Interest payable, Rates, Periodicity etc - 4.0% per annum on individual / joint accounts
Minimum Amount for opening of account and maximum balance that can be retained - Minimum INR 20/- for opening
Salient features including Tax Rebate:
Source: https://www.indiapost.gov.in/Financial/pages/content/post-office-saving-schemes.aspx
Minimum Amount for opening of account and maximum balance that can be retained - Minimum INR 20/- for opening
Salient features including Tax Rebate:
- Account can be opened by cash only
- Minimum balance to be maintained in a non-Cheque facility account is INR 50/-
- Cheque facility available if an account is opened with INR 500/- and for this purpose minimum balance of INR 500/-in an account is to be maintained
- Cheque facility can be taken in an existing account also
- Interest earned is Tax Free up to INR 10,000/- per year from financial year 2012-13
- Nomination facility is available at the time of opening and also after opening of account
- Account can be transferred from one post office to another
- One account can be opened in one post office
- Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account
- Joint account can be opened by two or three adults
- At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active
- Single account can be converted into Joint and Vice Versa
- Minor after attaining majority has to apply for conversion of the account in his name
- Deposits and withdrawals can be done through any electronic mode in CBS Post offices.
- ATM facility is available
Source: https://www.indiapost.gov.in/Financial/pages/content/post-office-saving-schemes.aspx
