Minimum Deposit
Min ₹500 (Initial & Balance)
Maximum Deposit
No Upper Limit
Scheme Tenure
Flexible (Open for Life)
Tax Status
Sec 80TTA (Tax-Free up to ₹10,000)
Official Rules & Key Features
- Interest Rate: 4.0% per annum calculated on the minimum balance between 10th and end of the month.
- Deposit Limits: Minimum initial deposit of ₹500. No upper limit on maximum balance.
- Digital Banking: ATM Card, e-Banking, m-Banking, and IPPB mobile app sweep-in/sweep-out integration.
- Cheque & Passbook: Issuance of localized cheque book and physical passbook upon request.
- Nomination: Free nomination facility available at the time of account opening or later.
Eligibility & Who Can Open Account
- Any individual adult (Single or Joint up to 3 adults).
- A guardian on behalf of a minor (child below 10 years).
- A minor above 10 years of age in their own name.
- Person of unsound mind through a legally appointed guardian.
Taxation Rules
Interest earned up to ₹10,000 per financial year is completely tax-free under Section 80TTA of the Income Tax Act. No TDS (Tax Deducted at Source) is deducted by the Post Office.
Premature Closure
Account can be closed at any time by submitting Form SB-7B along with the passbook at the home branch.
Required KYC & Verification Documents
Aadhaar Card, PAN Card, Passport size photos, and Address Proof (Voter ID, Driving License, or Utility bill).
Calculate Returns
Estimate exact maturity yield, monthly interest payout, or premium quotes for Post Office Savings Account (SB).
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