India Post Savings Account

[itssudiptadas]

Hi, I need some information about India Post Savings Account, any one use this service from India Post please elaborate about it how to open ? How to use ? Features & Charges everything about this I want to open for my mother because of 4% interest rate P.A. to park some emergency fund and deposit monthly some amount..

 

[Anindya98]

Hi, I need some information about India Post Savings Account, any one use this service from India Post please elaborate about it how to open ?

Yes, I use the service. It's very simple just visit your nearest Post Office with KYC Documents(Original & Xerox) and 2 Passport Size Photographs. Account will be opened instantly and a minimum of 500 funding and MAB is required. I use the account for NSC and keep only 500 in SB.

How to use ?

Mostly works offline but you can activate the net banking, I am not able to do so already submitted the request to active the Net banking.

Features & Charges everything about this I want to open for my mother because of 4% interest rate P.A. to park some emergency fund and deposit monthly some amount..

No Charges if you maintain a minimum balance of 500 and the DC charge is 125+GST(not recommended). You will get the SMS facility free of cost but the SMS will not be instant if you deposit 5K within 3-4hrs you will receive the SMS.
I heard you need to transact once a year to keep the account active. Otherwise, we have to update the KYC again next time.

 

[AlgoTrader]

I have it , with a debit card and net banking. I also have IPPB account to make transfer to and fro from savings account to keep it active. But it is huge pain if we want to go to post office for anything

 

[itssudiptadas]

Yes, I use the service. It's very simple just visit your nearest Post Office with KYC Documents(Original & Xerox) and 2 Passport Size Photographs. Account will be opened instantly and a minimum of 500 funding and MAB is required. I use the account for NSC and keep only 500 in SB.

Okay .

Mostly works offline but you can activate the net banking, I am not able to do so already submitted the request to active the Net banking.

If I want mobile banking or net banking it's active only from post office guy? I can't activate my end like other bank account net banking?

No Charges if you maintain a minimum balance of 500 and the DC charge is 125+GST(not recommended). You will get the SMS facility free of cost but the SMS will not be instant if you deposit 5K within 3-4hrs you will receive the SMS.
I heard you need to transact once a year to keep the account active. Otherwise, we have to update the KYC again next time.

If I not take debit card can I use mobile banking for fund transfer to another bank account?

 

[itssudiptadas]

I have it , with a debit card and net banking. I also have IPPB account to make transfer to and fro from savings account to keep it active. But it is huge pain if we want to go to post office for anything

I need only post office savings account not IPPB. Can I transfer money from my another bank savings account or to any other savings account without debit card can you explain? I need only mobile banking or net banking for transaction. Can we do online transaction from MB/NB ?

 

[AlgoTrader]

I need only post office savings account not IPPB. Can I transfer money from my another bank savings account or to any other savings account without debit card can you explain? I need only mobile banking or net banking for transaction. Can we do online transaction from MB/NB ?

With post office net banking, you can transfer money from and to post office bank accounts. That's why I asked you to get IPPB.
If you need to move money from sbi bank account to post office bank account , you can simply transfer money from sbi to ippb and then ippb to post office bank. And reverse as well.
Without ippb, it is not possible.

 

[itssudiptadas]

With post office net banking, you can transfer money from and to post office bank accounts. That's why I asked you to get IPPB.
If you need to move money from sbi bank account to post office bank account , you can simply transfer money from sbi to ippb and then ippb to post office bank. And reverse as well.
Without ippb, it is not possible.

Okay, but I need to open joint account for my mother with me. I think IPPB didn't offer joint account?

 

[supperman]

I need only post office savings account not IPPB. Can I transfer money from my another bank savings account or to any other savings account without debit card can you explain? I need only mobile banking or net banking for transaction. Can we do online transaction from MB/NB ?

With a post office savings account, you can transfer to and fro from any other bank account. You don't need a debit card for this purpose. You can do online transactions using MB/NB.

 

[Anindya98]

I want mobile banking or net banking it's active only from post office guy? I can't activate my end like other bank account net banking?

Post office you need to submit the request they will activate it.

If I not take debit card can I use mobile banking for fund transfer to another bank account?

For net banking DC is not required AFAIK and fund transfer also via MB/NB.

 

[itssudiptadas]

With a post office savings account, you can transfer to and fro from any other bank account. You don't need a debit card for this purpose. You can do online transactions using MB/NB.

Okay, Thanks for your information

 

[itssudiptadas]

Post office you need to submit the request they will activate it.

I have to request at the time of account opening or after account create I have to raise the request?

For net banking DC is not required AFAIK and fund transfer also via MB/NB.

I have to deselect debit card option at account opening form?

 

[itssudiptadas]

And last one thing India Post Savings Account have any IFSC code for money transfer from SBI or any other bank ?

 

[supperman]

And last one thing India Post Savings Account have any IFSC code for money transfer from SBI or any other bank ?

Yes, they have an IFSC code.

 

[itssudiptadas]

Yes, they have an IFSC code.

O K A Y

 

[RAMESH BABU N]

If she can physically go to post office, regularly, then open only POSB account.

If you/she prefer to do trxns online (and rarely go to the post office), then you should open POSB account AND IPPB's SB account and link them both.

 

[panchabhut]

For POSB, you can open at your nearest post office. KYC documents (preferably Adhaar) required for all holders. Once opened, transaction can be done from any post office anywhere in India with the passbook. You can opt for cheque book and DC but its not mandatory. Min balance is 500.
Inward NEFT works. I was told that internet banking can be activated from the base branch where the account was opened,, but have not tried it.

 

[itssudiptadas]

For POSB, you can open at your nearest post office. KYC documents (preferably Adhaar) required for all holders. Once opened, transaction can be done from any post office anywhere in India with the passbook. You can opt for cheque book and DC but its not mandatory. Min balance is 500.
Inward NEFT works. I was told that internet banking can be activated from the base branch where the account was opened,, but have not tried it.

Thank you, I will go tomorrow post office let's see what they needed for account opening.

 

[itssudiptadas]

If she can physically go to post office, regularly, then open only POSB account.

If you/she prefer to do trxns online (and rarely go to the post office), then you should open POSB account AND IPPB's SB account and link them both.

I will open joint account me as a 2nd applicant & some people told me that I transfer money to POSB via NEFT and same from POSB I transfer money to another account via MB/NB let's see . I have no need of UPI this account use for emergency fund and park some savings that's it.