Every post office in India offers a savings account to users which is a deposit scheme under the Government of India. Post office savings account interest rate, which the Reserve Bank of India (RBI) decides, regulates the returns on one’s investment.
Opening a Post Office Savings Account is a safe option for individuals who want to start investing small amounts and continue earning fixed returns. Keep reading to learn more about this scheme.
Latest Post Office Savings Account Interest Rate 2024
The current post office savings account interest rate is 4%. Post Offices calculate the interest on a monthly basis and credit it to the account once a year. This rate is subject to change. Therefore, verify the prevailing rate at the time of account opening by consulting an office representative.
Minimum Balance Required to Open Post Office Savings Account
As per the latest information provided on the official website, an individual has to deposit a minimum amount of ₹500 to open a savings account at the Post Office.
Post Office Savings Account Charges 2024
Now that you know that latest Post Office saving account rate of interest, let us go through the table to get a comprehensive view of the associated charges:
| Transfer of account | ₹100 |
| Pledging of account | ₹100 |
| Cancellation or change of nomination | ₹50 |
| Issue of duplicate passbook | ₹50 |
| Issue of passbook in case it is lost or mutilated | ₹10 |
| Issue of deposit receipt or statement of account | ₹20 |
Key Benefits of Post Office Savings Account
Take a look at the list of features and benefits of a Post Office Savings Account and decide whether you should choose to open one for yourself or not:
- Users can open single and joint accounts.
- Users cannot convert a single account into a joint account and vice versa.
- It is mandatory to choose a nominee for a Post Office Savings Account.
- One can open a savings account in the name of a minor and a minor can open and operate an account after reaching 10 years of age.
- Users can avail of a Debit card or ATM card facility.
- Due to pan India presence, people from rural areas can easily access post office savings account interest rates.
- The minimum amount one needs to deposit for opening an account is ₹500.
- The mandatory minimum account balance is zero.
- At the end of each financial year a post office credits the interest account holders earn on their investment.
- To earn interest one has to keep a minimum balance of ₹500 between the 10th and last day of the month.
- If an account holder closes a savings account, the post office would credit interest up to the month after which the account is closed.
How to Open a Post Office Savings Account Online?
To open a savings account and avail the attractive rate of interest in Post Office online, you need to follow these simple steps:
- Step 1: Visit the official website of India Post and get the application form.
- Step 2: Fill out the form with relevant information accurately.
- Step 3: Attach relevant documents and a passport-size photograph.
- Step 4: Pay the deposit amount.
After complete verification of details, your post office savings account will be opened.
How to Open a Post Office Savings Account Offline?
To open a India post office savings account offline, you can follow these steps:
- Step 1: Visit your nearest post office and ask for an application form to open a savings account.
- Step 2: Fill out the form with accurate details and submit it along with the necessary documents with a minimum deposit of ₹500.
After successful verification of your details, the post office will open your savings account in 2 business days.
Eligibility Criteria to Open Post Office Savings Account
If you are one of the following individuals in the list below, you are eligible to open a post office savings account:
- A person with a sound mind
- A guardian on behalf of a minor (aged below 10 years)
- A guardian on behalf of a person of unsound mind
- Minors who are 10 years of age and above
- Two or three adults with a joint account
Documents Required to Open Post Office Savings Account
Apart from the post office savings account application form and a passport-size photograph, you need the following documents to open a savings account both offline and online:
Identity Proof
- Aadhar card
- Driving Licence
- PAN card
Address Proof
- Electricity bill
- Passport
- Ration card
Post Office Savings Account Transaction Limits
Take a look at the post office savings account cash withdrawal and deposit limits at access points and doorstep with this table below:
| Transaction Methods | Minimum Limit | Maximum Limit per Transaction | Maximum Daily Limit |
| Outward NEFT through eBanking & m-Banking channels | ₹1 | ₹2 lakhs | ₹10 lakhs |
| NEFT Remittance across the counter | ₹1 | ₹15 lakhs | ₹15 lakhs |
How to Close a Post Office Savings Account?
To close your post office savings account, you can follow the steps below:
- Step 1: Download and print out the Application for Closure of Account on Maturity or visit a post office near you to get the form.
- Step 2: Fill out the form with the necessary details and submit it through the official website or to your nearest post office.
Post Office Savings Account Onboarding Kit
With the post office savings account onboarding kit you will receive the following benefits:
- With e-KYC, you will get hassle-free on-boarding.
- You will receive your first debit card for free.
- It gives you access to multiple channels such as mobile banking, doorstep, access points, and branches.
- You can withdraw cash for free at any India Post ATM and PNB ATM.
Final Word
Hopefully, now you can decide how to maximise your earnings through the post office savings account interest rate and open an account in the near future. However, before prioritising the savings account offered by the Post Office, make sure to go through all the associated terms and conditions carefully.
FAQ
You can consult an office representative and obtain the required form with KYC documents and a passbook to transfer accounts and certificates. You can give the application to either the transferring or transferee office.
To revive a silent account, you should apply with a fresh application form with KYC documents. Afterwards, the respective head office will revive your account.
To get a duplicate passbook you have to apply for it with an application form or manuscript that the post office prescribes along with a fee for issuance of the passbook.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
