Post Office Savings Account(SB)
Ministry: Ministry Of Communication
Department: Department of Posts
The objective of the Post Office Savings Account (SB) scheme is to encourage people to save money safely with the government. It offers easy access, a low minimum balance of ₹500, and steady interest, helping individuals build regular saving habits.
About This Scheme
Benefits
1. Safe place to keep money with 4% interest.
₹500
1. Easy to open with just ₹500 minimum balance.
Interest on deposits
1. Interest will be calculated based on minimum balance between 10th of the month and end of the month and allowed in whole rupees only.
₹500
1. No interest will be allowed in a month if balance at any time between 10th and last day of the month falls below ₹ 500/-.
1. Interest shall be credited in account at the end of each Financial Year at the interest rate prescribed by Ministry of Finance from time to time.
1. At the time of closure of account, interest will be paid up to the preceding month in which account is closed.
₹10.0K
1. u/s 80TTA of the Income Tax Act, from all Savings Bank Accounts, interest up to ₹10,000 earned in a Financial Year is exempted from taxable Income.
Silent Account
[(Please refer Rule-8 of Post Office Savings Account Rules 2019)](https://www.indiapost.gov.in/documents/offerings/schemesandservices/posb/PostOfficeSavingsAccountScheme2019English.pdf)
1. If no deposit/withdrawal takes place in an account during continuous three financial years, the account shall be treated as silent.
1. To revive a silent account, simply apply at your Post Office, along with updated [KYC ](https://www.indiapost.gov.in/documents/posb/KYC_SB_order_08_2023.pdf)documents and passbook, this revival process is free of charge.
Required Documents
- ✦PAN Card
- ✦Aadhaar Card / Valid ID Proof
- ✦Date of Birth Proof (for minor)
- ✦Joint holders’ KYC (if applicable)
- ✦Guardian KYC (for minor account)
✦ Required ◦ Optional
How to Apply
Quick Info
- Level
- Central Government
- Max benefit
- ₹10.0K
