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  • Post Office Savings Account

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    Savings Account
    • Instant money transfer
    • 24x7 ATM withdrawals
    • Attractive rate of interest

    With untiringly changing financial market scenario and increasing number of banks, financial institutions, and online resources that give ample opportunities for savings, many people in India are unable to decide the right place to save their surpluses to meet future financial obligations. Hence, people are seeking advice on the most suitable and workable saving methods from the numerous schemes made available by the banks, so as to manage their personal finances in a better way. This article is an attempt to throw some light on one of the oldest but most trusted means to save your hard-earned money.

    These ways offer surefire revenues, improved interest rates, financial security, ways to save on tax as per the several sections of Indian Income Tax Act and other lucrative perks. Let us now discuss on these aspects of post office savings accounts. The post office savings scheme is offered by the Department of Posts in India, backed by RBI and Central government. It is the oldest banking service institution in our country and to date the most used and favored. It functions in support of Ministry of finance. At present, there are over 200 million post office savings accounts and these are being functioned in more than 1 lakh post offices nationwide.

    Types of Savings Accounts that Can be Started with Post Office:

    The Indian postal sector has numerous post office savings policies. The savings schemes include the following among others:

    • Saving Account Schemes (SAS)
    • Recurring Deposit Schemes (RDS)
    • Fixed Deposit Schemes (FDS)
    • Public Provident Fund Schemes (PPF)
    • National Savings Certificate (NSC)
    • Monthly Income Schemes (MIS)

    Features & Benefits of Post Office Saving Account

    • With Reserve Bank of India decontrolling interest rates on savings deposits, the Government of India also escalated the same on post office savings scheme to 4 percent from 3.5 percent.
    • At present post office savings account offers 4 percent rate annually.
    • You must put in at least INR 20 to open an account.
    • You can open an account by cash payment only.
    • You need to keep in a minimum balance of at least INR 50 in a non cheque facility account.
    • You can avail cheque facility as well if your account has a starting deposit of at least INR 500. It goes without saying that this balance has to be maintained every month.
    • You can also request a Cheque facility with a prevailing account.
    • The interest you make from your post office savings is not taxed up to INR 10,000 yearly as of now.
    • It also comes with a nomination feature. You can fill in the details of the nominee(s) at time or after starting your account.
    • Though your account can be transformed from one post office to another, you are allowed to have only one account in your name in one post office.
    • Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
    • You may even start a joint account with another adult or two.
    • To keep your account active, you need to do a minimum of one fund transfer (depositing or withdrawing) in three financial years.
    • Your single savings account can be made into joint one any time you wish to and viz.
    • If the account is opened for a minor, he/ she can apply to get it in their name after turning 18.
    • Cash depositing and withdrawals can be performed through any electronic mode in Core Banking Solution (CBS) Post offices.
    • Inter post office fund transfers can be done between CBS post offices
    • ATM cum Debit Cards can be distributed to Savings Account users (having agreed on a minimum balance on the day of card issuance) of CBS Post offices.

    News About Post Office Savings Account

    • Huge spike in post office savings accounts

      Following the Government's drive to bring banking facilities to all across the country, a report came in in which due to post offices offering savings accounts, now lakhs of citizens in the country have access to banking facilities - especially those from rural areas. According to a report, in Chennai, 56 lakh savings accounts have been opened in the last year, a lakh more than the previous financial year, whereas, in Karnataka, the total number of accounts has gone up from 2.20 crore to nearly 2.75 crore accounts. Post offices in the Chennai have lauded the achievement and said that so many more people are now benefiting from access to banking facilities, which have come with insurance coverages up to Rs.2 lakh.

      13 April 2018

    • Post office savings accounts to come with internet banking facilities from May

      In what is a breakthrough for Post Offices across India, the Reserve Bank of India (RBI) announced yesterday that they have finally approved of the India Post Payments Bank (IPPB). The move means that over 340 million Post Office account holders (In India) will benefit from the online facility that will go live under the India Post Bank (IPPB) platform. Based on the announcement of the Finance Ministry, from May 2018, Post Office account holder will be able to carry out a number of processes that come with internet banking facilities - such as carrying out fund transfers, bill payments, making contributions to various related saving schemes, and so on. The India Post Payments Bank (IPPB) will ensure that over 170 million Post Office savings account holders will benefit by carrying out the aforementioned processes related to a saving account - with the biggest take away from the country’s perspective being that a good portion of Post Office saving account holders are from rural areas. The Finance Ministry said that from May onwards, a little more than 155,000 post offices will have the India Post Payments Bank (IPPB) facility, which in the future will result in being the largest banking network in the country. Customers holding a savings account in a Post Office can carry out fund transfers through the NEFT, RTGS and IMPS facilities, can make contributions towards saving schemes through the India Post Payments Bank (IPPB) platform, pay utility bills and other functions one can carry out through the internet banking facility of any other bank.

