How to Open Post Office Savings Account
If you are considering an investment in the Post Office Scheme, so before investing in any Post Office Small Saving Scheme it is always better to know a Post Office Saving Bank Account A to Z operation Guide.
Here before we know how to open a Post Office Saving Account, it is mandatory to know that a Post Office Saving Account can only be opened through offline mode and no provision to open a Post Office Saving Account Online.
After opening a POSB account you can make further investments in other Post Office Scheme in online mode through this POSB Account. Hence it is mandatory to have a Post Office Saving bank account to invest online in Post Office Saving Schemes and
Post Office Saving Bank Account A to Z Operation Guide
Here’s how you can open a post office savings account in simple steps:
Step 1: Go to a nearby post office or the official India Post website and get the application form.
Step 2: Fill in the form with the right information.
Step 3: Give the important papers along with a small photo of yourself.
Step 4: Pay a minimum deposit of Rs. 500
Step 5: If you don’t want a checkbook, then pay at least Rs. 500 as a deposit.
Who is Eligible/Eligibility to open Post Office Savings Account: –
(i) A single Indian Adult
(ii) Two Indian adults only (Joint A or Joint B)
(iii) A Guardian on behalf of minor children
(iv) A Guardian on behalf of a person of unsound mind can also open a POSB Account.
(iv) A minor child attaining age above 10 years in his own name
A Person can open only one single account in the Post office.
Only one account can be opened for a minor someone above 10 years old, or a person with mental health issues.
In case one of the joint account holders passes away, the surviving holder becomes the only account owner. If the surviving holder already has a single account, the joint account must be closed.
Changing a single account to a joint one, or the other way around, isn’t allowed.
When opening an account, you must nominate someone. This is mandatory.
Once a minor becomes an adult, they need to fill out a new account form and provide their own KYC documents at the Post Office to change the account into their own name.
Documents Required for Post Office Savings Account
1. Fill out and sign the POSB Account Opening Form and submit it at your chosen Post Office.
2. You’ll also need to submit the following documents:
– Account Opening Form
– KYC Form with photographs (For new customers or if there are changes in KYC details)
– PAN Card
– Aadhaar card. If you don’t have Aadhaar, you can submit other documents like:
– Passport
– Driving license
– Voter’s ID card
– Job card under MNREGA signed by a State Government officer
– Letter from the National Population Register with your name and address details
– If it’s a minor account, provide proof of date of birth/birth certificate. (For the Sukanya Samriddhi Account, a birth certificate is a must.)
– For a Joint Account, submit KYC documents for all account holders.
– For a minor account, submit the guardian’s KYC details.
3. Changing a Joint account to a single one, or vice versa, isn’t allowed.
4. When a minor attains majority i.e 18 yrs, they need to submit a new account opening form and KYC documents at the Post Office to switch the account into their name.
5. If you’re investing over Rs. 10 lakh as per the Prevention of Money Laundering Act-2002, provide proof of where the funds came from.
6. For Senior Citizens VRS accounts, you need to show proof of receiving retirement benefits.
7. NRIs, trusts, firms, institutions, posts, and companies can’t open accounts in any National (Small) Savings Scheme.
8. Right now, you can open PPF, SCSS, MIS, KVP, and NSC accounts in branch Post Offices only by using a cheque.
India Post bank account opening online:-
At present there is no provision to open an India Post Bank Account opening through online mode, to open an India Post Bank account you have to visit to your nearest post office with the necessary documents.
After opening an India Post bank account you can activate net banking and can invest online in all other Post office schemes like opening of new account, deposit, closing, or fund transfer from another bank ot India Post bank account or vice versa.
Is a net banking facility available after opening Post Office Saving Bank Account?
Yes, You can use e-banking or mobile banking for your PO Savings Account. Here’s how it works:
1. Fill out the required form for a facility of e-banking and sign it at the Post Office to apply for ebanking/mobile banking.
2. Once the Post Office enables these services, you’ll receive an activation code within 48 hours of opening your account. Use this code to start the “New User Activation” process at https://www.ebanking.indiapost.gov.in.
3. With e-banking, you can do the following:
– Open a Recurring Deposit or Time Deposit account.
– Deposit money into RD, PPF, SSA, or SB accounts in CBS Post Offices.
