You can open a savings account in any post office across India. However, if you want an online facility related to your post office savings account, then you will have to look for a post office with ‘Core banking solution’ facility. You can avail online transaction facility among the post offices via this facility.
To open a Post Office Saving Bank Account some criteria as mentioned below shall be met-
For opening a savings account at a post office, you need to have a list of documents mentioned below:
Account opening form which can either be acquired from the nearest post office or can be downloaded from this link: https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/SB-3.pdf
Two recent passport size photographs. If it is a joint account, passport size photographs of all the account holders will be required.ID proof: any of the following identity cards –
or any other photo ID card issued by any recognized board, institution or the state government.Address proof: any of the following documents would suffice the documentary proof for the address of an applicant –
Telephone bill but it should not be more than 3 months old etc.
To open a savings account, you need to collect all the documents mentioned above. Fill in the form carefully and provide the nominee details. You can fill up the nominee details later also after opening your savings account. It is advisable that you carry your original documents for the verification process. For your savings account, you will need a witness and witnesses’ signature to complete the formalities.
The interest earned on the savings account is regulated by the Government. The current rate of interest offered on the single and joint accounts is 4% per annum. Interest earned is exempted from the taxes if it is below or up to Rs. 10,000 (Section 80TTA of the Income Tax Act 1961). For senior citizens the exempted limit is Rs. 50,000 (Section 80TTB of the Income Tax Act 1961).
You can withdraw or shut the account whenever you want since there is no lock-in or maturity period.
Cheque book facility is available at the post offices. You can apply for a cheque book while opening the account after making an initial deposit of Rs. 500. You can apply for cheque book facility after opening the account but you need to have at least Rs. 500 in your savings account to avail this facility. For cheque book facility, the minimum amount required in the account is Rs. 500 and it is Rs. 50 for accounts without cheque book facility.
Anyone with valid and active savings account at the post office can apply for India posts internet banking. For activating the facility, you will need to submit your KYC details and would require a PAN card, Department of Posts (DoP) ATM/debit card, and valid email address. Follow the steps mentioned below to access the internet banking portal of the India Posts.
Online Post office saving accounts facility comes with several benefits, a list of which is mentioned below:
Opening savings account at the post office is not yet available online to the customers. However, at some post offices, you can access the online/e-banking facility after opening the savings account.
Customer Id is always printed on the first page of your passbook under 'CIF Id'.
If you enter your login password and transaction password wrong all 5 times, then your user Id and transaction rights will be disabled.
If you forget your passwords and answers, then you will have to drop an email to ‘[email protected]’ from your registered email address addressing the issue and also mention your User Id/ CIF Id.
You can get support from the Department of Posts. You can either drop them an email at ‘[email protected]’ or you can call on 1800-425-2440 between 9 AM to 6 PM.
If an account is not used for a period of three years, it will be considered as a silent account. You can re-activate your account by making a transaction but till the re-activation of the account, Rs. 20 will be charged at the end of every year.
Yes, the government of India launched a girl specific post office saving scheme in 2015. The scheme is popular by ‘Sukanya Samriddhi Account’. The major objective of the scheme is to serve the education and marital needs of a girl child.
To transfer your savings account from one post office to another, visit the post office and apply for account transfer with Form SB 10(b). This form is also available online on the India Post website. You can either submit the form at the original post office or at the new post office.
In Case, it’s a joint account, then the other account holder becomes the sole owner. If it’s a single account, the responsibility and amount will go to the nominee. Further, if there is no nominee, then the amount will go to the heir/ person entitled to receive the money legally.
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