      13 April 2018

    • No cash withdrawal limit from banks and post office savings accounts

      Following the demonetisation by the Modi-led government, the Central Board of Direct Taxes set the withdrawal limit from banks, post offices at Rs.2 lakh. Huge penalties were imposed for withdrawals higher than Rs.2 lakh. To the relief of many, the withdrawal limit is now done away with. According to the Central Board of Direct Taxes, there will no longer be any withdrawal limit from savings accounts from banks and post offices.

      6 April 2017

    • People can now open PO Savings Account with Rs.50 in Ernakulam

      Several special offers have been introduced by the head post office in Ernakulam for customers who wish to open savings bank account schemes. A campaign was launched by Aari, a popular tamil actor, who intended to help the initiative gain popularity. Customers would be entitled to a 4% p.a. interest rate on their savings. The minimum deposit required is only Rs.50 and there are free ATM cards with no transaction limits. Furthermore, there are no service charges on the first five transactions and there are also no hidden charges associated with the account. Savings accounts can be opened with cheque book facility as well, but these accounts need a minimum balance of Rs.500. The accounts are open to any Indian National who has attained majority. Joint accounts are also allowed. These accounts will help enable the common man to have easy access to banking facilities and its benefits.

      31 March 2017

    • Hi-tech India Post Bank to be Housed by Heritage GPO in Nagpur

      Nagpur, famed as the Orange City of India, is famous for another aspect – their General Post Office, which is regarded as a heritage structure. This building will soon be a home to a bank. In a strategic move to update post offices to bring it at par with modern banking, it was suggested to open an India Post Payment Bank in the year 2012. As an experimental plan commencing on 1st April, the city GPO has been picked among the total 47 offices where the bank will be situated. In the coming month, the department will start the basic work. The locations is expected to spread over at least 800 sq ft of this heritage construction and the banking functions are anticipated to begin in the coming six months according to a reliable source. This bank will mainly provide service to the whole area of Vidarbha. Aside from GPO, other sites where these lenders will be functioning in the state entail Pune, Thane and Satara. The bank's area of focus will be on current and savings account in rural regions. There will be no loan products or credit card dealings in the initial phase.

      4 April 2016

    GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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    Savings Account Reviews

