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Post Office Savings Account

India Post offers numerous types of savings instruments for customers to choose from based on their needs. The savings account with India Post can be opened with cash payment only. The account offers tax benefits for interest amount up to Rs.10,000. 

  • Interest rate: 4% p.a. 
  • Minimum balance to open an account: Rs.20 
  • Minimum balance for non-cheque facility: Rs.50 
  • Minimum balance with cheque facility: Rs.500 
  • Debit card facility available 
  • Nomination facility available 
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 4.0 / 5.0   by 51 users
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Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

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

Anyone can open a Post Office Savings Account and earn an annual interest of 4% per annum. The minimum amount needed to open the account is Rs. 20. The minimum balance that must be maintained is Rs. 500 if you have taken cheque facilities. The first Rs. 10,000 earned as interest per year is exempt from tax.

Features & Benefits of Post Office Savings Accounts

  • The account can be opened with as little as Rs. 20
  • The account can be opened only using cash
  • If minimum balance for non-cheque accounts is Rs. 50 and Rs. 500 for accounts with cheque facilities
  • They can be operated by individuals or jointly by up to 3 people
  • The daily ATM withdrawal limit is Rs. 25,000
  • These accounts provide nomination facilities too
  • At least 1 transaction is required every 3 years to keep the account active
  • Deposits can be made via electronic means at CBS post offices. The same goes for withdrawals
  • Accounts can be opened in the names of minors too. They can be transferred to the minor once he/she comes of age
  • The account can be transferred from one post office to another

Interest earned in Post Office Savings Scheme – 4% per annum as of 10th July, 2019

The current interest rate offered on the Post Office Savings Account is 4% per annum. It is paid annually, unlike the Monthly Income Scheme where the interest is paid monthly. The first Rs. 10,000 of interest earned each year is tax free. Tax will be applicable on the remainder according to the prevailing income tax slab.

Documents Required to Open a Post Office Savings Account

You will need 1 to 2 passport size photographs. Apart from that, you will need to furnish ID proof and address proof. You can submit the following documents for these purposes:

ID Proof

  • Electoral Photo Identity card
  • Ration Card
  • Passport
  • Driving License
  • Photo Identity Card from a recognised educational institute
  • Letter issued by the Unique Identification Authority of India (UIDAI)

Address Proof

For address proof, the documents provided must have the current address mentioned on them.

  • Bank or Post Office Passbook
  • Passport
  • Ration Card
  • Utility bills such as electricity and telephone bills
  • Salary Slip from a reputed Employer
  • Certificate from any Public Authority
  • Letter issued by the Unique Identification Authority of India (UIDAI)

FAQs about Post Office Savings Account

  1. Can I open multiple post office savings accounts?
  2. No. You can only open one account at a time. To open a new Post Office Savings Account, you’ll have to close the old one.

  3. Can I turn my single account into a joint account?
  4. Yes. Single accounts can be turned into joint accounts. Joint accounts can also be turned into single accounts.

  5. Can I get the cheque facility after opening an account without cheque facility?
  6. Yes. Even if you open an account without opting for the cheque facility, you can opt for it at a later stage. The only condition is that once you opt for cheques, you’ll have to maintain a minimum balance of Rs. 500 in the account.

  7. Can I withdraw my funds using ATMs?
  8. Yes. The Post Office Savings Account comes with ATM facilities.

  9. How much can I withdraw from the ATM?
  10. The daily withdrawal limit for the ATM is Rs. 25,000.

  11. Is there a limit on the transaction amounts?
  12. Yes. The daily cash withdrawal limit per transaction is Rs. 10,000.

  13. If I lose the passbook can I get a duplicate?
  14. Yes. To replace a lost passbook you will have to apply for it using the appropriate form and affixing a stamp of appropriate value on it.

News About Post Office Savings Account

  • Mobile banking facility launched by India Post for savings accounts

    The Department of Post has launched mobile banking facility for savings accounts members making it easier for them to manage their accounts. According to the circular, this facility will be made available from 15 October for account holders in the post offices which are Core Banking Solutions (CBS) providers. Internet banking facility was launched last year for savings accounts holders. These are the eligibility criteria for the mobile banking facility: Customers should have a savings account specifically in a CBS post office, both single and joint account holders are eligible, should have valid credentials for login and transactions in internet banking, and net banking should be enabled by the SOL (service outlet) at the customer ID (CIF) level. Those who are not eligible for the phone banking facility are illiterates, minors, joint ‘A’, and branch office accounts.

