How To Open A Savings Account In Post Office | Documents Required
How To Open A Savings Account In Post Office
Post office saving account work as analogous to regular savings account. It is the highly secure tools that provide the partial liquidation of funds option within short notice if the urgent needs occur. If you are planning to open saving account, so a question arises in your mind i.e. How to Open a Savings Account in Post Office and what documents are required. We have mentioned all the relevant facts of Savings Account in Post Office along with essential documents.
This account will provide you guaranteed return on your investment and security of the amount. It is the most suitable option for those peoples who want to earn a regular income without exposure to risk. If you are living in rural and semi-rural areas, contact to bank is quite difficult for you but in post office you can easily deposit your amounts and continue your savings. Post office has large coverage area.
How To Open A Post Office Savings Account
You can easily open your saving account in post office because you need not to face any complicated process. The minimum balance of creating account in post office is Rs 20. If you have individual account, you can deposit maximum Rs to one lakhs and if you possess joint account, you can deposit maximum Rs two lakhs. The foremost feature of having a saving account in post office is that is no locking period. Still you don’t have saving account, so go the nearest post office of your residence and complete the entire formalities with clerk.
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Post Office Savings Account Features
The main feature for opening saving accounts in post office is mentioned here;
- Customer depends when he wants to close his accounts there is no restriction.
- You can only applicable to open your account through depositing cash.
- Facilities are available not only at the time of opening the account but also after opening the account.
- You can earn interest which is tax free up to Rs 10,000 per year.
- Under the section 80L of the Income Tax Act, Income tax benefit is available.
- Customers can easily the transfer the amount from one post office to another.
- User also alters their account unto joint account.
- Customer can deposit or withdraw amount by any electronic mode.
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Eligibility For Open Saving Account In Post Office
- Minors with a minimum age of ten years
- A guardian on behalf of a minor
- A person of unsound mind
- Two or three adults can open a joint account
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- Open a saving account in post office is easy rather than open a savings account in bank.
- The minimum balance for opening account is only Rs.20 which anyone can easily pay.
- Anyone can withdraw the cash when urgent need occurs.
- It is risk free because your total amount is safe.
- It doesn’t possess any locking period.
A post office customer service is part of national postal system especially for low earners. If you possess saving account in post office you can anytime withdraw your money as per your requirement but you have to maintain the minimum balance limit which is Rs. 50 only. Central Government of India decides the interest rate. Currently, interest is provided to the customer is near about 3% to 4% on the deposit balance. The mail service, acceptance of letters and parcels service also present in post offices.