Saving Account

Post Office Savings Account
4.0% per annum on individual / joint accounts
Minimum Amount for opening of account and maximum balance
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