What Are The Advantages of Post Office Savings Account

Post Office Savings Account

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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 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.
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