Post office saving account

1-What is a post office saving account?

A post office saving account(SB) is a type of account that you can open in the post office to deposit and withdraw your money and receive a fixed interest rate on the balance in the account. The post office savings account deposit scheme is run by the government of India. A post office savings account is considered a safe and secure investment.

2-How to open a post office savings account

The opening of a post office saving account is very simple.To open a post office savings account, you need to get and fill out the form provided by the post office. Along with the form, you need to submit all the required documents and photographs. Once your form is accepted, you can deposit the minimum amount, and your account will be opened.

1-Visit the post office and collect an account opening form.

2-fill in the form.

3-Attached required KYC documents,

4-Paste your photographs (in case a joint account needs all holders' photos).

5-Submit the filled form and deposit slip at the saving bank counter.

6-Once you submit your filled account opening, the counter clerk gives you

receipt form.

7-you will receive your passbook or cheque book on the same day or within 1-2 days.

Note-If you have an existing account in any CBS post office, then there is no need to submit KYC again as your identity is already created in the post office CIF.

3-What document is required to open a savings account?

The documents listed below are required to open a savings account at the post office.

1-ID proof: voter ID, Aadhar Card, Driving Licence, Pan Card, etc.(any one)

2-Address Proof-Voter ID, Aadhar card, Driving License, Ration Card etc.(any one)

3-2 passport-size photographs (or 2 each in the case of a joint account)

 

• Please keep in mind that a Pan card is required to open a post office account.

 

4-Who can open a savings account?

1-Any adults

2-Two adults (Joint A or Joint B).

3-A guardian on behalf of the minor

4-A minor above 10 years old in his own name.

5-What is the minimum balance needed to maintain in a post office savings account?

Ans: Rs. 500/-for account opening and the account holder should always maintain a Rs. 500/-balance in the account.

6-What is the minimum and maximum deposit and withdrawal limit?

The minimum initial deposit is Rs.500/-and afterwards not less than Rs.10/-

The maximum withdrawal amount is unlimited, and the minimum withdrawal amount is Rs. 50/-.

7-How many accounts can be opened by an individual.

Only one account can be opened by an individual.

8-How much is the post office saving account interest rate in 2022?

4.0% per annum on individual/joint account.

9-Can we operate a post office saving account online?

Yes, post office saving accounts can be accessed online, but account holders must be registered for net banking. By accessing the account online, account holders can perform various transactions such as investing in recurring deposit (RD) and time deposit (TD) schemes, transferring funds to themselves or third-party payees, depositing into PPF and Sukanya Samriddhi accounts, and closing RD accounts or prematurely closing time deposit (TD) accounts.

10- Do we get an ATM and a cheque book for a post office savings account?

Yes, we can opt for ATM and cheque book facilities.

11-Can we transfer the post office saving account to another post office?

Yes, post office saving accounts can be transferred from one post office to another in all parts of India. To transfer an account, you need to follow the below steps.

Step 1--You have to fill out an account transfer form(SB-10). You can download the form, or sometimes the post office asks for an application on plain paper, so you can confirm it from the post office staff.

Step 2-Take a xerox copy of all the documents.

Step 3-submit passbook, application form, or letter to the counter clerk. The counter clerk will give you an acknowledgement slip.

Once you submit your document, your details are forwarded to the concerned department (SBCO), and after that, the account is transferred to the transferee post office. You can present your application acknowledgement slip at the new post office. The new post office will now issue a new passbook.

It takes approximately 20–30 days to transfer accounts.

12-Can we open a post office savings account online?

We can not open a savings account online. We need to visit the post office to open an account.

13-How to close a post office savings account?

To close a saving account, you need to write an application letter for closure duly signed by all the holders and also submit an SB-7A form to the postmaster.

If you are closing within one year of the account opening, then you will be charged a nominal fee.

At the time of closing the saving account, if the balance is above 5000/-the post office will close the saving account and issue a cheque for the net amount.

*If there is a standing instruction for TD interest or RD ECS, then it will be automatically lapsed, so you need to make other arrangements for this.

14-can we open a saving account for children’s(minor) in the post office.

