Salient Features of Post Office Saving Account
Account can be opened with cash most effective.The account may be opened in the call of a minor and minors above the age of 10 years can open and function the account.Nomination facility may be availed on the time of and after starting the account.The account can both be opened for my part or collectively by way of 2 or 3 adults.
Minimum balance in an account with out the cheque facility is ₹50. For accounts with cheque facility, this amount is ₹500.A minimal of one transaction in three monetary years is required to hold the account energetic.
Post Office Savings Account Interest RatesInterest rates for Post Office Savings Accounts are decided by way of the Reserve Bank of India. Over the years, it has hovered round 3-4%.
Currently, an individual earns interest at the fee of four% on their account stability. The interest is calculated month-to-month and credited yearly into the account.
Eligibility Criteria
Any indian resident above the age of 10 years can open a Post Office Savings Account.
In case of minors, guardians can open the financial savings account on their behalf. When the minors attain the age of 18 years, they have to get the account transferred to their call.
An person can handiest hold one single and one joint account at a specific submit office.
Post Office Savings Account Form
The software form for Post Office Savings account is available at all the publish offices and India Post website. You can both get the form from the closest post office branch or down load it from the hyperlink provided beneath:
This utility form is to be duly filled and submitted by means of all applicants as, with this shape, the applicant receives to access open a Post Office account efficaciously and benefit from other banking centers consisting of account portability, joint debts, tax exemptions, interest for the deposit, and so forth.
How to open a Post Office Savings Account Online or Offline?
The manner of starting a Post Office Savings Account is quite simple. Follow those simple steps to open a Post Office Savings Account:
After producing the software shape, fill all the required details
Submit the shape at the Post Office along with essential KYC files and passport size photos.
Pay the minimum deposit quantity of ₹20 for account with out the cheque facility or a deposit quantity of ₹500 for account with a cheque facility.After a hit of completion of the above steps, the savings account may be opened in 2 commercial enterprise days.
Post Office Savings Account Login
Indian Post has now given its subscribers the ability to get right of entry to their financial savings account on-line.The new users should generate the User ID for internet banking to benefit from the service.
How to prompt Indian Post net banking for brand new users?
Go to Indian Post eBanking internet site
Click on ‘New User Activation’
Enter the required info- Customer ID and Account ID
You will acquire a ‘User ID’ once your activation manner is finished
Post Office Savings Account eBanking Login
Go to India Post eBanking internet site
Enter your ‘User ID’
You could be logged in to the portal. Now, you may without difficulty get entry to your savings account
After logging in to the eBanking website, you’ll be able to perform exceptional banking sports, test balance and many others.
How to perform Post Office Savings Account Balance Check?
You can check your account stability by way of:
1. Missed Call
For stability enquiry, provide a missed name to 8424046556
To get minimal declaration, dial 8424026886
*You have to check in your cell variety for IPPB’s ignored call`banking service. To sign in your range for this service, giving a neglected call on 8424054994 from the cell variety connected on your savings/ modern-day account
2. SMS
Send a textual content message “BAL” with the ultimate 4 digits of your account variety to 32302
You will receive a reply along with your account stability
1 SMS costs Rs.1.00 only
*Your mobile number should be registered for this carrier
Withdrawals from Post Office Savings Account
Just like a Savings Account in any Scheduled Bank, depositors can withdraw cash from Post Office Savings Account as per their needs and needs. There isn’t any lock-in or adulthood period.
However, a depositor has to make sure that a minimal balance of ₹50 is maintained in an account with out the cheque facility, and a balance of ₹500 for an account with a cheque facility.
Post Office Savings Account App
The Department of Post, in October 2019, has introduced the launch of cell banking for his or her savings account subscribers. To avail the cellular banking facility, the customers need to have POS account in CBS Post office, valid login credentials. The customer have to have a single or Joint ‘B’ type account to be eligible for the equal.
Conditions to be fulfilled prior to availing the POS cellular app provider:
Availability of valid Email-identification, PAN, precise mobile wide variety
Updated CIF or patron ID Valid identity evidence, cope with proof, modern-day address
