Post Office Savings Account 2025

Types of Post Office Savings Schemes Accounts:

Listed below are the types of saving scheme accounts offered by Post Offices across the country:

• Post Office regular savings account
• Post Office time deposit account (TD)
• Post Office recurring deposit account (RD)
• Post Office monthly income deposit account (MIS)
• Public Provident Fund account (PPF)
• Sukanya Samriddhi Yojana Account (SSY)
• Kisan Vikas Patra (KVP) account
• National Savings Certificate (NSC)
• Senior Citizen savings scheme

Features & Benefits of Post Office Savings Accounts

1. To open a Post Office savings account, customers have to make the initial deposit in cash.

1. Post Office account holder can make nominations to their account. The nominee can operate the account on behalf of the account holder.

1. As per the wish of the account holder, the savings account can be transferred from one Post office to another - in case the account holder has shifted his/her house.

1. The account can be opened with as little as Rs. 20.
2. The account can be opened only using cash.
3. If minimum balance for non-cheque accounts is Rs. 50 and Rs. 500 for accounts with cheque facilities.
4. They can be operated by individuals or jointly by up to 3 people.
5. Parents and guardians can open a savings account on behalf of minors.
6. Minors above the age of 10 years can open and operate a post office savings account independently.
7. The daily ATM withdrawal limit is Rs. 25,000.
8.  Customers are offered a debit card when opening the post office savings account.  
9. At least 1 transaction is required every 3 years to keep the account active.
10. Deposits can be made via electronic means at CBS post offices. The same goes for withdrawals.
11. Accounts can be opened in the names of minors too. They can be transferred to the minor once he/she comes of age.
12. Savings up to Rs.10,000 inclusive of the interest are exempt for tax under section 80L of the Income Tax Act.
13. The account can be transferred from one post office to another.

Interest Earned on Post Office Savings Scheme – 4% Per Annum (as of July 10, 2019)

The current interest rate offered on the Post Office Savings Account is 4% per annum. It is paid annually, unlike the Monthly Income Scheme where the interest is paid monthly. The first Rs. 10,000 of interest earned each year is tax free. Tax will be applicable on the remainder according to the prevailing income tax slab.

Steps to Open Post Office Savings Account:

Customers have to follow the steps mentioned below to open a Post Office savings account:

• Visit any Post office closest to you.
• At the post office, request for the savings account application form.
• Fill in the post office savings account application form.
• Submit the required KYC documents - identity and address proof.
• Submit recent passport size photographs.
• Once the form, documents and photographs have been submitted, make the initial deposit towards the account. The deposit has to be made in cash.

Documents Required to Open a Post Office Savings Account

You will need 1 to 2 passport size photographs. Apart from that, you will need to furnish ID proof and address proof.

You can submit the following documents for these purposes:

ID Proof

1. Electoral Photo Identity card
2. Ration Card
3. Passport
4. Driving License
5. Photo Identity Card from a recognised educational institute
6. Letter issued by the Unique Identification Authority of India (UIDAI)

Address Proof

For address proof, the documents provided must have the current address mentioned on them.

1. Bank or Post Office Passbook
2. Passport
3. Ration Card
4. Utility bills such as electricity bill and telephone bill
5. Salary Slip from a reputed Employer
6. Certificate from any Public Authority
7. Letter issued by the Unique Identification Authority of India (UIDAI)

Eligibility Criteria for Post Office Savings Account:

Listed below is the eligibility criteria that has to be met for one to hold a post office savings account:

• Should be a resident of India.
• Any minor above the age of 10 years can open a post office savings account independently.
• Should have valid KYC documents.

Post Office Savings Account Charges:

Listed below are the charges for a savings account: