India Post Office Savings Account
Post Office Savings Accounts is one the post office scheme which can be opened at minimum amount of Rs.20 at the interest rate of 4% per annum.
Minimum Balance to be maintained
The minimum balance amount to be maintained is Rs. 50 (for non cheque facility). For cheque facility, if an account is opened with Rs. 500 and the minimum balance to be maintained is Rs. 500 in account. Cheque facility can be taken on existing account.
Interest Rate on Post Office Savings Account
The interest rate on savings account is 4% per annum. Interest earned on the post office savings account upto Rs. 10,000 is tax exempted.
Account opened in a post office can transferred to another post office. Only one account can be opened in a post office.
1) Single holder,
2) can be opened in the name of minor
3) can be opened jointly by two or three adults
Single account can be converted into joint and vice-versa. To keep the account active, at least one transaction of deposit or withdrawal is necessary in three financial years.
For more info check http://www.indiapost.gov.in/