Post Office Savings Account (SB)
(a) Who can open :-
(i) a single adult
(ii) three adults only (Joint A or Joint B)
(iii) a guardian on behalf of minor
(iv) a guardian on behalf of person of unsound mind
(v) a minor above 10 years in his own name
- Only one account can be opened by an individual as a single account
- Only one account can be opened in the name of minor/above 10 years of age (self)/person of unsound mind
- In case of death of a Joint holder, the surviving holder will be the sole holder, if surviving holder already has single account in his/her name, Joint account have to be closed
- Conversion of single to joint account or vice versa is not allowed
- Nomination is mandatory at the time of opening of account
- Minor after attaining majority has to submit fresh account opening form and KYC documents of his/her name at concerned Post Office for conversion of the in his/her name
(b) Deposit and Withdrawal: - All deposits/ withdrawals shall be in whole rupees only.
(i) Minimum deposit amount: - Rs. 500 (subsequent deposit not less than 10 rupees)
(ii) Minimum withdrawal amount: - Rs. 50
(ii) Maximum deposit: - No maximum limit
(iii) No withdrawal will be permitted which effect reducing of minimum balance Rs.500/-
(iv) In case account balance not raised to Rs. 500 at the end of financial year Rs. 50 will be deducted as Account Maintenance Fee and if account balance became Nil the account shall stands automatically closed
(c) Interest:-
(i) 4% per annum w.e.f. 01.12.2011
(ii) Interest will be calculated on the basis of minimum balance between 10th of the month and end of the month and allowed in whole rupees only
(iii) No interest will be allowed in a month if balance between 10th and last day of the month falls below Rs. 500
(iv) Interest shall be credited in account at the end of each Financial Year at the interest rate prescribed by Ministry of Finance
(v) At the time of closure of account, interest will be paid up to the preceding month in which account is closed
(vi) u/s 80TTA of the Income Tax Act, from all Savings Bank Accounts, interest up to Rs.10,000/- earned in a Financial Year is exempted from taxable Income
(d) Silent Account: -
(i) If no deposit/withdrawal takes place in an account during continuous three financial years, the account shall be treated as silent/dormant
(ii) Revival of such account can be done by submitting application along with fresh KYC documents and passbook at concerned Post Office
(e) Additional Facilities available on PO Savings Account :-
- To avail below facilities on your PO Savings Account, kindly download and submit respective form at concerned Post Office
(i) Cheque book, ATM Card
(ii) ebanking/mobile banking
(iii) Aadhaar Seeding
(iv) Atal Pension Yojana (APY)
(v) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
(vi) Pradhan Mantri Jeevan Jeevan Jyoti Bima Yojana (PMJJBY)
(vii) NEFT/ RTGS Facility
- To enable IndiaPost (POSB) NetBanking and Mobile Banking, Contact your post office where your POSB account stands
- Update your CIF ID with aadhaar number, PAN number, mobile number & email ID Give request for enabling IndiaPost (POSB) NetBanking & Mobile Banking
- For Mobile Banking, install "IndiaPost Mobile Banking App" from Google Play Store For NetBanking, visit website https://ebanking.indiapost.gov.in
IndiaPost NetBanking
Visit https://ebanking.indiapost.gov.in New User Activation
- Customer ID [CIF ID]
- Account ID [Account Number]
➤ Continue
OTP Continue
Set Two Passwords
1) NetBanking Password (For Login) 2) Transaction Password (For Transactions) ➤ Continue
Steps for RD/TD Closure through IndiaPost NetBankingLogin
> Net Banking
General Services
Service Requests New Request Ok
Select request type as RD/TD closure ➤ Ok
➤ Type of Deposit [RD/TD]
Go
Deposit Account Select [RD/TD Account] Credit Account Select [SB Account]
Submit Online
Enter transaction password
➤ Ok
IndiaPost Mobile Banking
Google Play Store
Download IndiaPost Mobile Banking App
➤ Open
In the login screen, activate Mobile Banking
User Name [CIF ID]
> DOB [Date of Birth]
Mobile Number [Mobile Number] CIF ID [CIF ID]
➤ Activate
- India Post Offers secure and convenient Internet Banking to Post Office Saving Account Holders
- Services offered through IndiaPost NetBanking/ Mobile Banking SB/RD/SSA/PPF Deposit RD Loan Repayment
- SB to other bank transfer (IFSC Code: IPOS0000DOP) RD/TD/NSC/KVP A/c Opening RD/TD/NSC/KVP Closure/ Premature closure (only through NetBanking)
- Pay PLI/RPLI Premium
For complaints or queries,
contact 1800-425-2440 or write to dopebanking@indiapost.gov.inManu V R 9496114743
Monthly Income Scheme (MIS)
(a)Who can open:-
(i) a single adult
(ii) Joint Account (up to 3 adults) (Joint A or Joint B))
(iii) a guardian on behalf of minor/ person of unsound mind
(iv) a minor above 10 years in his own name.
