Modified on : 6 May, 2018
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Post Office Savings Accounts

This scheme helps individuals, house-wives, minors and others in inculcating a habit of thrift in themselves.

  • The interest payable on balance at the credit of an account increased from 3.5% per annum to 4.00% per annum w.e.f. 01.12.2011

Salient features Post Office Savings account accounts

Download Fillable Post Office forms
Use Post Office Small Saving Calculator
FeatureDescription
Eligibility Any resident adult individual singly or jointly with one or two other adults.

Minor's accounts can be opened through guardians.

A minor, who has attained 10 years age, can also open the account.

Minimum amount₹ 50/- in case of account without cheque book facility.

₹ 500/- in case of account with cheque book facility.

Cheque book FacilityApplication for availing the facility of Cheque System be submitted on Form SB/CQE-4 and requisition for fresh Cheque Book for Savings Account on Form SB/CQE-4A.
Maximum AmountMaximum ₹ 1,00,000/- for an individual account, ₹ 2,00,000/- for joint account. No limit on group / institutional or official capacity accounts.
Interest Rate3.5 per cent per annum upto 30th November 2011.

4.00 per cent per annum w.e.f. 1st December 2011.

Interest TaxabilityInterest upto ₹ 10,000/- for individuals & HUFs is exempt from income tax w.e.f 1st April 2012 ( for Assessment Year 2013-14).
Nomination facilityAvailable

Application for Nomination or Cancellation or variation of Nomination may be submitted on Form SB-55.

TransferabilityTransferable from one office to another.
Tax benefitsNot available under Section 80C.
Taxability of InterestInterest upto ₹ 10,000/- for individuals & HUFs is exempt from income tax w.e.f 1st April 2012 ( for Assessment Year 2013-14) under section 80TTA.

With effect from 1st April 2018 (AY 2019-20) Senior Citizens (i.e. Residents aged 60 years or above) are eligible for exemption of interest income from Bank / Post Office deposits (Saving accounts / Time deposits / RD accounts) upto ₹ 50,000/- under Section 80TTB. (They are, however, not eligible for rebate under section 80TTA.)

Other featuresOnly one single and one joint account can be opened at one post office.

No interest is payable for the balance less than Rs.50 in any particular month and for the balance more than Rs.1,00,000/- in a single account and Rs.200,000 in a joint account in a year.

If the depositor dies and there is without a nomination in force at the time of his death and the amount due is not exceeding Sixty Thousand Rupees, the Department of Post Office may pay the same to a person appearing before him, who is entitled to receive it or to administer the estate of the deceased.

Relevant forms
  • SB-7A - Account Closure/Premature Closure Form
  • SB 41 - Application for Issue of Duplicate Pass-book
  • SB-55 - Application for Nomination or Cancellation or variation of Nomination
  • SB-3(a) - Letter of Authority to be produced by an agent on behalf of an illiterate/blind/physically handicapped depositor
  • SB-10(b) - Application for transfer of Account
  • SB-83 - Application for the purpose of automatic transfer from Savings Account to RD Account(s)
  • SB-13(a) - Application for the transfer of Post Office TD Account as security
  • SB-101 - Claim under the Scheme of Protected Savings
  • SB-25 - Annexure-4 - Bond of Indemnity - To be executed by heirs of deceased Savings Bank Depositors.
  • Claim Form - Claim application form for settlement of the claim to a Savings Bank Account of the deceased depositor where nomination has been registered with the Post Office.
  • Claim Form - Claim application form for settlement of Savings Bank Account of the deceased depositor where the claim is preferred on legal evidence of heirship.
  • SB-84 - Post Office Savings Bank/Savings Certificate claim application where no nomination exists or legal evidence is not produced

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