Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Post Office Savings Scheme - All You Need to Know

Opening a post office savings account is a lot easier than opening a savings account at a bank. Click here to know the steps on how & who can open post office savings account.

  • Jan 16, 2023
  • 1,505 Views

A savings account is an amazing alternative for people planning to keep money invested and have continuous access for deposit and withdrawal purposes. Doing so proves beneficial as the account holder can earn interest on the funds deposited into the savings account while being able to withdraw and deposit money whenever needed.

In recent developments, the government and the central bank have relaxed the criteria for opening and maintaining a savings bank account. Therefore, an individual can open a post office savings account like any other private or government sector bank. In addition, these accounts come with attractive post office savings scheme interest rates and other benefits.

This blog will share everything you need to know about this advantageous scheme, from learning how to open a post office savings account to documents required for opening a post office savings account.

Who Can Open a Post Office Savings Account? Eligibility for owning a post office savings account

Before knowing about the process of getting a savings account opened, let’s first have a look at the criteria for opening a post office savings account:

1.The individual must be an adult (above 18 years).

2.The individual must be an Indian Citizen.

3.To open a minor post office savings account, the minor must be at least ten years old.

4.A guardian can also open a minor post office savings account.

5.2 to 3 people can open a joint account if they meet the criteria above.

How to Open a Post Office Savings Account?

If you are looking for the answer to the most common question: how to open a post office savings account online and offline, then the following steps will make it easier for you to proceed:

1.Download an account opening form online or get it from the nearest Indian post office branch.

2.Fill out the downloaded form carefully, and submit it. Provide the necessary KYC documents and the latest photographs.

3.Pay an initial amount that you want to deposit into your new account. Kindly note that the minimum account opening amount should not be less than ₹20. In the case of an account without a check-book facility, the minimum account balance must be ₹50.

4.In the case of an account with a check-book facility, the minimum balance or initial deposit must be ₹500.

5.If you are a senior citizen, ask for a senior citizen savings account opening form, or download the same from the official website.

6.Once the formalities are completed and the payment is made, your savings account will be generated and functional.

Post Office Savings Scheme Interest Rate

Currently, it is nearly 4%; however, it is updated monthly. As per the rules and regulations of the Income Tax Law, if a post office savings account holder generates an interest of a sum less than or equal to ₹10,000 per annum, then the proceeds are free of tax.

Benefits of Post Office Savings Account:

Opening a post office savings account is a lot easier than opening a savings account at a bank. Additionally, the post office savings account has other benefits too.

Let’s look at some of the top benefits of a post office savings account.

A post office account holder can withdraw money from the account anytime. However, the only condition one needs to take care of is maintaining a minimum account balance of ₹50 for a generic account, failing which a penalty might be charged. On the other hand, the minimum account balance must be ₹500 in the case of a savings account with a cheque facility.

1. A minimum account balance of ₹20 is required to open a post office savings account.

2. An individual can withdraw cash partly or entirely from the savings account either.

3.The account can be transferred easily from one post office branch to another.

4.The ATM/Debit card facility is also available, with the post offices offering core banking facilities.

5. There is a facility for opening a minor’s accounts. The minor must be ten years old, and the account must be managed by the parent or guardian of the child.

6.There is an option to mention a nominee in case of the unfortunate demise of the account holder. The funds in the account will then be provided to the nominee.

7. The savings account at the post office does not have a maturity period. So, the process of opening a post office savings account is easy and hassle-free.

8. If needed, an individual account can be easily converted into a joint account and vice-versa.

Conclusion

In today’s digitally advanced world, an individual can easily open a post office savings account by visiting the post office or online. Apart from all that is provided in this blog, if you want to know more about how to open a post office savings account online, you may visit the official website of the Indian post office for all the steps.

Download Brochure

Features

  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999

T&C

Download Brochure

Features

  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

All about TDS Payment Online & Due Dates

What are the Different Types of Taxes in India?

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

Types of Income Tax Return (ITR) Forms

What is the difference between TDS and TCS?

Impact of GST on Life Insurance in India

E-Filing of Income Tax Returns in India

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

List of Important Income Tax FAQs

All about TDS on Salary under Section 192 – Kotak Life

Save Income Tax by 31st March: Here Is a Checklist

Difference Between Guaranteed and Assured Returns

Easy ways to make personal savings plans

Tax Season is Coming- Know How to Save Tax

What are Deferred Savings Plans?

