PRODUCT NOTE


Rate of Interest: @4.00% p.a.

type  OF INTEREST :   Floating rate during the tenure


MINIMUM AMOUNT REQUIRED

Rs. 500/-                                                                                      

Maximum Amount Limit

No Maximum Limit

Who can Invest

  • (i) a single adult

  • (ii) Joint Account (Maximum 2 adults)

  • (iii) Minor above 10 years of age

  • (iv) A guardian on behalf of a minor 


Post Office Savings Account

It works similar to any bank account saving account where the interest is tax free. One can invest maximum of Rs. 1 lakh and jointly 2 lakh. Account could be open in the name of minor but with a guardian.

Features

  • Minimum amount of Rs 20/- can be invested, in cash

  • Minimum amount of Rs 50/- can be invested , in cheque

  • Minimum balance of Rs 500/- has to be maintained in cheque account

  • Maximum balance permitted is Rs 1 lakh in single account

  • Maximum balance permitted is Rs 2 lakh in joint account

  • Account can be open on behalf of minor also

  • Interest of P.O. Saving a/c in tax free 

Documents Required 

  • 2 photographs

  • along with a self-attested copy of PAN Card and Aadhaar Card

Revised Rates

w.e.f. 30-06-2020

POST OFFICE SCHEMES