New Delhi: In a bid to encourage savings with minimal hassle, post office savings accounts have emerged as a reliable and convenient option. These accounts not only provide a secure space for your money but also offer an opportunity to earn interest without being burdened by hefty fees or stringent minimum balance requirements.
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What Is Silent Account In Post Office?
However, it’s essential to be aware of the concept of a “silent account” in the post office. An account is deemed silent or dormant when no deposits or withdrawals occur for three consecutive financial years. But fear not, reviving such an account is a straightforward process.
To breathe life back into a dormant account, individuals need to submit an application along with fresh Know Your Customer (KYC) documents and their passbook to the concerned post office.
Key Features Of Post Office Savings Accounts:
Minimum Opening Amount
A modest Rs 500 is all it takes to open an account, making it accessible for a wide range of savers.
Interest Rate
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As of November 30, 2023, the post office savings account offers an attractive interest rate of 4 percent per annum on individual and joint accounts.
Who Can Open A Post Office Savings Account?
The flexibility of post office savings accounts extends to the account holders as well. These accounts can be opened by:
Single Adults: Individuals looking to manage their finances solo.
Two Adults: Whether Joint A or Joint B, this option allows two adults to jointly operate the account.
Guardian on Behalf of a Minor: For parents or guardians interested in securing the financial future of a minor.
Guardian on Behalf of a Person of Unsound Mind: Offering a supportive option for those who may need assistance in managing their finances.
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Minors Above 10 Years: Empowering young savers, this option allows minors above the age of 10 to have an account in their own name.
