INSUBCONTINENT EXCLUSIVE:
Only one savings account can be opened in one post office.India Post, under the Department of Posts, offers a variety of banking and
remittance services, besides delivering mails
Among the nine savings schemes that India Post provides, regular savings account offers an interest rate of 4 per cent per annum, according
to India Post's official website - indiapost.gov.in
The interest earned on deposit is tax-free up to Rs 10,000 per year
Only one savings account can be opened in one post office
However, account can be transferred from one post office to another, according to India Post, which has a network of more than 1.5 lakh post
A post office savings account can be opened by cash only
with Rs 500 and for this purpose, maintenance of Rs 500 as minimum balance is required.3
A post office savings account can also be opened in the name of a minor, meanwhile a minor of 10 years and above can also open and operate
jointly by two or three adults, according to India Post.6
At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active7
A single post office savings account can be converted into a joint account, and vice versa.8
Nomination facility is available at the time of opening and also after opening of post office savings account.9
available, according to India Post
Here are the various charges of Post office's ATM cards as stated on India Post's website - indiapost.gov.in:India Post (post office) ATM
transaction limits/chargesDaily ATM cash withdrawal limitRs 25,000Cash withdrawal limit per transactionRs 10,000Charges for transactions
done at DOP ATMsFree (Both Financial Non Financial) with a limit of 5 Financial transactions per dayPermissible free transactions at other
Bank ATMs (per month)Metro Cities - 3 free transactions (Both Financial Non Financial)Non Metro Cities - 5 free transactions (Both
Financial Non Financial)Charges after exceeding permissible free transaction limit at other Bank ATMsFinancial Non Financial Transactions
senior citizen savings scheme (SCSS) account, recurring deposit account, among others.
