Post Office Saving Account
A Savings Account is the basic account which is provided by all the banks in India. A savings account provides you the facility to deposit and withdraw the money as per your wish. Savings accounts offer interest on the deposit, and are the safest way to grow money along with the ease of withdrawal.
Savings account can be thought of as your wallet, but with the bank, where you can store as much and withdraw as much as you want, while earning interest on the deposited amount.
• A Post office Savings Account can be opened only by cash. • Minimum balance required to be maintained in a non-Cheque facility account is ₹ 50. • ATM facility is available for the account holders. • Interest earned is totally Tax-Free up to ₹ 10,000 per annum • Nomination facility is available. • Transferred of the account is available from one post office to another.
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Only One account can be opened in one post office. The account can be opened in the name of minors also. Joint account can also be opened for two or three adults. A single account can be converted into Joint and conversion of a joint account to single is also possible. • Deposits and withdrawals can be done through any mode including an electronic one. • The accounts on the name of a minor can be converted on their name when they become adult.
Post Office Saving Account Balance Limit In savings account there are no limits on the amount of money which can be deposited and the amount which can be maintained in the account
Post Office Saving Account Tenure Savings account have no relation with the tenure period
Post Office Saving Account Interest Rate The interest rate on the savings accounts are not fixed and it varies according to the market fluctuations and with the risk factors
Post Office Saving Account Withdrawal Withdrawal is allowed from a savings account and there is no limit of withdrawing.
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