  • Page 1 of 34 1 2 3 4 5
    • Bank Bazaar Debit Card
      "Nice service for people "
      YES BANK
      0.5 4.5/5 "Excellent!"
      Good online services for our Bankbazaar :) And Useful In formation For the best Oppurtunity, Offers Extra facility's Good Responsibility Activities Nice Bank Account Debit Or Credit Card Availability And Easy To Software Workings Thank You Bank%azaar.
      Was this review helpful? 1
      , cuttack
      Reviewed on Aug 12, 2018
    • Bank Bazaar Debit Card
      "sir ye card kab Aage "
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Good experience Easy to submit and fast acceptance. I am very much pleased with the bank procedure to open a saving account and I am interested to open an account earlier as possible in Delhi. I also recommend my friends to open account in Indus Ind bank. Thanks to allow to open my account.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Aug 09, 2018
    • Bank Bazaar Debit Card
      "Wow excellent service"
      YES BANK
      0.5 5.0/5 "Blown Away!"
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      Was this review helpful? 4
      , patna
      Reviewed on Aug 08, 2018
    • Bank Bazaar Debit Card
      "I like your service"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Good experience & easy to submit the application and fast acceptance; these people also call you and assist you with the best possible way;thanks for allowing me to open bank saving account, And Bank bazaar is a good site for banking guidance. I really felt that bankbazaar was very much helpful.
      Was this review helpful? 2
      , chennai
      Reviewed on Aug 08, 2018
    • Bank Bazaar Debit Card
      "I love your service & customer care behaviour etc"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I got everything here, I am very much impressed with ur customer care behaviour and his / her helping nature so it enabled and also help me for account opening also they helped me to get the credit card Hope it is very much helpful and better than others.
      Was this review helpful? 9
      , new delhi
      Reviewed on Aug 04, 2018
    • Bank Bazaar Debit Card
      "nice "
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Good experience Easy to submit and fast acceptance. I am very pleased with the bank procedure to open a saving account and I am interested to open an account earlier as possible in Delhi. I also recommend my friends to open account in Indus Ind bank. Thanks for to allow to open my account.
      Was this review helpful? 6
      , noida
      Reviewed on Aug 03, 2018
    • Bank Bazaar Debit Card
      "GREAT"
      INDUSIND BANK LTD
      0.5 3.5/5 "Pretty good"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for our future needs.
      Was this review helpful? 4
      , pune
      Reviewed on Aug 02, 2018
    • Bank Bazaar Debit Card
      "goods"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Good online services for our Bankbazaar :) And Useful In formation For the best Oppurtionty Offers Extra facility's Good Responsibility Activities Nice Bank Account Debit Or Credit Card Availability And Easy To Software Workings Thank You Bank%azaar.
      Was this review helpful? 14
      , jaipur
      Reviewed on Jul 24, 2018
    • Bank Bazaar Debit Card
      "Account opening"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for our future needs.
      Was this review helpful? 12
      , kolkata
      Reviewed on Jul 22, 2018
    • Bank Bazaar Debit Card
      "Good experience "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Easy to submit and fast acceptance. I am very pleased with the bank procedure to open a saving account and I am interested to open an account earlier as possible in Delhi. I also recommend my friends to open account in Indus Ind bank. Thanks for to allow to open my account.
      Was this review helpful? 16
      , new delhi
      Reviewed on Jul 21, 2018
    • Bank Bazaar Debit Card
      "This is my home bankbazaar"
      INDUSIND BANK LTD
      0.5 3.0/5 "Satisfactory"
      Because we are so happy there is no need to visit any branch of Hyderabad. It is very much helpful thank you so much bankbazaar. Also, it is very easy to open a bank account. Its because of that, I like bankbazaar. Thank you once again Bankbazaar.
      Was this review helpful? 10
      , hyderabad
      Reviewed on Jul 20, 2018
    • Bank Bazaar Debit Card
      "Service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      This is my first time with BANK BAZAAR . The customer service and responses was good. The website is every user friendly and its easy navigate . The web portal's accuracy and speed is also good.My overall experience was good so its recommendable.,
      Was this review helpful? 14
      , gurgaon
      Reviewed on Jul 16, 2018
    • Bank Bazaar Debit Card
      "Very Good"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Good online services for our Bankbazaar :) And Useful In formation For the best Oppurtionty Offers Extra facility's Good Responsibility Activities Nice Bank Account Debit Or Credit Card Availability And Easy To Software Workings Thank You Bank%azaar.
      Was this review helpful? 9
      , tirupati
      Reviewed on Jul 15, 2018
    • Bank Bazaar Debit Card
      "NICE BANK & NICE PERFORMANCE"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for our future needs.
      Was this review helpful? 12
      , jodhpur
      Reviewed on Jul 08, 2018
    • Bank Bazaar Debit Card
      "good service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Good website bank bazaar and very easly to apply any account and in any branch now apply for all customers And The website gives great service, and is easy to comprehend with! It is very easy to open an account and compare many banks at the same time! Wonderful experience for me, and I recommend this to everyone. Must use this, for easy account opening guys
      Was this review helpful? 16
      , mumbai
      Reviewed on Jul 04, 2018
    • Bank Bazaar Debit Card
      "Very Good"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for future needs.
      Was this review helpful? 13
      , new delhi
      Reviewed on Jul 04, 2018
    • Bank Bazaar Debit Card
      "Account opening"
      YES BANK
      0.5 4.5/5 "Excellent!"
      Its an amazing website so far with easy documentation, lets wait for the next step. i have applied for zero balance saving account, so far not much document required, and customer service is excellent and they provide a quick responsive its great.
      Was this review helpful? 18
      , guwahati
      Reviewed on Jul 03, 2018
    • Bank Bazaar Debit Card
      "I like bank bazar it is very good for car and insurance"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Excellent service Bank bazaar is very good for all customers for car,bike ,home loan. Bank bazaar is very use ful awesome platform to open savings account it will make dreams come true it will with me 24/7 it is very simple and easy to use i m so happy with the paperless transactions. I got a very good knowledge about the portal and it is good in many ways.
      Was this review helpful? 16
      , patna
      Reviewed on Jun 27, 2018
    • Bank Bazaar Debit Card
      "Excellent "
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Excellent service Bank bazaar is very good for all customers for car,bike ,home loan. Bank bazaar is very use ful awesome platform to open savings account it will make dreams come true it will with me 24/7 it is very simple and easy to use i m so happily with the paperless transactions. I got a very good knowledge about the portal and it is good in many ways.
      Was this review helpful? 16
      , chennai
      Reviewed on Jun 26, 2018
    • Bank Bazaar Debit Card
      "VERY GOOD "
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      The website gives great service, and is easy to comprehend with! It is very easy to open an account and compare many banks at the same time! Wonderful experience for me, and I recommend this to everyone. Must use this, for easy account opening guys Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for future needs.
      Was this review helpful? 17
      , new delhi
      Reviewed on Jun 26, 2018
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