POST OFFICE SAVINGS ACCOUNT
"A scheme can be opted by everyone"
It works similar to any bank account saving account where the interest is tax-free. It works similar to any bank account saving account where the interest is tax-free. One can invest a maximum of Rs. 1 lakh and jointly 2 lakh. The account could be open in the name of a minor but with a guardian.
Minimum amount of Rs 20/- can be invested, in cash
Minimum amount of Rs 50/- can be invested, in a cheque
Minimum balance of Rs 500/- has to be maintained in the cheque account
Maximum balance permitted is Rs 1 lakh in a single account
Maximum balance permitted is Rs 2 lakh in a joint account
Account can be open on behalf of minors also
Interest of P.O. Saving a/c in tax-free
Rate of Interest: @4.00% P.A.
Type of Interest: FLOATING RATE DURING THE TENURE
- Minimum Amount Required: INR 1000/-
- 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
- Documents Required : (i) 2 photographs (ii) along with a self-attested copy of PAN Card and Aadhaar Card