Post workplace financial savings accounts are a protected and handy option to save your cash.
If you’re on the lookout for a protected and handy option to save your cash, a submit workplace financial savings account generally is a good possibility to contemplate.
A submit workplace financial savings account is a sort of financial savings account provided by the submit workplace. These accounts are usually obtainable to people and companies, and so they provide quite a lot of options.
Post workplace financial savings accounts are a protected and handy option to save your cash. They are additionally a great possibility for individuals who wish to earn curiosity on their financial savings with out having to fret about excessive charges or minimal steadiness necessities.
If you’re on the lookout for a protected and handy option to save your cash, a submit workplace financial savings account generally is a good possibility to contemplate.
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 29, 2023, the rate of interest is 4.0% every 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 individual of unsound thoughts ​
- A minor above 10 years in his personal title
Deposit and Withdrawal​:
All deposits/ withdrawals are to be accomplished 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 will probably be permitted which impact lowering of minimal steadiness Rs 500
- In case account steadiness not raised to Rs. 500 on the finish of economic yr Rs 50 will probably be deducted as Account Maintenance Fee and if account steadiness grew to become Nil the account shall stands routinely closed
Interest Rules
- Interest will probably be calculated on the idea of minimal steadiness between tenth of the month and finish of the month and allowed in complete rupees solely
- No curiosity will probably 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 will probably be paid as much as the previous month through which 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
Additional on-demand amenities obtainable on PO Savings Account​
- Cheque guide
- ATM Card
- E-banking/cell banking
- Aadhaar Seeding
- Atal Pension Yojana (APY)
- Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- Pradhan Mantri Jeevan Jeevan Jyoti Bima Yojana (PMJJBY)
Things To Note
- Only one account might be opened by a person as a single account
- Only one account might be opened within the title of minor/above 10 years of age (self)/individual of unsound thoughts
- In case of demise of a Joint holder, the surviving holder would be the sole holder, if surviving holder already has single account in his/her title, joint account need to be closed
- Conversion of single to joint account or vice versa will not be allowed
- Nomination is necessary on the time of opening of account
- Minor after attaining majority has to submit contemporary account opening type and KYC paperwork of his/her title at involved Post Office for conversion of the in his/her title.
