Post Office Savings Account Interest Rate 2024

The Post Office Savings Account Interest Rate refers to the rate of interest offered on savings accounts held at post offices. It offers a secure and accessible avenue for you to deposit and save your funds. The Post Office Savings Account is governed by the India Post Payments Bank (IPPB), which provides a reliable platform with a competitive interest rate.

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Post Office Savings Account Interest Rate in 2024

The Post Office Saving Account interest rate in India in 2024 is mentioned in the table below:

Scheme Interest Rate (in % p.a.) Minimum Investment Maximum Investment Eligibility Tax Implications
Post Office Savings Account 4% p.a. ₹500 No limit Individuals (Single & Joint);
Interest up to ₹10,000 exempts, rest taxable

Overview of Post Office Savings Account

The Post Office Savings Account is a savings account offered by the India Post, a government-owned postal service. It is a safe and popular investment option for saving money, especially in rural areas where access to banks might be limited. 

Post Office Savings Accounts come with the assurance of the government of India, making them a secure investment scheme.

Key Features of Post Office Savings Account

Category Conditions
Post Office Saving Account Interest Rate 4% p.a.
Lock-in Period NA
Maturity Period NIL
Deposit and Withdrawal Currency All deposits/withdrawals in whole rupees
Minimum Deposit Rs. 500 (subsequent deposits not less than Rs. 10)
Minimum Withdrawal Rs. 50
Maximum Deposit No maximum limit
Withdrawal Limit No withdrawal reducing balance below Rs. 500
Tax Exemption U/s 80TTA, interest up to Rs. 10,000 in a Financial Year is exempt from taxable income.
Silent Account No deposit/withdrawal for three consecutive financial years marks the account as inactive/ silent/ dormant.
Additional Facilities
  • Cheque Book
  • ATM Card
  • E-banking/Mobile Banking
  • Aadhaar Seeding
  • Atal Pension Yojana (APY)
  • Pradhan Mantri Suraksha Bima Yojana (PMSBY)
  • Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Eligibility to Open Post Office Savings Account

The eligibility criteria to apply for a Post Office Savings Account are as follows:

  • Single adult

  • Two adults (Joint A or Joint B)

  • Guardian on behalf of a minor

  • Guardian on behalf of a person of unsound mind

  • Minors over 10 years old in their own name.

Account Opening Rules

  • Only one account per individual (single account)

  • Only one account in the name of a minor/above 10 years/person of unsound mind

  • In the event of a Joint holder's death, the surviving holder becomes the sole holder

  • Joint account closure if the surviving holder already has a single account

  • No conversion between single and joint accounts

  • Nomination mandatory at account opening

  • Minor, upon reaching the majority, must submit a new account opening form and KYC documents for conversion

Documents Required to Open Post Office Savings Account

You are required to submit the following documents along with 2 passport-size photographs to open a Post Office Savings Account: 

Documents Required Details
ID Proof (any one)
  • Voter ID Card
  • Ration Card
  • Passport
  • Driving License
  • Photo ID Card (from a recognized educational institute)
  • Aadhaar Card
Address Proof (any one)
  • Passport
  • Ration Card
  • 3 Months Old Electricity or Telephone Bills/ Utility Bill
  • PAN Card
  • Certificate from any Public Authority
  • Bank or Post Office Passbook

Steps to Open a Post Office Savings Account

Step 1: Visit your nearest post office (or the official India Post website) and grab a simple application form.

Step 2: Fill in the form with your basic information.

Step 3: Attach your proof of identity (like an Aadhaar card) and a passport-sized photo.

Step 4: Make a minimum deposit of Rs.20 (Rs.50 if you do not want a chequebook).

Fees and Charges on Post Office Savings Account

Service Charge
Duplicate Cheque Book Rs.50
Issuing Deposit Receipt Rs.20 per receipt
Issuing Account Statement Rs.20 per statement
Cancellation or Change of Nomination Rs.50
Passbook Issuance (missing/mutilated certificate) Rs.10 per registration
Cheque Book Issuance (Savings account) No fee up to 10 leaves in a financial year; Rs.2 per cheque leaf thereafter
Account Transfer and Pledging Rs.100
Cheque Dis-honour Fee Rs.100

Benefits of Post Office Savings Account

A Post Office Savings Account offers several advantages that make it a smart choice for many individuals. Some of the key benefits, in a simple and clear manner, are listed below:

  • Safety and Reliability: Your money is secure with the government, making it a reliable savings option.

  • Easy Accessibility: Post offices are widespread, ensuring convenient access to your savings account across the country.

  • Low Minimum Balance: You can open a Post Office Savings Account with a minimal initial deposit, making it accessible to a wide range of people.

