Post Office Savings Account: As of November 30, 2023, the rate of interest is 4.0% each year on particular person / joint accounts. (Representative picture)
If no deposit/withdrawal takes place in an account, the account is handled as silent/dormant by the Post Office.
Post workplace financial savings accounts present a safe and handy answer for saving your cash. They’re additionally a fantastic choice for these searching for to earn curiosity on their financial savings with out worrying about extreme charges or minimal steadiness necessities.
However, an account is taken into account dormant in put up workplace when there was no exercise within the account for a specified time frame.
What Is A Silent Account In The Post Office?
If no deposit/withdrawal takes place in an account throughout steady three monetary years, the account is handled as silent/dormant by the put up workplace.
How To Revive A Silent Account In The Post Office?
Revival of silent account might be carried out by submitting utility together with recent KYC paperwork and passbook at involved put up workplace.
Key Features Of Post Office Savings Account
- Minimum quantity for opening of account: Rs 500/- for opening
Post Office Savings Account Interest Rate
- As of November 30, 2023, the rate of interest is 4.0% each year on particular person / joint accounts
Who Can Open Post Office Savings Account ?
- A single grownup
- Two adults solely (Joint A or Joint B)
- A guardian on behalf of minor
- A guardian on behalf of particular person of unsound thoughts
- A minor above 10 years in his personal title
Deposit and Withdrawal:
All deposits/ withdrawals are to be carried out in complete rupees solely.
- Minimum deposit quantity: – Rs. 500 (subsequent deposit not lower than 10 rupees)
- Minimum withdrawal quantity: – Rs. 50
- Maximum deposit: – No most restrict
- No withdrawal shall be permitted which impact decreasing of minimal steadiness Rs 500
- In case account steadiness not raised to Rs. 500 on the finish of monetary yr Rs 50 shall be deducted as Account Maintenance Fee and if account steadiness grew to become Nil the account shall stands robotically closed
Interest Rules
- Interest shall be calculated on the premise of minimal steadiness between tenth of the month and finish of the month and allowed in complete rupees solely
- No curiosity shall be allowed in a month if steadiness between tenth and final day of the month falls under Rs. 500
- Interest shall be credited in account on the finish of every Financial Year on the rate of interest prescribed by Ministry of Finance
- At the time of closure of account, curiosity shall be paid as much as the previous month wherein account is closed
Tax Rules
Under part 80TTA of the Income Tax Act, from all Savings Bank Accounts, curiosity as much as Rs. 10,000 earned in a monetary yr is exempted from taxable Income.
