The post office savings account provides a secure way to save money in India. The account is a great way to keep funds protected. The initial deposit amount is as minimum as Rs. 500. The post office provides an easy way to open an account online.  

Key Features and Benefits of Post Office Savings Account  

  • To maintain the account in active state, at least one transaction has to be made in 3 financial years.  

  • Not more than one account can be opened for each person.   

  • You can open a joint account. If one of the account holders die, then the other will become the sole account holder. If the individual already has an account under his/her name, then, he/she will have to terminate the joint account.  

  • A joint account cannot be changed into a single account and vice versa. 

  • To open a post office savings account, nomination is compulsory.  

  • The account does not have a lock-in period  

  • Transfer of an account from one branch to any other branch in India is possible 

  • The least deposit amount is just Rs. 500 

  • The least withdrawal amount is Rs. 500 

  • There is no upper cap on the maximum amount that can be deposited. 

  • A 4% interest is paid on both joint and single accounts.    

Eligibility for Post Office Savings Account 

  • Your age must be above 18 years. 

  • You must be an Indian citizen 

  • Minors must be atleast 10 years old 

Documents Required for Post Office Savings Account  

  • Duly filled application form  

  • Duly filled KYC form  

  • PAN card 

  • Aadhaar card/driving license/passport/MNREGA job card/Voter’s card/Letter issued by national population register.  

Steps to Open Post Office Savings Account Online  

Step 1: Navigate to the official India Post website  

Step 2: Scroll down to navigate to the ‘Post Office Savings Bank’ button and click on it.  

Step 3: Click on the option ‘Post Office Savings Account’. Post clicking, you will be able to view the interest rates, minimum balance, and also some important features of a Post office savings account (POSA).  

Step 4: Navigate to the close of the section and click on ‘Forms Available’. Download and take a printout of the application form for account opening.  

Step 5: Complete filling in the form with block letters. Also furnish your passport sized Photos. Then, submit it at your nearest post office.   

Step 6: Once your KYC is completed and your account is opened, you will get a kit containing your passbook, ATM card, cheque book, etc.  

Conclusion 

Thus, the post office savings account can be opened online with ease. Since the post office network in India spreads widely and reaches remote areas, the POSA is ideal for villages and semi-urban areas. With its enticing interest rates, security choices, widespread reach, and government backing, it is a popular option among people. 

FAQs on Post Office Account Opening Online

1. Is there an ATM card for post office account? 

Yes, a post office account has an ATM card.  

2. Is the post office bank account secure? 

Yes, a post office savings account is protected and secure.