Open a saving account for as less as Rs. 20 with Post Office India
Open post office account online: If you wish to open a savings account then a bank is not the only option. You can also open a savings account at the post office. One gets all the benefits of savings to account in a post office that is given in the bank. Here we will discuss instant saver account login and account opening form online.
In small towns and villages, there are no proper facilities of the bank, in such cases, the banking facility is given to people by the post office itself. It is interesting to note that if you wish to open a savings account in the post office you need only 20 rupees. But one has to have a minimum balance of 50 rupees in that account. The annual interest here is 4% in the case of both individuals as well as joint accounts.
If you to wish to open a savings account for just Rs. 20, have a look at the important points mentioned below:
- This account can be opened with the help of cash only.
- It is necessary to have a minimum of Rs. 50 in your account.
- If you open an account with Rs 500 or more then you get the facility of the cheque. It also becomes necessary to have Rs. 500 minimum in such accounts.
- You can also avail the facility of the cheque in an existing account.
- Yearly, interest is given on Rs. 10,000 is tax-free.
- One gets an option of nomination at the time of opening the account as well as after that.
- You can also transfer an account from one post office to another.
- One can open only one account in one post office.
- The account can also be opened in name of a minor. A child who is 10 years or more can operate his/her account too.
- A joint account can be opened by 2 or more adult individuals.
- To keep one’s account active, it is necessary to have at least one transaction in three years.
- It is possible to convert a single account into a joint and a joint account into a single.
- Minor has to apply for a transferring account on his/her name once he becomes major (18 years in age).
- Deposit or withdrawal can be done from the electronic medium of any CBS (Central Banking System) post office.
- ATM cards can also be given to the CBS post office account holders. One has to have the minimum balance in the account on the day of issue of the ATM card.
So keep in mind the above-mentioned points and go-ahead to open your savings account for as little as Rs. 20.
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