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Post Office Savings Account: Services, charges and interest rates explained
Post Office savings account facilities and charges, all you need to know.
Updated : Feb 17, 2023, 02:26 PM IST | Edited by : Raunak Jain
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If you are investing in a Savings Account or any other investment scheme offered by the Indian Post Office, it is important to be aware of the related information. Post Office Savings Account provides many facilities, but just like a bank account, there are certain charges involved in availing these facilities. This article aims to provide information about the services and charges associated with the Post Office Savings Account.
Post Office Savings Account provides a 4 percent interest rate. This facility is available in post offices across the country, and you can visit any branch of the Indian Post Office to take advantage of it. However, there are various charges involved in this service, ranging from duplicate passbook to account transfer.
To withdraw an amount of Rs. 10,000 or above from the Post Office Savings Account, it is necessary to verify your identity. This is a common practice followed by banks as well. The minimum amount that can be deposited in the Post Office Savings Account is Rs. 500, and the minimum amount that can be withdrawn is Rs. 50.
The Post Office Savings Account provides various schemes that offer double the amount invested for long-term investments. However, it is important to understand the charges associated with the services offered. The government introduced the NEFT facility for Post Office Savings Accounts last year, and customers can use this facility by paying the applicable service charges.
Apart from the NEFT service charges, there are several other charges that must be considered while using the Post Office Savings Account. For example, if you need a duplicate passbook, you will be charged Rs. 50. The issuance of a Statement of Account or Deposit Receipt will cost Rs. 20 for both. On taking a new passbook in lieu of a lost or mutilated certificate, a charge of Rs. 10 per registration will be applied.
For cancellation or change of nomination, there is a charge of Rs. 50. Account transfer will cost you Rs. 100, and pledge of account will also cost Rs. 100. Charges on check bounce are Rs. 100, and if you require a check book in the savings bank account, there will be no charges for up to 10 leaves and Rs. 2 per page thereafter.