All you need to know About Tax on Inheritance

How To Save Tax Better with 80C

How much gold can you keep at home? Limits and income tax rules explained

Income Tax Filing For NRI in India

Investing Lump Sum Amount

Section 80C Deductions as per Income Tax Act, 1961

12 Tax Changes in Budget 2022 that May Impact Your Personal Financial Planning

How to create wealth through a savings plan?

Basics of Guaranteed Savings Plan

Section 80G of the Income Tax Act

3 Tips to Buy Guaranteed Savings Plan

ITR-6: Guide to filing ITR-6 Form online

What Investment Options Come with Tax Incentives?

Tax Saving Tips: Best Ways to Save Income Tax for 2021

How to Check Income Tax Refund Status Online in India

Section 80E: Tax Exemption on Interest on Education Loan

What is TDS Slab?

What is indirect tax and its types?

Guaranteed Return Plans-Why is it a must for you?

What is Tax Evasion and What Are The Penalties For Tax Evasion In India?

How to Boost Your Savings with Guaranteed Results

How can NRIs prevent double taxation in India?

Tax-Savings Investments and Options in India

How Inflation Affects Savings and Investment?

Section 16 of the Income Tax Act (ITA), 1961

Plan your Daughter's Wedding With Best Monthly Savings Plan

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

Income Tax Exemption for Disabled

What is the Difference Direct Tax and Indirect Tax

Tax Saving for Self Employed in India

ITR 1: Sahaj Form

What is Form 16B?

भारत में महिलाओं के लिए सरकारी योजना

Tax Benefit of Investing in Term Plan

Tax-Free Income in India

आयकर स्लैब 2021-2022

Income Tax Deductions Under Section 80C

5 Popular Tax-Saving Schemes in India

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

What is a savings plan?

Tips to plan your savings in 2022

How to Check Income Tax Refund Status Online in India

Is PF Withdrawal Taxable for NRI?

What is the Difference between Form 16 and Form 16A?

Can You Get Term Insurance Without Income Proof?

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

Should you prefer a Guaranteed Savings plan over monthly income schemes?

Maximize Your Savings: Tax Tips for Salaries Above ₹20 Lakhs

Income Tax Deductions for Disabled Persons Under Section 80U

Why PAN Card is Essential for Income Tax Filing?

Best Savings plan for the middle class in India

How to Get Form 16?

When Should TDS be Deducted and Who is Liable to Deduct it?

How to Check Income Tax Returns Status Onine?

Why January Is an Important Month for Saving Tax?

What is Section 80C Deduction?

9 Income Tax Myths That Could Cost You Money while Filing returns

Tax Benefits of ULIP Plans Available for NRIs

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

How to File Form 16 for Salaried Employees?

How Do Assured Savings Plans Work and Why You Should Consider One?

8 Things to Help You Select a Savings Investment plan

Tax Benefits for Startups in India

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

Have You Considered Term Insurance a Part of Your Tax Planning?

Understanding Tax Exemptions in ULIP (Old and New)

Are Financial Planning and Tax Planning the Same Thing?

Guide for Tax Calculation on your Salary

What is capital gains tax, and how it works?

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

How to Pay Advance Tax Online in India

How to e-Verify your Income Tax Return

Tax Rate Chart for FY 2022-2023: What is TDS Slab?

Types of Riders in Insurance Policy

Difference between Section 80C, 80CCC, 80CCD & 80D

How to File Income Tax Return without Form 16

Difference Between Guaranteed Savings Plan and Guaranteed Income Plan

Income Tax Filing Using Multiple Form 16

Importance of Savings Plan You Need to Know

What is Form 26AS - All You Need To Know

Tax Planning and Tax Benefits of Life Insurance

What is Rule 132 of Income Tax? How Does it Affect You?

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

How to Save Tax on Salary Arrears?

What is the Difference between Assessment Year (AY) and Financial Year (FY)?

Why Tax Planning Should Be an All-year Round Activity

Personal Finance - Meaning, Importance, and Tips for Personal Finance

Income Tax Benefits for Doctors

How to File TDS Return?

Invest in Tax-Free Bonds: Understanding the Benefits and Who can Invest?

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

Why is Form 16 Important?

