What are the different Post Office Savings Accounts:
Basic Savings Account :
- It allows only four cash withdrawals in a month.
- No monthly average balance required
- The account can be opened with zero balance
- Simplified banking services through QR card is available
- Instant fund transfer through IMPS
- Can be used for easy Recharge and Bill Payments
- Interest rate 4% p.a.
2. Regular Savings Account
- Its the main attraction is it can be opened at the bank’s access points and your doorstep (Free account opening at your doorstep).
- Interest can be earned on the money kept in this account and the cash withdrawals allowed in this account are unlimited.
- Bill payment facility at your doorstep available
- Simple and secure banking with QR card
3. Digital Savings Account
- Anyone above the age of 18 years, having Aadhaar and PAN card, can open this account through IPPB Mobile App.
- A maximum yearly cumulative deposit of Rs. 2 lakhs is allowed in the account
- No commitment of minimum balance
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
|Initial Minimum Deposit Required||Rs.100/-|
|Annual maintenance charges (from 2nd Year)||Rs.100/-|
|Monthly Account statement (including duplicate statements)||FREE|
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
Post Office Savings Account ATM 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, the 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. (Interest earned is Tax-Free up to INR 10,000/- per year )
Opening a Post Office savings account is beneficial as our Nationalized and Private Banks are adding more and more limitations and charges every month.
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