What is Post Office Saving Account Scheme

Post Office Savings Account Scheme (India)

This is a basic savings account offered by India Post, similar to a bank savings account. It’s one of the many small savings schemes backed by the Government of India.

Key Features:

Minimum Balance to Open: ₹500

Interest Rate: Generally around 4% per annum (subject to change by the government)

Account Types: Single or Joint

ATM/Debit Card: Available with CBS (Core Banking Solution) accounts

Cheque Book: Available on request

Tax Benefits: Interest up to ₹10,000 is tax-free under Section 80TTA of the Income Tax Act

eligibility:

Any Indian resident (including minors with a guardian)

Only one account per person is allowed (except joint or minor accounts)