What Are The Advantages of Post Office Savings Account
Post Office Savings Account
Post Office deposits are considered to be a safe and secure mode of savings. A Post Office Savings Account is similar to a regular savings account.
Post Office accounts offer a specified return on investment and preferred by senior citizens and individuals who wants risk free investments. People in rural and semi-rural areas are the major beneficiaries of Post Office accounts.
How to Open Post Office Saving Account ?
To open an account with Post Offices, that is Savings Bank(SB), Recurring Deposit(RD), Time Deposit(TD), Monthly Income Scheme(MIS) SB3, SB103 (pay-in-slip) and specimen signature slip for SB and TD are required. For senior citizen accounts, separate forms are to be used.
What are the Saving Schemes Available in Post Office ?
Following are the major savings schemes offered by Post Offices.
- Post Office Savings Account
- 5-Year Post Office Recurring Deposit Account (RD)
- Post Office Time Deposit Account (TD)
- Post Office Monthly Income Scheme Account (MIS)
- Senior Citizen Savings Scheme (SCSS)
- 15 year Public Provident Fund Account (PPF)
- National Savings Certificates (NSC)
- Kisan Vikas Patra (KVP)
- Sukanya Samriddhi Accounts
Advantages of Post office Saving Account :
- Account can be opened by cash only
- Cheque facility can be taken in an existing account also.
- Nomination facility is available at the time of opening and also after the opening of the account.
- The account can be transferred from one post office to another.
- One account can be opened in one post office
- The account can be opened in the name of the minor and a minor of 10 years and above age can open and operate the account.
- A joint account can be opened by two or three adults.
- At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active.
- A single account can be converted into Joint and Vice Versa.
- Minor after attaining majority has to apply for conversion of the account in his name.
- Deposits and withdrawals can be done through any electronic mode in CBS Post offices.
- Inter Post office transactions can be done between CBS post offices.
- ATM/Debit Cards can be issued to Savings Account holders( having prescribed minimum balance on the day of issue of the card) of CBS Post offices.