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About Post Office Saving Account 'POSA': Details, Features, Benefits, Highlights
About Post Office Saving Account 'POSA': Details, Features, Benefits, Highlights
Governing Body: Post Office Saving Account (POSA) is governed by the Union Ministry of Finance
Types of Account: POSA offers standard banking and remittance services.
Account Opening: Accounts can be opened after filling a post office savings account application form and submitting the required KYC documents- identity and address proof.
Opening Deposits: Accounts can be opened with a minimum deposit of Rs 20. The accounts with cheque facility require a minimum deposit of Rs 500.
Interest: 4% interest on deposits, payable quarterly.
Minimum Balance: Account holders have to maintain a minimum account balance of at least Rs 50 per month or Rs 500, for accounts with cheque facility.
Minimum Balance: There is no maximum balance limit for the account holders
Doorstep Banking: No doorstep banking feature.
Money Transfer: Money transfer allowed within post office savings bank (POSB) accounts. Once POSB accounts are linked with IPPB, customers will be able to enjoy all money transfer service like other banks.
Withdrawals: Customers will be offered a debit card while opening the account. The card can be used to make withdrawals from any ATM across the country.
