How to Open a Post Office Account?
Post Office Account is an account with the IndiaPost - a government-backed entity offering postal services in its branches across the country. The post office savings account offers many facilities like e-banking, mobile banking, cheque facility, deposit & repayment facility, applying for loans, etc. Another advantage of a post office account is that it provides access to avail other post office savings schemes which are meant for regular savings & investment purposes. Depositors can use their post office savings account to make deposits, repayments, withdrawals from their investments in savings schemes.
The popular savings schemes available in Post Offices include:
- Post Office Recurring Deposit
- Post Office Time Deposit
- Post Office Monthly Income Scheme
- National Savings Certificate (NSC)
- Public Provident Fund (PPF)
- Sukanya Samriddhi Yojana (SSY)
- Senior Citizens Savings Scheme
- Kisan Vikas Patra (KVP)
Eligibility Criteria - Who can open a PO account?
Anyone who falls under the following mentioned criteria is eligible to open a post office account-
- Any adult resident Indian can open a Post Office Savings Account.
- It is allowed to open a joint account with a maximum of 2 adults.
- Guardians may open an account in the name of a minor or a person of an unsound mind.
- In the case of minors, the account needs to be transferred in their own name once they attain maturity by submitting the fresh account opening form & KYC documents at the branch.
Important things to note while opening a post office account-
- Only one post office account can be opened by an individual in a branch.
- In the event of the death of a joint holder, if the remaining holder already has a single account of his / her name, the surviving holder would be the single holder.
- A single account cannot be converted into a joint account & vice versa.
- Nomination is compulsory at the time of opening of an account.
- Minor has to submit a new account opening form and KYC documents in the concerned Post Office branch for transferring the account in his/her name after attaining majority.
- As per the Prevention of Money Laundering Act - 2002, the depositor needs to submit proof of income for investments in any scheme with an amount above Rs.10 lakhs.
- Non-Resident Indians, Trusts, Companies, Institutions, Firms, etc. are not allowed to open an account in any of the post office savings schemes.
- Presently, only cheques can be used for opening an account in schemes like PPF, SCSS, Monthly Income Scheme, KVP & NSC.
How to open a post office account?
- Visit your nearest post office branch and ask for the account opening form.
- Fill all the necessary details required in the account opening form and submit the following documents:
- KYC Form
- PAN Card
- Adhaar Card, if it's not available then submit any of the following documents as address proof:
MNREGA Job Card
Letter by National Population Register containing name & address details.
3. Birth proof/certificate would need to be submitted in case of a minor account. Also for the Sukanya Samriddhi Yojana account, it is mandatory to submit a copy of the birth certificate.
4. In the case of a Joint account, the KYC documents of all joint holders need to be submitted.
5. Then make a minimum deposit as required under the particular post office savings scheme to open the account.
Transfer of Accounts
- Accounts in one CBS post office can be transferred to another CBS post office.
- In the case of PPF, SSY & SCSS, accounts can be transferred from post office to bank and vice versa.
- To transfer the account, submit a transfer application along with the passbook at the concerned post office branch. Also, you would need to pay transfer charges of Rs.100 +GST.
In case of death of the depositor, the following documents need to be submitted by nominees to make claims:
- Duly filled claim form
- Death certificate of depositor
- Passbook of account
- Identity & Address Proof of the nominee
- Identity & Address Proof of 2 witnesses.
E-banking & Mobile banking facilities
Process to Activate
- The facilities of E-banking & mobile banking on the PO account can be availed by depositors by submitting the required duly filled application form.
- After submitting & successfully completing the application process, the depositor will receive an activation code within 48 hours of application. That activation code will have to be entered in the "New User Activation" option at their official site: ebanking.india.gov.in
- E-banking will offer the following services to depositors:
- Opening RD/TD account
- Making deposits in RD, PPF, SSY & Savings account
- Applying for RD loans & withdrawals in PPF
- Transaction history
- Mini Statement
- Stop Cheque requests
List of Charges for availing different services:
- Charges for Transfer of account - Rs.100
- Pledging of account - Rs.100
- Cancellation or change in nomination - Rs.50
- Duplicate passbook - Rs.50
- Statement of account/ Deposit receipt charges - Rs.20 each
- Issue of Cheque book in savings account - No fees applicable for up to 10 leafs in a financial year, after that Rs.2 per leaf is charged.
- Dishonor of cheque charges - Rs.100
The charges listed above are excluding the applicable taxes.
Note: The information provided regarding the post office bank account is as per the official information disclosed by IndiaPost on their official website.