What is Post Office Savings Account?
- Under this scheme, you can open your account only by cash. The minimum amount required to open an account is Rs 20.
- This scheme offers an interest rate of 3.5% per annum, both on individual and joint accounts. Compounded annually.
- You can transfer your post office savings account from one post office in India to another.
- A savings account may either be individual or joint account. The maximum number of
members of a joint account can be three adults.
- You have to make at least one monetary transaction every three financial years, be it a deposit or a withdrawal.
- This scheme allows you to avail ATM facility.
- Savings calculator can be used to find the returns in this scheme
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