INSUBCONTINENT EXCLUSIVE:
A savings account can also be opened jointly by two or three adults.India Post, under the Department of Posts, offers a variety of banking
services, besides delivering mails
annum on deposit in its savings account in the current quarter, according to India Post's official website - indiapost.gov.in, which has a
network of more than 1.5 lakh post offices
Payments Bank)How to open post office regular savings accountA post office savings account can be opened by cash only
required, according to the India Post.A savings account can also be opened jointly by two or three adults
However, only one savings account can be opened in one post office at a time
A post office savings account can also be opened in the name of a minor, whereas a minor of 10 years and above in age can both open and
After attaining majority, the minor has to apply for conversion of the account to his or her name.Minimum contributionThe minimum balance
that is required to be maintained in an account without the cheque facility is Rs
50, according to India Post.Tax benefitsThe interest earned on deposit is tax-free up to Rs 10,000 per year in case of a regular savings
account, according to India Post.Other featuresA nomination facility is available at the time of opening and also after opening of account
A savings account can be transferred from one post office to another
A single account can be converted into a joint account, and vice versa.At least one transaction of deposit or withdrawal in three financial
years is necessary to keep the account active
Deposits and withdrawals can be done through any electronic mode in core banking post offices
An ATM facility is also available, according to India Post.Get Breaking news, live coverage, and Latest News from India and around the world
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