Post Office Savings Account: Post Office Savings Account provides a safe and convenient solution to save money. If there is no activity on your account for a long time then that account is considered doormat. If we talk about the rules of this account, then if no deposit or withdrawal of money is made in an account during 3 consecutive financial years, then it is not considered active.
Post Office Savings Account: Post Office Savings Account provides a safe and convenient solution to save money. If there is no activity on your account for a long time then that account is considered doormat. If we talk about the rules of this account, then if no deposit or withdrawal of money is made in an account during 3 consecutive financial years, then it is not considered active.
Start your closed account like this
You have to submit the application along with new KYC documents and passbook at the post office so that the silent account can be activated. This account can be opened by a single adult, joint account and a guardian on behalf of a minor.
The minimum deposit in this account is Rs 500. After opening the account, you cannot deposit less than Rs 10. A minimum amount of Rs 50 can be withdrawn in this. There is no limit on maximum deposit in this account.
If the amount in your post office savings account is less than Rs 500, then you cannot withdraw money from your account. If your balance is less than Rs 500 in a year, then Rs 50 will be deducted as maintenance charge.
After the 10th of every month, interest is calculated on the minimum balance of the month. The government decides the interest rate on this every quarter. In this, under Section 80TTA of the Income Tax Act, tax exemption is available on interest up to Rs 10,000 in a financial year from all savings bank accounts.
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