(b)Deposit:-
(i) Account can be opened with minimum of Rs. 1000 and in multiple of Rs. 1000.
(ii) A maximum of Rs. 9 lakh can be deposited in a single account and 15 lakh in Joint account.
(iii) In a joint account, all the joint holders shall have equal share in investment.
(iv) Deposits/shares in all MIS accounts opened by an individual shall not exceed Rs. 9 lakh.
(iv) Limit for account opened on behalf of a minor as guardian shall be separate.
(v) For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
(c)Interest:-
(i) From 01.01.2024, interest rate is 7.4 % per annum payable monthly.
(ii) Interest shall be payable on completion of a month from the date of opening and so on till maturity.
(iii) If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.
(iv) In case any excess deposit made by the depositor, the excess deposit will be refunded back and only PO Savings Account interest will be applicable from the
date of opening of account to the date of refund.
(v) Interest can be drawn through auto credit into savings account standing at same post office, or ECS. In case of MIS account at CBS Post offices, monthly
interest can be credited into savings account standing at any CBS Post Offices.
(vi) Interest is taxable in the hand of depositor.
(d)Pre-mature closure of account:-
(i) No deposit shall be withdrawn before the expiry of 1 year from the date of deposit.
(ii) If account is closed after 1 year and before 3 year from the date of account opening, a deduction equal to 2% from the principal will be deducted and
remaining amount will be paid.
(iii) If account closed after 3 year and before 5 year from the date of account opening, a deduction equal to 1% from the principal will be deducted and
remaining amount will be paid.
(iv) Account can be prematurely closed by submitting prescribed application form with pass book at concerned Post Office.
(e)Maturity:-
(i) Account may be closed on expiry of 5 years from the date of opening by submitting prescribed application form with pass book at concerned Post Office.
(ii) In case the account holder dies before the maturity, the account may be closed and amount will be refunded to nominee/legal heirs. Interest will be paid up to the preceding month, in which refund is made.
Sukanya Samriddhi Account (SSA)
(a) Who can open account:-
(i) By the guardian in the name of girl child below the age of 10 years.
(ii) Only one account can be opened in India either in Post Office or in any bank in the name of a girl child.
(iii) This account can be opened for maximum of two girls in a family. Provided in case of twins/triplets girls birth more than two accounts can be opened.
(b) Deposits:-
(i) Account can be opened with minimum initial deposit Rs. 250.
(ii) Minimum deposit in a FY is Rs. 250 and maximum deposit can be made up to Rs. 1.50 lakh (in multiple of Rs.50) in a FY in lumpsum or in multiple instalments. No limit on number of deposits
either in a month or in a Financial year.
(iii) Deposit can be made maximum up to completion of 15 years from the date of opening.
(iv) If minimum deposit Rs. 250 is not deposited in a account in a FY, the account shall be treated at defaulted account.
(v) Defaulted account can be revived before completion of 15 years from the date of opening of account by paying minimum Rs. 250 + Rs. 50 default for each defaulted year.
(vi) Deposits qualify for deduction under section 80C of Income Tax Act.
(c) Interest:-
(i) The account will earn the prescribed rate notified by Ministry of Finance on quarterly basis. Rate of interest 8.2% Per Annum (with effect from 01.01.2024), calculated on yearly basis, Yearly compounded.
(ii) The interest shall be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month.
(iii) Interest shall be credited to the account at the end of each Financial year.
(iii) Interest shall be credited to the account at the end of each FY where account stands at the end of FY. (i.e. in case of transfer of account from Bank to PO or vice versa)
(iv) Interest earned is tax free under Income Tax Act.
(d) Operation of Account:-
(i) Account will be operated by the guardian till the girl child attains the age of majority (i.e. 18 years).
(e) Withdrawal:-
(i) Withdrawal may be taken from account after girl child attains age of 18 or passed 10th standard.
(ii) withdrawal may be taken up to 50% of balance available at the end of preceding F.Y.
(iii) withdrawal may be made in one lump sum or in installments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified and subject to actual requirement of fee/other charges.
(f) Premature closure:-
(i) Account may be prematurely closed after 5 years of account opening on the following conditions:
• -> On the death of account holder. (from date of death to date of payment PO Savings Account interest rate will be applicable).
• -> On extreme compassionate grounds
(i) Life threatening decease of a/c holder.
(ii) Death of the guardian by whom account operated.
(iii) Complete documentation and application required for such closure.
(vi) For premature closure of account submit prescribed application form along with pass book at concerned Post Office.
(g) Closure on maturity:-
(i) After 21 years from the date of account opening.
(ii) Or at the time of marriage of girl child after attaining age of 18years.(1 month before or 3 month after date of marriage).
https://www.indiapost.gov.in/Financial/Pages/Content/Post-Office-Saving-Schemes.aspx
READ HERE
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