Post Office Savings Account

Post office savings account has many benefits. Some of these are:

• You can easily open an account in your nearest Post office or Sub Post office.
• It requires only Rs. 20 for opening an account and to have a minimum deposit.
• You can withdraw your saved money entirely or partly.
• You can transfer your Post office account from any post office to another in any location.
• You will be given a passbook along with ATM/Debit card to get access on your money anytime anywhere.

Cheque facility

To avail this facility from the post office, you need to fill a form by giving all the account details and submit in your home branch. After verification, you will get the cheque book on your address. The minimum balance of Rs. 500 should be maintained in your cheque book account.

Electronic facility

You can get the debit card or ATM card under this facility by the post office.

Joint holdings

Under this section, 2 or 3 adults can open a post office account jointly. They can open any number of accounts; but in one post office, they can opt for only one account. There is no maximum limit for the deposit under this scheme. The joint holders will get separate account passbooks and ATM cards to access their account.

Minor accounts

A minor who has attained the age of 10 years can open and operate the account in any post office. He or she can open a single account in the post office. While the opening of the account he/ she will be asked to give all the details and supporting documents. For minors under 10 years of age, his guardian can open and operate an account on behalf of him.

Nomination

While opening your account, you have to give the Nominee details and his address. You can go for 3 nominations. After your death, they will be liable to get your money.

ATM/Debit card

After the opening of your savings account in any post office, you will get a Debit or ATM card. Through this card, you can access your account at any post office ATM. Free access is limited to 5 times at the ATMs in a post office savings account. The daily cash withdrawal limit in the account is set up to Rs. 25,000 cash from the post office and Rs 10, 000 from any post office ATM.

Portability

You can transfer your Post office account from any post office to any other location. Under this facility, you can transfer any schemes you have done in a post office to any other location without hassle. You have to fill a transfer form, submit all the KYC details, and surrender the passbook in the respective branch. The authorized person will give you all the documents that you have to submit in another post office where you want to open/ continue the scheme.

You can ask for the account opening form in the post office, fill in all the details, and submit all the KYC related documents along with 3 numbers of passport size photographs. Deposit a minimum of Rs. 20 or more. Then, submit all the documents in the post office. Your account will be opened in 2 working days.

You need to give the relevant documents in support of Identification and address proofs. ID proofs like Voter card, Aadhaar card, Driving license, Ration card. Address proofs like Electricity bill, Ration card, bank passbook, and telephone bill are accepted. You have to submit your passport sized photograph along with these two.