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
2 photographs
along with a self-attested copy of PAN Card and Aadhaar Card
Revised Rates
w.e.f. 30-06-2020
