How Should I Fill A Post Office Savings Account Form?

In India, a Post Office Savings Account is one of the most widely used and accessible savings accounts. The minimum and maximum opening amounts, as well as the maximum balance that can be kept, are both Rs.500. The current interest rate on this account is 4.00 percent p.a. A minor above the age of ten can also open it in their own name. An individual can only have one single account. The maximum amount that can be placed into a post office savings account is unlimited. It is also eligible for a tax exemption under the Income Tax Act 80TTA for interest earned up to Rs.10,000 in a financial year (for all savings accounts combined).

You must be an adult Indian citizen in order to open a Post Office Savings Account. A minor must be ten years old to open a Post Office Savings Account. A combined post office savings account requires two or three people to open.

Steps To Fill A Post Office Saving Form

Here is how you can fill a post office saving form:

• You can get a form at your local post office or online. Senior persons can use their own forms.
• Fill out the form and send it in with your KYC documents and photos.
• Pay the desired amount, which should not be less than Rs. 20.
• The minimum deposit amount necessary to start a post office savings account without a cheque book is Rs. 50.
• Senior citizens will need to fill out a separate form. Your savings account will be created after you pay the amount.

Eligibility For Post Office Savings Account

• An adult could also start a post office savings account.
• A minor must be at least 10 years old to start a post office savings account.
• A minor's guardian can also open an account on his or her behalf.
• A combined post office savings account can be opened by two or three individuals.
• A person who is not of sound mind can also create a savings account at the post office.

Benefits of Post Office Savings Account

Here are the benefits you can avail by investing in a post office savings account:

• It's far easier to open a savings account at the post office than it is to open one at a bank. Let's have a look at some of its advantages.
• To start a post office savings account, you'll need a minimum balance of Rs. 20.
• If necessary, the money might be withdrawn in part or in full.
• Account holders have extremely little risk because they can get a guaranteed return on all of their investments.
• The account can be moved from one post office to the next.
• ATM/Debit card services are also available in core banking post offices.
• A minor under the age of ten can open a bank account. The parent or guardian will be in charge of it.
• In the event of the account holder's death, the monies can be distributed to a person designated by the account holder.
• There is no maturity date on a post office savings account. As a result, the account opening process is simple and quick.
• A single account can be transformed into another.

Conclusion

The majority of individuals choose to have a savings account because it is simple to deposit money and withdraw it when necessary. In recent years, the requirements for opening and maintaining a savings account have been loosened. On top of that, the account balance can earn a respectable rate of interest.

Also read: Post Office Monthly Income Scheme - Features, Advantages, Eligibility etc.

Post Office Fixed Deposit (FD) Scheme

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.