You Can Access These Banking Services At Designated Post Offices
Post office interest rate: Interest rates on post office small savings schemes – such as savings account and FD – are reviewed on a quarterly basis.
Here’s a lowdown of various banking services one can access at designated post offices under India Post as well as India Post Payments Bank:
Small savings schemes at designated post offices under India Post
Small savings scheme | Interest rate |
---|---|
Post Office Savings Account | 4% |
National Savings Recurring Deposit Account | 7.3% |
National Savings Time Deposit Account | 7-7.8% |
National Savings Monthly Income Account | 7.3% |
Senior Citizens Savings Scheme | 8.7% |
Public Provident Fund | 8% |
National Savings Certificates | 8% |
Kisan Vikas Patra | 7.7% |
Sukanya Samriddhi | 8.5% |
(Source: India Post website) |
Besides, India Post office also provides National Pension System (NPS) (all citizens model) accounts. NPS is a voluntary pension scheme managed by the Pension Fund Regulatory and Development Authority (PFRDA).
Investment limits and lock-in periods applicable to small savings schemes in designated post offices
Savings scheme | Maturity period | Investment limit |
---|---|---|
Post Office Savings Account | – | Minimum Rs. 20 for opening account |
National Savings Recurring Deposit Account | 5 years | Minimum Rs. 10 per month, no maximum limit |
National Savings Time Deposit Account | 1/2/3/5 years | Minimum Rs. 200, no maximum limit |
National Savings Monthly Income Account | 5 years | Rs. 1,500 – Rs. 4.5 lakh in single account/Rs. 9 lakh in joint account |
Senior Citizens Savings Scheme | 5 years | Rs. 1,000 – Rs. 15 lakh |
Public Provident Fund | 15 years | Rs. 500 – Rs. 1.5 lakh per financial year |
National Savings Certificates | 5 years | Minimum Rs. 100, no maximum limit |
Kisan Vikas Patra | 2.5 years | Minimum Rs. 1,000, no maximum limit |
Sukanya Samriddhi | – | Rs. 1,000 – Rs. 1.5 lakh per financial year |
(Source: India Post website) |
Banking services provided by India Post Payments Bank
Savings account or current account – at post office and India Post Payments Bank
India Post Payments Bank
Type of account | Interest rate | Minimum amount for opening account | Maximum balance allowed |
---|---|---|---|
Post Office Savings Account | 4% per annum | Rs. 20 | – |
IPPB Regular Savings Account | 4% per annum | Nil | Rs. 1 lakh (end of day balance) |
IPPB Basic Savings Account | 4% per annum | Nil | Rs. 1 lakh (end of day balance) |
IPPB Current Account | NA | Nil | Rs. 1 lakh (end of day balance) |
(Source: India Post, India Post Payments Bank websites) |
Post office A Post Office Savings Account can be opened against a minimum deposit of Rs. 20. For a savings account without subscription to the post office’s cheque book facility, a minimum balance of Rs. 50 to ensure operability. For subscription to the cheque book facility, the savings account is to be opened with a minimum deposit of Rs. 500, and for this purpose, minimum balance of Rs. 500 is required to be maintained, according to the post office website. India Post also provides internet banking services for its savings bank accounts. Deposit in a post office savings account fetches interest at the rate of 4 per cent per annum, according to the India Post website.