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Important Things To Know About Post Office Saving Schemes

Written by : Info Box Team
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The post office is the oldest organisation in India that initially started with postal services, and later on extended its services to financial sectors like Insurance and Banking. Small savings schemes offered by the post office are widely popular among housewives, daily wage labourers and small vendors in rural areas. The post office offers a wide range of saving schemes and an individual depositor can avail tax exemption up to Rs. 1.50 lakh under IT Act Sec 80C for 5 years deposit schemes.

Different types of Savings Schemes offered by Post Office

Saving Scheme

Interest rate(%)

Min. Amt (Rs.)

Max. Amt (Rs.)

Senior Citizens Saving Scheme



15 lakh

Sukanya Samriddhi Accounts



1.50 lakh

Public Provident Fund



1.50 lakh p.a.

National Savings Scheme (VIII Issue) Account



No Limit

National Savings Time Deposit Account



No Limit

Post office Monthly Income Scheme



4.5 Lakh for Single / 9 lakh for Joint

Kisan Vikas Patra



No Limit

Recurring Deposits



No Limit

Savings Account



No Limit

Here are a few general points to know about Post Office Saving schemes.

How to open a post office account and what are the required things to open it?

To open Savings accounts, Recurring deposit accounts, Time deposit accounts, Monthly Income Accounts an individual needs to submit SB3, SB103 Forms. An existing account holder's signature is required to open a new account. A special form is used to open a senior citizen account.

How to transfer Accounts and KYC Documents?

To transfer accounts, Form SB-10 has to be submitted and to transfer KYC Documents you need to submit Form-NC32. The account holder can submit these forms either in the parent branch or in the branch, where you would like to transfer your account.

Rules for issuing a cheque book?

To Issue a cheque book you need to maintain a minimum balance of Rs. 500.

What is a silent account, and how to revive it?

If there are no transactions in the savings account since 3 financial years, then it will be considered as a silent account. The account holder can apply for the revival of the account and he needs to pay Rs 20, only if the silent account doesn't have a minimum balance.

How to apply for duplicate passbook?

Duplicate pass-books will be issued only at sub-post offices. The account holder has to submit the required form dully attached with prescribed postal stamps.