How to Open Post Office Savings Account Online

In terms of population, the postal service in India has the maximum reach. The presence of post-office even in the remotest rural area helps the people to include financial planning in their life through a savings scheme. Postoffice Savings Account is one such investment option offered by the Post Office. The post office savings account is a deposit scheme under the government of India, which aims to provide a fixed return on investment with minimum risk involved.

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Maximum returns Offered by Guaranteed

6.5%**

Fixed Deposits

(by SBI bank)

(5-10 Years)

7.1%***

Public Provident Fund

(other popular options)

(15 Years)

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rating
58.9 Million
Registered Consumer
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Insurance Partners
26.4 Million
Policies Sold

The post office savings scheme offers a high return on investment with a fixed interest rate as set by the Reserve Bank of India. For those who want to open the postoffice savings account, they can open the account with just Rs.20. The account should have a minimum balance of Rs.50 or Rs.500 for an account with a cheque facility. Let’s read further to know how to open the Postoffice Savings Account online.

Step by Step Process to Open Post Office Savings Account Online

To open the post office savings account, one just needs to follow these simple steps.

  • Step1- Visit the official website of the post office.
  • Step2- Go to the option of ‘savings account’ and choose the option of ‘apply now’.
  • Step3- Fill in the required information like contact number, name, address, date of birth, etc., and click on the submit button.
  • Step4- Verify the details with the documents like Aadhaar, PAN, or any other documents as needed by the bank.
  • Step5- Once you submit all the required documents, it will be verified by the post office.
  • Step6- Once the documentation is verified, the post office will share the welcome kit containing the ATM and debit card, PIN, and checkbook.
  • Step7- After the activation of the account, the subscriber can register the mobile number and under cheque and debit card for the banking service.

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

Steps to Open Account at Branch

You will need to follow the following steps.

  • Step 1- Visit the nearest post office.
  • Step2- Collect the savings account application form. Make sure you carry all the identification proof like PAN card, Aadhaar card, and address proof as well.
  • Step3- Thoroughly fill the form with the required details and attach a passport size photo on the form where required.
  • Step4-  after filing the form, submit the post office savings account form to the clerk along with the important documents and money.
  • Step5- the post office savings account will be activated within a week.

Post Office Savings Account Login

The subscribers now have the facility to access their savings account online. To benefit from this service the subscriber must generate the user ID for internet banking.

  1. Process to Activate Indian Post Internet Banking for New Users

    • Visit the eBanking website of Indian Post.
    • Click on ‘new user activation’.
    • Enter the required details like account ID and customer ID.
    • Once the activation process is completed, the subscriber will receive the ‘User ID’.
  2. e-Banking Login Process for Post Office Savings Account

    • Visit the eBanking website of Indian Post.
    • Enter your user ID.
    • You will be login to the portal and can access your account.

Benefits of Post Office Savings Account

Along with the benefit of guaranteed returns, there are other benefits offered by POSA. Let’s take a look at it.

  • The post office savings account does not come with any lock-in period.
  • As per one’s requirement, one can open a joint account.
  • The POSA can be opened in rural areas as well.
  • The subscribers can transfer from one branch to another.
  • Tax benefit up to Rs.10,000 can be availed.

Features of Post Office Savings Account

Let’s take a look at some of the salient features of the post office savings account.

  • An individual can open the account with cash only.
  • The account can be opened in the name of a minor and minors above the age of 10 years can also open and operate the account.
  • The facility of choosing the nominee can be availed at the time of opening the account or after opening the account.
  • An individual can open either one account in their name or a joint account.
  • To keep the account active a minimum of one transaction is required in 3 financial years.
  • A single account can be converted into a joint one and vice versa.

The Bottom Line!

The above-mentioned information can help you to open a post office savings account and to save money for a secured future.

* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)
** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).
*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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