Minors can open savings accounts through their guardians or parents, and anyone over the age of 10 can open an account in their own name.

15-New rules for post office savings accounts?

A minimum balance of Rs.500 needs to be maintained in the account to avoid being penalized. This rule is applicable from December 11 to The current interest rate is 4% for all types of accounts.

16-Post office deposit and withdrawal process.

To deposit money, go to a post office and fill out a deposit slip with your account number, amount, and signature; there is no maximum deposit amount, but if you deposit more than 10 lac rupees, you will be charged a penalty.You need to submit a source of income letter.

To withdraw the amount, you need to visit the post office and fill in the withdrawal slip. Please note that if the amount is above 50k or 1 lac, you need to give prior intimation of withdrawal, as some post offices have a cash limit of a certain amount, and if you want to withdraw the amount, the post office staff will arrange sufficient cash from the head office.

17-How to revive a salient saving account?

If no deposit or withdrawal transaction takes place in a continuous three financial years, the account is treated as silent or dormant. Such an account can be revived by submitting an application along with fresh KYC documents and passbook and a penalty of Rs 50.

18-Does the post office have an IFSC code?

Post office saving bank accounts don't have any IFSC CODE till now. In the future, we can expect an IFSC code from the post office.

19-Can I transfer money from the post office to my bank account?

No, you can not directly transfer money from the post office to your bank account, but you can transfer money from the post office to your bank account using the IPBB app once you link your saving account to the app. IPPB is a separate banking service launched by the department of post. You need to have an IPPB account to use this service.

20-Is internet banking available in the post office?

Yes,internet banking is available for savings accounts. To avail internet banking, one must get it activated by visiting the post office and filling out the post office internet banking form for the same. Once you do, submit the required documents, and soon you will receive the confirmation text on your mobile. 

By using internet banking, account holders can invest in recurring deposit(RD) and time deposit(TD)schemes. Account holders can transfer funds to themselves or a third-party payee, can deposit into PPF and Sukanya Samriddhi accounts, and can also close their RD accounts or prematurely close their time deposit(TD) accounts.

21-How do I deposit money online into my post office savings account?

No, you can not directly deposit money online into a savings account. To avail this service, you need to open an IPPB account at the post office itself. Then you can transfer money from your bank to IPPB, and from your IPPB account you can transfer money into a post office savings account.

22-Is there an app for my Post Office Savings account?

Yes, the department of post has launched an app called India Post Mobile Banking. To activate this app, account holders must visit their home branch post office and ask staff to activate mobile banking and net banking facilities. It will be activated within 24 hours, and account holders will only be able to login into their account and use mobile banking after receiving the confirmation message.

23-Is post office savings account interest tax free?

Interest earned on Post Office savings accounts up to Rs. 10,000 is tax-deductible from gross income under Section 80TTA. 

24-Is the post office savings account covered by FSCS?

Yes, post office savings accounts are covered by FSCS.

25-Can I use my Post Office card at any ATM?

You can use your post office card at any ATM that is a part of the post office branded ATM network. All that you need to do is insert the card, enter the pin, and withdraw the amount.

26-What are the post office ATM rules regarding 30. what cash withdrawal limits and cash withdrawal charges?

As per the post’s official website, ATM card holders can withdraw cash up to Rs 25,000 per day through their ATM card but there is a cash withdrawal limit of 10,000 per transaction.

An ATM card holder can perform five transactions free of charge in a single day at a post office ATM. These can be financial or non-financial transactions.

A post office ATM card holder can perform 3 free transactions in metro cities and 5 free transactions (both financial and non-financial) in non-metro cities.

If an ATM card holder exceeds the permissible free transaction limit at another bank, then he will have to pay a fee of 20 (plus GST) for every additional transaction.

27-Is a PAN card required for a post office account?

Yes, providing a self-attested copy of your PAN card is mandatory for a post office account. If you haven’t issued your PAN card yet, then do it before opening the account.

28-What is the customer ID?

You can easily find your customer ID on the front page of your passbook. If you still find difficulty, please visit the post office.

29-How do I link my mobile number to my post office account?

