How to Open a Post Office Savings Account? Know the Eligibility here

How to Open a Post Office Savings Account? 

Steps to Open the Account:

Get the Forms:

• Download the Post Office Savings Account Application Form and KYC Form.

Fill Out the Forms:

• Complete both forms with your details.

Gather Documents:

• Collect necessary documents like PAN Card and Aadhaar Card.

Submit the Forms and Documents:

• Visit a local Post Office.
• Submit the completed forms and documents along with Rs. 500.

Wait for Account Opening:

• Your account will be opened within 2 business days after submission.

Post Office Savings Account 

A Post Office Savings Account is a simple and safe way to save money. It is great for people who want to start saving with a low risk. The interest rate on these accounts is 4% per year, which is calculated monthly and paid into the account at the end of the year.

To open this account, you need to deposit a minimum of Rs. 500. There is no maximum limit on how much you can deposit. You can open this account individually or jointly, and even a minor aged 10 or above can have one. There is a mandatory requirement for nomination.

The account requires maintaining a minimum balance of Rs. 500. If you don't maintain this balance, a fee of Rs. 50 will be deducted. The interest earned up to Rs. 10,000 per year is tax-free. You need Aadhaar and PAN to open or update your account. This account is easy to manage, accessible nationwide, and provides a debit card for convenience.

Eligibility to open a Post Office Account 

• Age: 

Must be 10 years or older.

• Residency: 

Must be an Indian resident.

• Minors: 

It can be opened by a guardian for minors.

• Account Limit: 

One single and one joint account per post office.

• Aadhaar and PAN: 

Required for account opening.

Documents Needed 

To open a Post Office Savings Account, you need:

• Application Form: Completed account opening form.
• KYC Form: Filled Know Your Customer form.
• PAN Card: Proof of identification.
• Aadhaar Card: Or other ID like passport, driving license, or voter’s card.