Post office Savings Account (SB) Interest Rate, Features and Eligibility
Post Office Savings Account (SB) : The Scheme is available in all the post offices in India. Here you know about Interest payable rates, and minimum amount for account open.
Interest payable, Rates, Periodicity etc. - 4.0% per annum on individual / joint accounts
Minimum Amount for opening of account and maximum balance that can be retained - Minimum INR 500/- for opening.
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| Post Office Savings Account SB |
Features of Post office Savings Account (SB) :
This account can be open by;
1) A single adult
2) Two adults only (Joint A or Joint B)
3) A guardian on behalf of minor
4) A guardian on behalf of person of unsound mind
5) A minor above 10 years in his own name
2) Two adults only (Joint A or Joint B)
3) A guardian on behalf of minor
4) A guardian on behalf of person of unsound mind
5) A minor above 10 years in his own name
❯ Only one account can be opened by an individual as a single account
❯ Only one account can be opened in the name of minor/above 10 years of age (self)/person of unsound mind
❯ In case of death of a Joint holder, the surviving holder will be the sole holder, if surviving holder already has single account in his/her name, Joint account have to be closed
❯ Conversion of single to joint account or vice versa is not allowed
❯ Nomination is mandatory at the time of opening of account
❯ Minor after attaining majority has to submit fresh account opening form and KYC documents of his/her name at concerned Post Office for conversion of the in his/her name
Deposit/ Withdrawal from Savings Account (SB) :
❯ Minimum Deposit amount - Rs. 500/-
❯ Minimum Withdrawal amount: - Rs. 50/-
❯ Maximum Deposit: - No maximum limit
❯ No withdrawal will be permitted which effect reducing of minimum balance Rs. 500
❯ In case account balance not raised to Rs. 500 at the end of financial year Rs. 50 will be deducted as Account Maintenance Fee and if account balance became Nil the account shall stands automatically closed
Interest in Savings Account (SB) :
❯ Interest will be calculated on the basis of minimum balance between 10th of the month and end of the month and allowed in whole rupees only.
❯ No interest will be allowed in a month if balance between 10th and last day of the month falls below Rs. 500/-
❯ Interest shall be credited in account at the end of each Financial Year at the interest rate prescribed by Ministry of Finance
❯ At the time of closure of account, interest will be paid up to the preceding month in which account is closed
❯ u/s 80TTA of the Income Tax Act, from all Savings Bank Accounts, interest up to Rs. 10,000 earned in a Financial Year is exempted from taxable Income
Silent Account Rules in Savings Account (SB) :
❯ If no deposit/withdrawal takes place in an account during continuous three financial years, the account shall be treated as silent/dormant.
❯ Revival of such account can be done by submitting application along with fresh KYC documents and passbook at concerned Post Office
Additional Facilities available on PO Savings Account :
To avail below facilities on your PO Savings Account, kindly download and submit respective form at concerned Post Office;
❯ Cheque book
❯ ATM Card
❯ ebanking/mobile banking
❯ Aadhaar Seeding
❯ Atal Pension Yojana (APY)
❯ Pradhan Mantri Suraksha Bima Yojana (PMSBY)
❯ Pradhan Mantri Jeevan Jeevan Jyoti Bima Yojana (PMJJBY)