Post Office Savings Account is among the most popular and convenient savings accounts in India. the minimum and the maximum balance that may be kept are Rs.500 in the account. The Post Office Savings Account resembles a traditional savings account in many ways. It is regarded as a highly secure instrument to deposit money into and provides the ability to quickly and completely liquidate money if necessary.
These saving accounts are perfect for senior persons and those wishing to make a consistent income without taking on any risk because they often offer a guaranteed return on investment.
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There are several service charges that are applicable for Post Office accounts:
- Duplicate chequebook: Rs.50
- Deposit receipt issuance: Rs.20 per receipt
- Account statement issuance: Rs.20 per statement
- Cancellation or change of nomination: Rs.50
- In lieu of a lost or damaged certificate, a passbook will be issued for Rs. 10 per registration.
- Issuing a chequebook in a Savings bank account: No fee will be charged for up to 10 leaves in a financial year. (Rs.2 per cheque leaf thereafter)
- For account transfers and account pledges: Rs.100
- Fee for cheque dishonour: Rs.100
Here’s how to open a Post Office Savings Account:
- Either visit India Post’s official website or go to the nearest Post Office.
- Fill out the form with all the required information.
- Provide the necessary paperwork and a passport-size photo.
- Deposit money must be paid; it cannot be less than Rs. 20.
- You must make a deposit of at least Rs. 50 in order to open a post office savings account without a chequebook.