    23 October 2019

  • Mobile banking facility launched by India Post for savings accounts

    The Department of Post has launched mobile banking facility for savings accounts members making it easier for them to manage their accounts. According to the circular, this facility will be made available from 15 October for account holders in the post offices which are Core Banking Solutions (CBS) providers. Internet banking facility was launched last year for savings accounts holders. These are the eligibility criteria for the mobile banking facility: Customers should have a savings account specifically in a CBS post office, both single and joint account holders are eligible, should have valid credentials for login and transactions in internet banking, and net banking should be enabled by the SOL (service outlet) at the customer ID (CIF) level. Those who are not eligible for the phone banking facility are illiterates, minors, joint ‘A’, and branch office accounts.

    18 October 2019

  • 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

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  • ICICI Bank Debit Card
    "The One just a basic saving account"
    ICICI BANK
    0.5 2.0/5 "Expected more"
    I received The One titanium debit card recently for my new saving account. I tried to use it for 10% off in recent amazon sale but cannot avail the discount on it. When I checked with customer care, I have been told that this just a basic card and bank do not offer discounts on it, better upgrade card to coral debit card. So, I do not recommend The One saving account.
    Was this review helpful? 18
    , new delhi
    Reviewed on Oct 20, 2019
  • ICICI Bank
    ICICI Bank Debit Card
    "Good"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I am using ICICI debit card for almost 10 years. They have provided me a domestic card. There is no yearly charges because of my salary account. There is no benefits and the accessibility of the card is good. The daily withdrawal limit is sufficient. ATM's are pretty good.
    Was this review helpful? 50
    , kolkata
    Reviewed on May 12, 2019
  • YES Bank Debit Card
    "Good"
    YES BANK
    0.5 4.0/5 "Great!"
    I think its nice to apply, it has been very fast and easy let's see what happens next if its open means I'll be very much happy person, pleas let me no soon that I can be a customer of this bank I had pan card permanent account number and I didn't have addar card though.
    Was this review helpful? 81
    , hyderabad
    Reviewed on Mar 20, 2019
  • Kotak Debit Card
    "Better"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I am having a Platinum Debit card from Kotak Mahindra Bank. The daily withdrawal limit is sufficient. I don't get any benefits on the card but its easily accessible everywhere. I got a hidden charges of 150 rupees which was debited from my account. There is no charges for other ATM swipes and there is no limitation.
    Was this review helpful? 96
    , mumbai
    Reviewed on Jan 28, 2019
  • Kotak Debit Card
    "Worst Kotak 811 services"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Opened an account in December 2018 not received any call from customer care for document completion till yet also visited the nearest branch and no action has been taken . Worst services of this bank . Even the executive and staff has not been responsible and their behavior is also very rude.
    Was this review helpful? 102
    , new delhi
    Reviewed on Jan 16, 2019
  • YES Bank Debit Card
    "Good"
    YES BANK
    0.5 4.0/5 "Great!"
    I think its nice to apply, it has been very fast and easy let's see what happens next if its open means I'll be very much happy person, pleas let me no soon that I can be a customer of this bank I had pan card permanent account number and I didn't have addar card though.
    Was this review helpful? 72
    , bangalore
    Reviewed on Oct 03, 2018
  • YES Bank Debit Card
    "SUPER BANK"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    I've been using the YES BANK Edge credit card for a while. The Value of the points are really good. I've already accumulated more than 15000 reward points. I am really impressed with the card and their services. I never had any issues with them.
    Was this review helpful? 51
    , hyderabad
    Reviewed on Sep 19, 2018
  • YES Bank Debit Card
    "What to write? You can write a review about any Loan produc"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    awesome great job i like your services i feel happy u provided help to need a urgent way tnq so much tnq bankbazar first time i am online visitor i cant explain how much i m happy bankbazar i would like too u say thnku bankbazaar your service is too much fast rapid
    Was this review helpful? 18
    , bangalore
    Reviewed on Mar 11, 2018
  • Kotak Debit Card
    "Good Bank"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I have a Kotak Bank i opened through Online portal. It is Very Easy to Open .Zero Rupees Charges.I ordered for a Debit card of kotak bank i got it delivered.Kotak App is Very User Friendly to Everyone.Zero balance maintain No Extra Charges..Quite Good App
    Was this review helpful? 68
    , bangalore
    Reviewed on Feb 16, 2018
  • Kotak Debit Card
