Post Office Savings Account (POSA) scheme is just like any other regular savings account. However, this account can be opened only in a post office. A large number of post offices are located across the country which gives rural population access to banking facilities. This comprehensive guide by H&R Block India will help you understand all about Post Office Savings Account scheme.
Along with the accessibility to rural citizens, opening a Savings Account in the Post Office can be beneficial in many other ways.
An application could be made through the prescribed form SB10(b) or manually. This application has to be submitted at the transferring post office or the current one.
You would have to submit the application by filling the NC32 form in the current post office or the transferring one.
By visiting your post office branch, you would have to fill an application and submit it to them. If the minimum balance required is not maintained, the service charge will be deducted.
For stolen or lost certificates, you must fill the NC29 form and submit it in your nearest Post office along with a statement in which all the particulars of the certificate are mentioned. An indemnity bond with a bank guarantee is essential. For defaced or mutilated certificates, NC29 form along with the above-mentioned statement has to be submitted in the nearest Post Office.
Fill the application form provided by the post office along with 2 passport size photographs and KYC documents – identity and address proof like Aadhar card, PAN or Electricity bill.
The procedure to open a Savings account at Post office is painless and clear.
That’s all. Your account will be activated soon after the completion of these steps.
You are free to withdraw from your savings account as per needs. However, the minimum balance should be maintained, failing which, you will not be able to access the required amount from your account.
|Minimum balance for Savings Account||With cheque facility – Rs 500|
Without cheque facility – Rs 50
|Maximum balance for Savings Account||Rs 1,00,000|
|Maintenance Charge for a year||Rs 100|
|PIN Regeneration Charge||Rs 50|
|Withdrawal from other bank ATMs||FREE|
Metro – For first 3 transactions
Non-metro – For first 5 transactions
|One day spending limit (Online/POS terminal)||Rs 65,000|
|IMPS||Rs 4 per transaction|
|NEFT||Rs 2.5 per transaction|
|AEPS||FREE up to Rs 10,000|
|UPI||Rs 4 per transaction|
You might know that both Post Office Savings Account and India Post Payments Bank Account offer an interest of 4% per quarter. But if we dive deeper into the topic, lots of dissimilarities unfold.
|Factors||Post Office Savings Account||India Post Payments Bank Account|
|Number of Branches||1,54,882||650|
|Minimum deposit required||Rs 20||Rs 0|
|Minimum balance||Rs 50||Rs 0|
|Maximum Limit||Rs 1,00,000||None|
The interest rates are calculated every month and the Central Government decides them for the post office account. Currently, the rate of interest is 4 percent per annum.
A. After submitting the required documents (see above) a duplicate certificate will be issued as soon as possible.
A. You would have to ensure that the minimum balance in your account is Rs.500 following which, ask for the cheque book by visiting your nearest branch.
A. If the cheque bounces, Rs.50 is deducted as the service charge. For the first thousand rupees, Rs.30 will be deducted. Following which Rs.31 for additional thousands will be reduced from the account.
A. In case of account holder’s death, the Savings account gets claimed by the nominee of the account. If no nominee is mentioned by the account holder, the legal heir could provide legal evidence for the same and claim the amount.
A. Manuscript application could be provided by attaching postage stamps of the prescribed fees and submitting it to the post office.
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