Post Office Savings Account

Salient  features of a Post Office Saving Account

POSB can be open by a minimum balance of rs 500 

• Account may be opened by

1.   a single adult
2.   Joint Account
3.    A guardian on behalf of a minor

• Initial deposit for account opening cash only.
• Minimum balance to be maintained in an account is INR 500/- , if balance Rs. 500 

        not maintained, a maintenance fee of one hundred (100) rupees shall be deducted
        

        from the account on the last working day of each financial year and after deduction of

        the  account maintenance fee, if the balance in the  account becomes nil, the account 

        shall stand automatically closed

• Cheque facility available , first 10 cheque for a financial year is free after this rs 2 per

        cheque is charged from customer.

• ATM facility is available without any annual fees.
• Interest rate 4 % annually calculated annually on 31st march.
• Interest earned is Tax Free up to INR 10,000/- per year.
• Nomination facility is available at the time of opening and free for first time.
• Account can be transferred from one post office to another
• One account can be opened in one post office.
• At least one transaction of deposit or withdrawal in three financial years is necessary to

         keep the account active, else account became silent (Dormant)

• Minor after attaining majority has to apply for conversion of the account in his name
• Intra Operable Net banking/Mobile Banking facility is available
• Net Banking For Post office
• Online Fund transfer between Post Office Savings Accounts/Stop Cheque/Transaction 
•  View facility is available through Intra Operable Net banking/Mobile Banking
• Facility to link with IPPB Saving Account is available
• Only single account will be linked to IPPB account
• Funds Transfer (Sweep in/Sweep out) facility is available with IPPB Saving Account.

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