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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

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.


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.

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