ITR 2 Form – Complete Guide

What is Section 80C - Explained in Detail

What is the Maximum Maturity Benefit in Assured Savings Plans?

How to File Income Tax Return for First Time Tax Payers

What is TDS Refund Process?

What is Salary Protection Insurance and Why You Need It

What is TDS Exemption Limit?

Things to Do After Filing Income Tax Returns

How to File ITR Online

What Is Advance Tax and How Is It Calculated?

What is Section 10D of the Income Tax Act?

Presumptive Taxation for Business and Profession

Tax Saving Options other than Section 80C

What is ITR & How to File Income Tax Return?

How to View 26AS and Download Form 26AS Online?

What is Form 16A?

What is Tax Deduction at Source (TDS)?

TDS Due Dates of FY 2022-23 For Return Filing

What is ITR 5 Form and How to File ITR 5?

How to Download Form 16?

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

Section 44AD of Income Tax Act for AY 2021-22

What is the Percentage of Tax Deducted at Source (TDS)?

Who Should Invest In Savings Plan

Pradhan Mantri Suraksha Bima Yojana

How To Save Tax Using Life Insurance?

9 Unusual Investments you Didn't Know for Saving Taxes in India

Tax Saving Guide for 2019-20

How to File Form 10E for Tax Relief on Salary Arrears?

TDS rules on the sale of jointly owned property

Challan 280 - How to Use Challan 280 to Pay Income Tax

How Should I Allocate A Monthly Savings Plan For Long-Term Benefits?

Should one prefer a guaranteed savings plan over monthly income schemes?

Union Budget 2023: Impact on Life Insurance

Tax Deductions You MUST Know

Tax Structure in India

How can I get Form 16B from traces?

Income Tax Calculator: How Life Insurance Policies are Taxed? Explained

Penalty For Late Filing TDS Return

Do Beneficiaries Pay Taxes on Life Insurance?

How to Calculate returns on an assured savings plan?

Home Investment Plan to Buy Dream Home

What To Do If Your TDS Is Not Deposited With The Government?

Highlights of the Union Budget 2023-24

Budget 2019: Impact on the Common Man in India

Tax Exemption and Scope of Coverage

Tax Saving Options for Salaried Employees

Money Saving Tips for Single Women

How Much Money This Budget 2019 Can Help You Save

Saving Plans to Give Children a Debt-free College Education

What is Section 80CCC of the Income Tax Act 1961

Financial Benefits and Government Schemes Every Woman in India Should Know

A Comprehensive Guide to Understand the ITR 7 Form

What is EEE in income tax? 5 tax-free investment options to become crorepat

How to file Form 16 online?

All You Need To Know About Assured Savings Plan

Tax Planning Tips for a Newly Married Couple

धारा 80सी आयकर अधिनियम, 1961

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

Sub-sections Under Section 80C of the Income Tax Act, 1961

How to Save Income Tax with Insurance

All You Need to Know About Section 80C

Income Tax Exemption for Physically Handicapped Dependent

इनकम टैक्स रिटर्न कैसे फाइल करें?

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

How to save tax for salaried person?

How To Invest In Guaranteed Return Plans For Higher Returns And Financial Security?

How to e file ITR on Income Tax Government Portal

Interest Imposed Under Sections 234A, 234B and 234C

धारा 80डी आयकर अधिनियम, 1961

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

Problems People Face with Tax Returns after a Job Change

Understand ITR4 Form: How to Fill, Structure & Determine Your Eligibility

Insurance and Endowment: Everything You Need to Know!

Income-Tax Liability- The Difference Between Gross Income & Total Income in Calculating Income Tax

How to create a savings plan and make good investment choices

What is Section 80C Deduction Limit?

What is the TDS Rate on Salary?

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

How to File Income Tax Return - Everything You Need to Know

Complete Savings Plan for Low Income Earners

Top 8 Tax-Saving Methods in India- Budget Planning

A Complete Guide for Filing ITR 3 Form

How to Claim a Tax Refund?

How to View 26AS and Download Form 26AS Online

Form 16, Form 16A, and Form 16B?

Saving Income tax in 2017 - 18

Financial Planning and Best investment options for Housewives

Union Budget 2023 and Tax Exemptions on Life Insurance Premium Over ₹5 Lakhs

Income Tax Deduction Under Section 80CCC In India

What are Direct Taxes? How to Avoid being Overtaxed?