Post Office offers secure and convenient savings accounts with affordable interest rates.
Post Office Saving Account: The Indian Post Office has always been a trusted provider of financial services to people all across the country. Even today, many folks still prefer to open up an account with the post office and invest in their various schemes. With over 1.5 lakh branches scattered throughout India, the post office is a popular choice when it comes to financial security.
Aside from their investment opportunities, the post office also offers savings accounts, where customers can deposit and withdraw money, just like a bank account. If you're interested in opening up a Post Office Saving Account, then you might want to know a bit more about interest rates and associated charges.
Now, you should be aware that there are fees that customers have to pay in order to access post office services. There are several charges related to savings accounts, so it's crucial to get the right information. These charges include fees for duplicate passbook, account statement or deposit receipt, replacement of old passbook, transfer of account, check bounce, and more. Here's a breakdown of the fees for these services:
• Duplicate passbook: Rs 50
• Issue of account statement or deposit receipt: Rs 20
• Replacement of torn passbook: Rs 10 per passbook
• Cancellation or change of nomination: Rs 50
• Account transfer: Rs 100
• Pledging the account: Rs 100
• Check bounce: Rs 100
• Checkbook: Up to 10 leaves are free, after which a fee of Rs 2 per page will apply.
For interest rates, all account holders receive a 4 per cent interest rate on their savings account with the post office. Plus, if you withdraw an amount of less than Rs 10,000 at once, you don't have to verify your identity. However, ID is required for withdrawals over Rs 10,000. The minimum deposit amount is Rs 500, and there's a minimum withdrawal facility of Rs 50.
Read more: How to change your PAN address with Aadhaar, step-by-step guide
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