How to Open an Account at a Post Office
To open a Post Office account, you must visit your nearest Post Office branch. You must then obtain a savings account form from the Post Office counter, fill in the correct information, and submit it along with the required documents, such as your Aadhaar card, PAN card, and ration card. Even if you are a student, you can open a Post Office account by submitting your college or school ID.
Required Eligibility for Opening a Post Office Account
Any adult can easily open an account at a Post Office.
Minors under 10 years of age can also easily open an account at a Post Office.
The government also allows individuals with a mental illness to open an account at a Post Office.
Two or three individuals can open an account at a Post Office, holding equal shares.
You cannot open institutional accounts, group accounts, official capacity accounts, or security accounts at a Post Office.
Documents Required to Open a Post Office Account
- Aadhaar Card
- Photo Joint Ration Card
- Passport may also be used
- Identity Card
- BPL Card, MNREGA Job Card
- Also, if desired, you may use a certificate from a recognized college, school, or university education board.
- Mobile Number
- Passport Size Photo
- Post Office Savings Account Interest Rate
- A Post Office Savings Account is similar to a bank account, but the interest rate is capped at 4%.
- The account holder must maintain a minimum balance of ₹50 in the Post Office Savings Account.
- If the account holder does not claim the interest rate each month, they will not earn any additional interest.
- If the account holder deposits any additional amount, the deposit will be refunded. The interest rate will be applicable only from the date of opening the Post Office Savings Account till the date of withdrawal.
- Interest from the Post Office Savings Account can be withdrawn by auto credit from the account available in the post office, or ECS.
- If the MIS is in a CBS Post Office, the monthly interest rate amount can be credited to the savings account opened in any CBS Post Office.
- The interest earned by the account holder on the deposited amount will be fully taxable.
Key Features of a Post Office Account
Anyone opening a savings account must initially pay a cash deposit.
If you wish to open an account without a cheque, you can maintain a minimum maintenance balance of ₹50.
Account holders who have opened an account without a cheque and wish to avail cheque facility can simply deposit a minimum fee of ₹500 into their account and avail cheque facility along with the amount.
All interest earned up to ₹10,000 at the Post Office is tax-free.
If you wish, you can transfer your savings account to a savings account at another Post Office.
The account holder will be able to easily convert their savings account into a joint account at any time.
Post Office account holders can easily withdraw cash or make electronic deposits through CBS Post Offices.
Savings account holders are also provided with ATM facilities.
Post Office Account Opening Process
Follow the steps below to open a Post Office Savings Account:
First, you need to visit the nearest post office.
After going to the post office, you need to obtain a Post Office Savings Account Opening Form.
In this form, you need to fill in all the required information correctly, such as name, father's name, address, Aadhaar card number, mobile number, and email ID.
After filling in all the information correctly, you need to attach copies of the relevant documents to the form.
After attaching the documents, you need to go to the post office and submit this form to the concerned official.
After this, you can open your account by depositing the amount prescribed by the post office and enjoy the benefits of your savings account.
The Government of India provides a special form to the senior citizens of the country for opening an account, by filling which properly you can open your account.