Savings Account

Savings Account

Ø  Any individual can open an account.

Ø  Cheque facility available.  

Ø  Group Account, Institutional Account, other Accounts like Security Deposit account & Official Capacity account are not permissible

Ø  Rate of interest 4% per annum

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Ø  ·      Account can be opened by cash only.

Ø  ·    Minimum balance to be maintained in a non-cheque facility account is INR 50/-.

Ø  ·      Cheque facility available if an account is opened with INR 500/- and for this purpose minimum balance of INR 500/-in an account is to be maintained.

Ø  ·      Cheque facility can be taken in an existing account also.

Ø  ·      Interest earned is Tax Free up to INR 3500/- per year in single and INR 7000/- in Joint account up to 2011-12 and up to INR 10,000/- per year either in single or joint account for 2012-13.

Ø  ·       Nomination facility is available at the time of opening and also after opening of account.

Ø  ·      Account can be transferred from one post office to another.

Ø  ·      One account can be opened in one post office

Ø  ·      Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.

Ø  ·      Joint account can be opened by two or three adults.

Ø  ·      At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active.

Ø  ·      Single account can be converted into Joint and Vice Versa.

Ø  Minor after attaining majority has to apply for conversion of the account in his name.