Post Office Savings Account opening

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Opening a Post Office Savings Account is similar way to a regular savings Bank account. It is considered to be a highly secure instrument to deposit funds into and offers the option of full or partial liquidation of funds at very short notice in case the need arises. These accounts generally offer a guaranteed return on investment and are ideal for senior citizens and people who are looking to earn a regular income without exposure to risk, and now a days banks serve charges are high, the minimum balance should maintained 5000 Rs, for every nationalised bank, Its high amount to maintain middle class people, Post Office Savings Account good option to open savings account, the minimum balance should maintain 50 Rs, to open savings account cost 100 Rs. Its very simple and easy method.

Post Office savings accounts are also best suited for those individuals living in rural and semi rural and urban areas, which have limited exposure to banking. Due to the large network of post offices in India, the government introduced the concept of opening savings accounts through post offices, especially since the country-wide reach of post offices is far greater than banks.

How to Open a Post Office Savings Account

A Post Office savings account can be opened at any post office with a minimum balance of Rs 50. Single account holders can deposit a maximum of Rs one lakh while joint account holders can deposit a maximum of Rs two lakhs. One of the main features of a Post Office savings account is that there is no lock-in or maturity period. Opening an account of this kind is relatively hassle-free, since one can walk into any post office, complete the formalities with the clerk, and open an account immediately with cost of 100 Rs.

while opening Post Office Savings Account you need below:

1. Aadhaar card or voter Id card for address and residence proof

2. KYC form, while open post office saving account you need to fill KYC form

that time you will get one ATM/Debit card, you can withdraw amount from any banks ATM or Postal ATM.

Features of a Post Office Savings Account

The main features of a Post Office savings account are:

The depositor can choose to close the account at any time of his or her choosing

The account can be opened by 100 Rs. cash only

Nomination facility is available at the time of opening the account as well as after opening the account

Income tax relief is available on the amount of interest under the provisions of section 80L of the Income Tax Act 1956.

Its simple to the account can be transferred from one post office to another

Single accounts can be converted to joint accounts and vice versa

Deposits and withdrawals can be done through any electronic mode in Post offices.

For more details of Post office savings account opening please click Here