INSUBCONTINENT EXCLUSIVE:
The minimum amount for opening of a savings account with Post office is Rs 20.The Department of Posts or India Post provides a variety of
services besides delivering mails
It offers the option of opening a regular savings account across its network of over 1.55 lakh post offices
Post office savings account interest rate is 4 per cent per annum, as mentioned on India Post's official website- indiapost.gov.in
Interest earned is tax free up to Rs 10,000 per year from financial year 2012-13
Post office savings accounts can be opened by cash only
Cheque facility is available if an account is opened with Rs 500 and for this purpose minimum balance of Rs 500 in an account is to be
maintained, noted India Post.2
The minimum balance to be maintained in a non-cheque facility account is Rs 50.3
Nomination facility is available at the time of opening and also after opening of account.4
Post office savings account can be transferred from one post office to another.5
Only one savings account can be opened in one post office.6
Post office savings account can also be opened in the name of minor and a minor of 10 years and above age can open and operate the account
Minor after attaining majority has to apply for conversion of the account in his name.7
Joint account can be opened by two or three adults, according to India Post.8
At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active.9
Single account can be converted into joint and vice versa.10
Deposits and withdrawals can be done through any electronic mode in core banking Post offices
ATM facility is also available.For the latest News Live Updates on Election Results from each assembly constituency in Madhya Pradesh,
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