– Request an RD loan or withdraw from PPF.
– Repay RD or PPF loans.
– See and print transaction details for all your linked Small Savings Scheme accounts.
– Request to stop a cheque.
– Mini statement of your account activities
How to activate Post office internet banking?
Wondering how to start using Indian Post internet banking if you’re new? Here’s what you need to do:
1. Go to the official Indian Post eBanking website.
2. Click on the ‘New User Activation’ option.
3. Put in your Customer ID and Account ID.
4. Once you’re done with the activation process, you’ll get your User ID within 48 hours.
How to Check Account Balance of Post Office Savings Account?
Post Office Saving Bank Customers can check their Account balance through the ePassbook service.
The Department of Posts (DOP) offers various types of savings schemes through the Post Office Savings Bank (POSB) for citizens to save and invest their money. These accounts come with physical passbooks where transaction details are recorded.
To make things even more convenient for account holders, the DoP has introduced the ePassbook feature for POSB scheme account holders. The passbook offers the following services through an online webpage:
1. Balance Inquiry
2. Mini Statement
3. Full Statement
Here’s how it works:
1. After verifying with an OTP, you can access the ePassbook option on the webpage.
2. Choose the specific scheme and provide the relevant account details.
3. Another OTP validation will be carried out, followed by selecting the service you need – Balance Inquiry or Mini Statement.
4. Depending on your selection, you’ll either see your account balance or a summary of recent transactions.
5. If required, you can also download the mini-statement.
Click here to access your ePassbook.
* The Mini Statement service is currently available for SB, PPF, and SSA schemes.
** The Full Statement service will be gradually introduced for POSB schemes.
Nomination Facility in Post Office Saving Bank Account:
When you’re opening an account, you must make a nomination. You can maximum of 4 people for nomination in your POSB account.
If you change a later nomination in your POSB account at any time by paying a nomination change fee of Rs. 50 + GST.
Post Office Savings Accounts Interest Rate::
Govt. of India announces POSB interest rate from time to time. Normally interest rate is fixed once and remains the same for the year. Interest is paid annually calculated on the monthly balance. The Current rate of interest in Post office Saving banks is 4 %
Some salient features of Post Office Savings Account:
Here are the main things about a Post Office savings account:
1. You can close the account Post office saving bank account at any time with no lock-in period.
2. Children above 10 years old can operate their accounts.
3. To keep the account active, one transaction i.e. deposit or withdrawal within 3 years is mandatory.
4. Only cash can be used to open the account.
5. You must nominate someone while opening the account. A maximum of 4 people can be nominated.
6. The interest you earn is tax-free up to Rs. 10,000 each year.
7. You can get tax relief on the interest under section 80L of the Income Tax Act.
8. You can transfer your account to any post office in India.
9. You can deposit and take out money using electronic methods in CBS Post offices.
11. You can also do transactions through ATMs.
Main Benefits of Post Office Savings Account:
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Customers who want to open POSB accounts get the benefits of cheques and ATMs. Some major benefits of Post Office Savings Accounts are mentioned below:
Cheque Facility: You can use cheques with these accounts. You can even ask for a cheque facility if you already have an account.
ATM/Debit Card: If you maintain the required minimum balance of Rs. 500/ when they give you the debit card, CBS Post Offices can provide you with an ATM/debit card.
Accounts for Minors: Children can have a Post Office Savings Account too. For kids below 10 years old, their POST A/C nay opened by a parent or guardian of children, who will operate the account for them. Kids of 10 years and older can manage their own accounts.
Transfer facility of Your Account: If you move or aren’t satisfied with your post office’s service, you can shift your account to another branch you like. Only one account can be in one post office.
Nomination: When you open the account, you can choose someone to receive your account’s money if something happens to you.
Joint Accounts: Two adults can share an account together. However, You can’t switch between having a single account and a joint one.
Using Electronics: You can put in or take out money electronically in CBS Post offices.
Inactive Accounts: To keep the account going, you just need to do one deposit or withdrawal every three years. If there’s no activity for three years, the account is considered inactive.
Conclusion:-
So in the above, we find out the whole process of how to open a Post Office Saving Bank Account, what documents are required for the Post Office Saving Bank Account Opening, Post Office Internet Banking, Post office internet banking activation process, and the nomination facility in the Post Office Saving Bank Account. For more details, you may also visit the India Post website.