    "Decent Credit Card"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I have a Salary account with them and the bank has offered a complimentary Credit card on the basis of this account. They have given me a Credit Limit of Rs.2.5 Lakhs, which I felt is quite a good one to have. One thing which let me down over here is their high interest rate. Also an added advantage is, they have good reward points system available with them.
    Was this review helpful? 37
    , chennai
    Reviewed on Jan 23, 2018
  • Kotak Debit Card
    "Good"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I am using domestic debit card of Kotak Mahindra Bank. The daily withdrawal limit was 25,000 rupees which was satisfactory. I am using this debit card for the last six months. There is no charge for other ATM swipe. ATM facilities are good and enough.
    Was this review helpful? 36
    , navi mumbai
    Reviewed on Jan 04, 2018
  • ICICI Bank Debit Card
    "Good"
    ICICI BANK
    0.5 4.0/5 "Great!"
    I have converted my reward points into cash many times. It was very good. I hold Platinum Visa debit card. The withdrawal limit is more than 1L which is really good. My debit card is linked with Payback account on every purchase I used to get lot of points.
    Was this review helpful? 41
    , bangalore
    Reviewed on Nov 16, 2017
  • ICICI Bank Debit Card
    "Good service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    ICICI Bank provide good service. I m using it as my salary account frim 2012. Very minimal number of time I've visit bank for any support. Net banking service is really good and debit card most of the time I use it shopping or petrol bunk. Totally service is goods.
    Was this review helpful? 30
    , bangalore
    Reviewed on Nov 09, 2017
  • Kotak Debit Card
    "Good service"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    Within 4days of time I got the car loan from Kotak Mahindra bank. The customer support is good with Kotak mahindra bank. The rate of interest which they have offered was low, when compared with other banks. The required loan amount has been disbursed and I am happy with it.
    Was this review helpful? 33
    , hyderabad
    Reviewed on Oct 16, 2017
  • ICICI Bank Debit Card
    "Great banking service and good previlage"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have recently upgraded my debit card to CORAL and not sure about the type of card. I am happy with withdrawal limit. The customer service and response was quick. ATM service is more enough, even after 4 transaction there is no extra charges. The mobile application is good and they don't charge extra for IMPS transfer. Specialty of the card is One Plus One Ticket on movie.
    Was this review helpful? 18
    , bangalore
    Reviewed on Oct 14, 2017
  • ICICI Bank Debit Card
    "According to your use"
    ICICI BANK
    0.5 4.0/5 "Great!"
    My friend use icici coral debit card it charges 499 +gst every year it gives good offer like buy one get one free on movies per month and payback points and refund on petrol pump if used debit card for payment but i want to say after all this if you are doing this things then only use this card becuse 577 per year is too much if you are not using this benefits
    Was this review helpful? 19
    , pune
    Reviewed on Oct 04, 2017
  • RBL Bank Debit Card
    "Ratnakar Bank Debit card "
    RATNAKAR BANK
    0.5 5.0/5 "Blown Away!"
    Ratnakar Bank debit card facility is too good. Very useful options for using debit cards at different pos and online payment system. Bank customers care facilities are also prompt in service with customer. RBL is rising bank in all villages.
    Was this review helpful? 89
    , pune
    Reviewed on Aug 21, 2017
  • ICICI Bank Debit Card
    "Excellent Service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I am using ICICI debit salary account for the past 3 years and the service from ICICI and executives of ICICI was very helpful and service was really nice and the transactions were very fast also I am getting my OTP pin very fast compare to others and they providing me a very excellent service.
    Was this review helpful? 19
    , bangalore
    Reviewed on Aug 21, 2017
  • Kotak Debit Card
    "Kotak Mahindra Bank Fraud Services"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Kotak Mahindra Bank has **fraud banking services**. Rs. 800+ charge for other ATM Withdraws. 10000+ Charge for not maintaining minimum balance. 1000+ for delayed credit card payments. One Purchase = Service Tax+Conversion Charge+Interest Charge+Actual MRPâ?¦. **Close all your accounts** of Kotak Mahindra Bankâ?¦
    Was this review helpful? 77
    , bangalore
    Reviewed on Apr 06, 2017
  • Kotak Debit Card
    "GOOD BANK BEST SERVICES GOOD JOB NICEBANK GOODRELATIONSHIP "
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    SUPPORTING WITH A MINIMUM WORKING TIME BANK QUICK DESISION WONDERFUL JOB GOOD PROVIDED BY OTHER BANKS LIKE ICICI, HDFC , IDBI , AXIS AND MORE NATIONALIZED BANKS FUTURE GOOD BANK MANAGMENT GOOD ALSO SUPPORT AND THANKS TO ALL THEY ARE HELPING PEOPLE THANK YOU AGAIN..
    Was this review helpful? 44
    , vadodara
    Reviewed on Mar 26, 2017
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