Ans: You can visit the post office and link your new mobile number to your savings account for SMS alerts. 

30-How can I check my post office SB/RD balance online?

To view the account balance of a savings account, you need to activate mobile banking or net banking service by visiting the post office. Once the net banking service gets active, you can check your balance and perform other transactions as well.

31-What is the post office customer care number?

Customer Care Toll-Free Number 1800 266 6868.

32-What to do if you lose a post office ATM card.

The cardholder should immediately block the card using the available channels, which include calling the Toll Free Number 1800-425-2440 to block the lost or stolen card.

You can send an email to postatm@indiapost.gov.in regarding your ATM query.

33-What is CIF in the post office?

CIF stands for Customer Information File (CIF). It is a 9-digit number that is printed on the first page of your passbook. A CIF ID is a unique number given to an account holder who holds a single or multiple accounts at a post office. Account holders' KYC and personal information are entered into the CIF number, and now, whenever an account holder wants to open a new account in any post office, he or she must submit the KYC document again and again; only the CIF id is sufficient. All his/her post office accounts are linked to one CIF number.

34-What is the full form of POSA in a savings account?

POSA stands for Post Office Savings Account.

35-Can an NRI open a post office saving account?

(NRIs): Non-resident Indians are not allowed to open post office savings accounts.

36-What happens if the saving account depositor dies?

If the account holder dies, his balance amount is given to the nominee. If there is no nominee and the amount is below Rs. 60000/-then the balance amount is given to his legal heir.

37-Does the post office provide home loans, car loans, personal loans, and consumer loans?

The post office does not offer any kind of loan facility.

38-What is post office lunch time?

There is no specific lunch time for postal staff like banks, but Post Office bank staff take a half-hour lunch break between 1:30 PM and 2:30 PM.

39-Is the post office open on the second and fourth Saturdays of each month?

Yes, Post offices throughout India are open on the second and fourth Saturdays as well.

40-Is Saturday a working day for the post office in India?

Yes, the post office remains open on Saturday as well, except on scheduled holidays, but working hours are reduced on Saturday.

 

41-Indian Post Office Holidays List 2022

List of Post Office Holidays in 2022

Holiday	Date	Day
Republic Day	26-01-2022	Wednesday
Maha Shivratri	01-03-2022	Tuesday
Holi	18-03-2022	Friday
Mahavir Jayanti	14-04-2022	Thursday
Good Friday	15-04-2022	Friday
Id-ul-Fitr	03-05-2022	Tuesday
Buddha Purnima	16-05-2022	Monday
Id-ul-Zuha (Bakrid)	10-07-2022	Sunday
Muharram	09-08-2022	Tuesday
Independence Day	15-08-2022	Monday
Janmashtami	19-08-2022	Friday
Mahatma Gandhi's Birthday	02-10-2022	Sunday
Dussehra	05-10-2022	Wednesday
Milad-un-Nabi or Id-e-Milad (Birthday of Prophet Mohammad)	09-10-2022	Sunday
Diwali (Deepavali)	24-10-2022	Monday
Guru Nanak's Birthday	08-11-2022	Tuesday
Christmas Day	25-12-2022	Sunday

42-How much is charged for a cheque book?

There is no fee for the first 10 leaves in a calendar year and thereafter Rs. 2 per cheque leaf.

43-Can a post office cheque be deposited in a bank?

Post offices are completely owned by the government of India, hence all the banks have to accept post office cheques and honour the same.

44-What is the limit for direct cash withdrawal from the Indian Post office. 

There is no cash withdrawal limit at the home branch (where the account is held) office, but if you are withdrawing money from another branch, then there is a limit of Rs. 50000/-per day. Please note that if you are withdrawing cash more than 50000/-then you have to provide your pan card number.

45-Can we deposit money into post office PPF online using a post office saving account.

You can deposit through India Post net banking, but for that You have to activate your net banking by visiting the post office.The second method is that you can open an IPPB savings account and you can Link your post office saving account with IPPB. By linking both the One can transfer a saving account balance to an IPPB account and PPF account deposit can be made through the IPPB account.