  • Attractive Interest Rates: The account provides competitive interest rates, helping your savings grow over time.

  • Tax Benefits: Some Post Office Savings Schemes offer tax benefits, providing an additional advantage for your financial planning.

  • No Risk of Market Fluctuations: Your savings are not subject to market risks, offering a stable and secure investment avenue.

  • Variety of Savings Schemes: Post offices offer a range of savings schemes catering to different needs, allowing you to choose the one that best suits your requirements.

  • Financial Inclusion: Post Office Savings Accounts contribute to financial inclusion by providing a straightforward savings option for people in remote or rural areas.

  • Nomination Facility: You can nominate a person to receive the funds in case of an unfortunate event, ensuring your loved ones are taken care of.

  • Simple Documentation: The process of opening and maintaining a Post Office Savings Account involves minimal paperwork, making it hassle-free for account holders.

Other Post Office Savings Scheme Interest Rates in 2024

Post Office Savings Scheme Rate of interest (in % p.a.)  Investment Amount (in Rs.) Tax on Deposits Tax on Interest
1-Year Time Deposit 6.9% ₹1,000 - No Limit NIL Fully-taxable
2-Year Time Deposit​​ 7.0% ₹1,000 - No Limit  NIL Fully-taxable
3-Year Time Deposit​​ 7.0% ₹1,000 - No Limit NIL Fully-taxable
5-Year Time Deposit 7.5% ₹1,000 - No Limit NIL Fully-taxable
5 Year Recurring Deposit Scheme​​ 6.7% Monthly ₹100 – No Limit NIL Fully-taxable
Senior Citizens Savings Scheme​​ (SCSS) 8.2% ₹1,000 - ₹15 lakhs Tax benefits u/ Section 80C  Fully-taxable
Post Office-Monthly Income Account​​ (PO-MIS) 7.4% ₹1,000 to ₹4.5 lakhs (Single A/c) and Rs. 9 lakhs (Joint A/c) NIL Fully-taxable
National Savings Certificate -VIII Issue (NSC) 7.7% ₹1,000 - No Limit NIL Interest reinvested annually, taxed on maturity
Public Provident Fund Scheme​​ (PPF) 7.1% ₹500 - ₹1.5 lakhs per year Tax benefits u/ Section 80C  Interest reinvested annually, taxed on maturity
Kisan Vikas Patra​​ (KVP) 7.5% ₹1,000 - No Limit NIL Interest reinvested every 6 months, taxed on maturity
Sukanya Samriddhi Account (SSA) 8.0% ₹250 - ₹1.5 lakhs per year NIL Interest reinvested annually, taxed on maturity
Mahila Samman Savings Certificate 7.5% ₹1,000 – ₹2 lakhs NIL Interest reinvested annually, taxed on maturity

*The interest rates of the Post Office Savings Scheme are quarterly reviewed by the Government of India.

In Conclusion

India's Post Office Savings Account offers a competitive and stable interest rate, making it a reliable choice for individuals seeking a secure and accessible savings option. With its widespread network and government backing, the Post Office Savings Account continues to serve as a popular choice for many investors, providing a simple and effective way to grow one's savings.


  • What is the interest of ₹1 lakh in a Post Office Savings Account?

    The interest on ₹1 lakh deposited in a Post Office Savings Account depends on the time period for which it is deposited:
    Time Period Interest Rate Interest Earned
    1 year 4% p.a. ₹4,000
    2 years 4% p.a. ₹8,000
    3 years 4% p.a. ₹12,000
    5 years 4% p.a. ₹20,000
    10 years 4% p.a. ₹40,000
  • What is the interest rate for a post office savings account?

    The interest rate for Post Office Savings Accounts is currently 4.00% per annum (p.a.). This means that for every ₹100 deposited in your account, you will earn ₹4 in interest per year.
  • What is the latest Post Office interest in 2024?

    The latest Post Office interest rates for different schemes in 2024 are as follows:
    • Post Office Savings Account: 4.00% p.a.

    • Post Office Fixed Deposit (FD):

      • 1 year: 6.90% p.a.

      • 2 years: 7.00% p.a.

      • 3 years: 7.00% p.a.

      • 5 years: 7.50% p.a. 

    • Monthly Income Scheme (MIS): 7.40% p.a. 

    • Senior Citizens Savings Scheme (SCSS): 8.20% p.a. 

    • Sukanya Samriddhi Yojana (SSY): 8.00% p.a. 

    • Kisan Vikas Patra (KVP): 7.50% p.a. (maturity period of 120 months)

  • How much interest is received on post office savings?

    You can easily calculate the interest you've earned using the following formula:

    Interest = Deposit amount * Interest rate * Time period

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
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