Open Post Office Savings Account For Money Growth

Department Of Posts Ministry Of Communications Of India provides an IPPB digital savings account. Using the savings account you can save from your earnings and get an interest rate of 4% on your deposited amount. The post office savings account helps in saving your monthly funds so that you can build a habit of savings and can use it whenever you need it. To know the benefits of Post Office account and its features read the given article.

What makes the Post Office Savings Account a beneficial deal?

Many savings accounts offer you a higher interest rate on your savings but the Post Office account is distinct from the rest of the bank savings account. Because in the post office savings account you can maintain your account with a minimum balance of INR 50. The account maintenance is also easier with Intra operable net banking and mobile banking. You can open the savings account also on the name of a minor aged 10 years. When the minor account holder reaches the age of 18 years then he/she needs to apply for a conversion of the account into their name. The savings can become better with a 4% interest rate per annum on your deposited amount.

How to Open a Post Office Savings Account?

You can visit your nearest post office and can apply for a savings account by filling an application form and submitting a few necessary documents. And, if you don’t want to visit the Post office branch then you can easily download the post office savings account application by visiting its official website. Fill-up the application form and submit it to the Post office branch along with your KYC documents and passport size photographs. Documents that are required for the post office account opening are Aadhar Card, PAN card, electricity bill, telephone bill, etc.

What is the required amount to open a savings account from Indian Post Office?

To open a post office savings account you are required to submit a minimum INR 500. You can maintain a maximum balance on your savings account and get the benefit of tax saving every financial year. The user will get tax free-up up to INR 10,000 on their post office saving account. Whether you can open the savings account individually or jointly for maximum savings and can convert it anytime whenever you need to. Also, with the transfer account facility, you can transfer your savings account from one post office branch to the other.

So, grow your money with savings account and make more out of it and save for your child’s future education, medical emergencies, travel plans, etc. You can make withdrawals and deposits using the electronic modes in CBS post offices. And for better convenience use the ATM facility and pay easily. Also, you can convert your post office savings account into a digital savings account within 12 months of the successful KYC process. Now, save a maximum amount up to INR 2 lakh in your savings account and build your money power.