Also, Check:
FAQ: Post Office Savings Account
FAQ: Post Office Savings Account
1. What happens to the account if the depositor passes away?
Claiming in the Event of Death
In the unfortunate event of the depositor’s demise, the payment process is based on the following circumstances:
(ii) Nomination:
If there is a nominee, the nominee(s) need to submit these documents at the concerned Post Office:
– Claim Form
– Death certificate of the POSB account holder(s)
– Post office Passbook/certificate
– ID proof and address documents of the nominee of the account holder
– ID proof and address proof of two witnesses
(iii) Legal Evidence like Probate of Will, Letter of Administration, Succession Certificate:
If there’s legal evidence, such as a will or legal documents, the following items should be submitted:
– Claim Form
– Original/certified copy of the legal evidence
– Death certificate of the Post office account holder(s)
– Post office Passbook/certificate
– ID Proof and address proof of the claimant(s)
– ID Proof and address proof of two witnesses
(iv) Without Nomination or Legal Evidence up to Rs. 5 lakh:
If there’s no nomination or legal evidence and the amount is up to Rs. 5 lakh, these documents are needed:
– Claim Form
– Death certificate of the Post office account holder(s)
– Post Office Passbook/certificate
– Affidavit in Form-13
– Letter of disclaimer in Form-14
– Letter of indemnity in Form-15
– ID proof and address proof of the claimant(s)
– Self-attested copy of ID proof and address proof of two witnesses
Necessary documents may be submitted according to the applicable situation.
2. How many accounts can I open at one post office?
You can open only one individual account and any joint accounts with different persons in any post office in India.
3 How can I get a cheque system facility for my savings account?
You need to fill out Form SB/CQE-4 to apply for the Cheque System. For a new Cheque Book, use Form SB/CQE-4A.
4. Can I request a duplicate passbook?
You can get a duplicate passbook from sub-post offices. Just submit an application or manuscript along with the prescribed fee, with GST.
5. What are the rules for issuing a Cheque Book?
To get a Cheque Book when opening an account, an initial deposit of Rs. 500 is required. For subsequent requests, maintain a minimum balance of Rs. 500 and ask the post office for a Cheque Book.
6. Can I transfer my account from one post office to another?
Yes, you can move your account from one post office to another.
7. Can I change my individual account to a joint one or vice versa?
NO, Now you can’t convert your individual account into a joint account or the other way around.
8. Do post office savings accounts come with debit or ATM cards?
Some core banking post offices offer debit or ATM card options to customers.
9. How many transactions are needed to keep my account active or avoid dormant?
To keep your account active, make at least one deposit or withdrawal in a span of 3 financial years.
10. What’s the interest rate for Joint Post Office Savings Accounts?
The interest rate for both joint and individual post office savings accounts is 4% p.a.
11. Where can I get a new duplicate passbook?
You can obtain a new duplicate passbook from the Post Office where your Account stands.
12. Can I revive a silent Post Office Savings Account?
Yes, you can revive a silent account by submitting a fresh application along with a filled-in KYC form.
13. What’s the minimum balance for a POS account?
The minimum balance for a Post Office Savings Account is Rs. 500, and not maintaining it will lead to a penalty of Rs. 50 as an Account Maintenance Fee deducted automatically every year.
14. What’s the maximum withdrawal?
No maximum cash withdrawal limit in the Post Office savings account, except in the Branch Post Office.
15. Can I get a debit card or ATM option for my POS account?
No, Post Offices don’t provide debit card, however, ATM card services for savings accounts are available.
16. Can I open a joint A or Joint B account in the Post office?
Yes, Joint A or Joint B accounts can be opened in the Post office.
17. Can I transfer funds through ebanking from my Post office saving bank account to another bank account.
Yes.
18. Can I invest online in Post office schemes through post office savings bank (POSB) net banking?
Yes, you can invest in other post office schemes online through a POSB account.
19. Can I credit the maturity value of my post office saving schemes amount in my POSB account?
Yes.
20. Is a mobile number and PAN mandatory for opening of Post Office Saving Bank Account?
Yes, a Mobile number and PAN number are mandatory for POSB account opening.
Nice information