Post Office Savings Account - 4%, Minimum Rs. 20 for opening
Interest payable,
Rates,
Periodicity etc. |
Minimum Amount for
opening
of account and maximum balance that can be retained |
4.0% per annum on
individual / joint accounts
|
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 Rs.0 50.
^ Cheque facility available if an account is
opened with Rs. 500- and for this purpose minimum balance of Rs. 500in an account is to be maintained
^Cheque facility can be taken in an existing account also
^Interest earned is Tax Free up to Rs. 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 2 or/ 3 adults.
^ At least one transaction of deposit or / withdrawal
in three (3) financial years is necessary to keep the account active.
^Single account can be converted into Joint & Vice Versa
^ Minor after attaining majority has to apply for
conversion of the account in his name
^ Deposits &
withdrawals can be done through
any electronic mode in CBS Post offices.
* Inter Post office
transactions can be done between
CBS post offices
* ATM / Debit Cards
can be issued to
Savings Account holders ( having prescribed minimum balance on the day of issue of card) of CBS Post offices. |
|
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