{"id":5691,"date":"2016-05-25T12:56:34","date_gmt":"2016-05-25T07:26:34","guid":{"rendered":"https:\/\/businessjargons.com\/?p=5691"},"modified":"2016-07-09T15:25:33","modified_gmt":"2016-07-09T09:55:33","slug":"post-office-savings-account","status":"publish","type":"post","link":"https:\/\/businessjargons.com\/post-office-savings-account.html","title":{"rendered":"Post Office Savings Account"},"content":{"rendered":"

Definition: <\/strong>The Post Office Savings Account<\/strong> is the deposit scheme offered by the department of post on which fixed interest is paid. The individual investors deposit a good portion of their financial assets in a postal savings account in order to earn a fixed rate of interest on the investments.<\/p>\n

The post office savings account is similar to a saving bank account ( a portion of financial assets deposited in the savings account in a bank). It has the following features:<\/p>\n

    \n
  1. The annual rate of interest is 4% per annum<\/strong> on individual\/joint accounts.<\/li>\n
  2. The minimum deposit required to open the account is 20<\/strong> for a non-cheque facility accounts<\/strong>. Subject to the withdrawal, a minimum balance of Rs. 50 <\/strong>is required to be maintained in the non-cheque facility accounts.<\/li>\n
  3. The minimum deposit required to open a cheque facility account<\/strong> is 500<\/strong> and subject to withdrawal a minimum balance of Rs. 500<\/strong> must be maintained in such accounts.<\/li>\n
  4. There is no limit on the maximum deposit<\/strong> in the post savings account.<\/li>\n
  5. The interest earned on the account is tax exempted<\/strong> up to 10,000<\/strong> in a financial year.<\/li>\n
  6. The nomination facility<\/strong> is available at the time of the opening of the account or even after the opening of the account.<\/li>\n
  7. One account can be opened in one post office<\/strong> either individually or jointly by two or three adults. Also, the account can be opened in the name of the minor<\/strong> and minor of age 10<\/strong> or above<\/strong> can open and operate the account. Once the minor attains the age of 18 years<\/strong> is required to convert the account in his name.<\/li>\n
  8. The deposits and withdrawals can be easily done through electronic mode<\/strong> in the Core Banking Solution (CBS)<\/strong> Post Offices.<\/li>\n
  9. The account can be transferred from one post office to another<\/strong>, and also the inter-post office transactions<\/strong> can be done between the CBS post offices.<\/li>\n<\/ol>\n

    Note:<\/strong> The ATM\/Debit card is issued to the savings account holder, provided a prescribed minimum balance is held in the account on the day of the issue of a card.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Definition: The Post Office Savings Account is the deposit scheme offered by the department of post on which fixed interest is paid. The individual investors deposit a good portion of their financial assets in a postal savings account in order to earn a fixed rate of interest on the investments. The post office savings account […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4],"tags":[],"yoast_head":"\nWhat is Post Office Savings Account? definition and meaning - 爱游戏体育 Jargons<\/title>\n<meta name=\"description\" content=\"The Post Office Savings Account is the deposit scheme offered by the department of post on which fixed interest is paid\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/businessjargons.com\/post-office-savings-account.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Post Office Savings Account? 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