Spread like a spider web, Indian post operates from over 1.5 lakh offices across the nation. Apart from its mailing operations, these offices provide a variety of banking services to the customers. The department of postal services allow customers to open their savings account, and also provides an ATM-cum-debit card with fixed withdrawal amount as the limit. As per the India Post’s official website, an individual can open a savings account with mere Rs 20. A holder of the savings account can enjoy the 4 per cent annual rate of interest on his savings in the current quarter.
ATM TRANSACTION CHARGES:
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Daily ATM cash withdrawal limit |
INR. 25000/- |
Cash withdrawal limit per transaction |
INR. 10000/- |
Charges for transactions done at DOP ATMs |
Free (Both Financial & Non Financial) with a limit of 5 Financial transactions per day |
Permissible free transactions at other Bank ATMs (per month) |
Metro Cities – 3 free transactions (Both Financial & Non Financial)
Non Metro Cities – 5 free transactions (Both Financial & Non Financial) |
Charges after exceeding permissible free transaction limit at other Bank ATMs |
Financial & Non Financial Transactions – Rs 20 + Applicable GST |
OTHER FACILITIES:
Post office savings account holders have the facility to choose or to leave the cheque book facility. Customers seeking to get a cheque book are required to maintain a minimum balance of Rs. 500.
Types of accounts:
Minimum balances in respect of different types of account
SB(Cheque account) |
INR. 500/- |
SB(non Cheque account) |
INR. 50/- |
MIS |
INR. 100/- |
TD |
INR. 100/- |
PPF |
INR. 500/- |
Senior Citizen |
INR. 1000/- |
(With input from agencies)