Salient Features

• Rate of interest 4% per annum


• Minimum INR 20/- for opening.


• Account can be opened by cash only.


• Minimum balance to be maintained in a non-cheque facility account is INR 50/-.


• Cheque facility available if an account is opened with INR 500/- and for this purpose minimum balance of INR 500/-in an account is to be maintained.


• Cheque facility can be taken in an existing account also.


• Interest earned is Tax Free up to INR 10,000/- per year from financial year 2012-13.


• Nomination facility is available at the time of opening and also after opening of account.


• Account can be transferred from one post office to another.


• One account can be opened in one post office


• Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.


• Joint account can be opened by two or three adults.


• At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active.


• Single account can be converted into Joint and Vice Versa.


• Minor after attaining majority has to apply for conversion of the account in his name.


• Deposits and withdrawals can be done through any electronic mode in CBS Post offices.

*Inter Post office transactions can be done between CBS post offices

* ATM/Debit Cards can be issued to Savings Account holders( having prescribed minimum balance on the day of issue of card) of CBS Post offices.