Post Office Savings Account(SB)

The Post Office Savings Account (SB) scheme, operated by the Department of Posts under the Ministry of Communications, Government of India, offers an interest rate of 4% per annum with interest paid periodically. It can be opened with a minimum amount of ₹500, and the account holder must be a resident citizen of India. Deposit and Withdrawal 1. All deposits/ withdrawals shall be made in whole rupees only. 1. Minimum deposit amount: - ₹500 (subsequent deposit not less than- ₹10) 1. Minimum withdrawal amount: - ₹50 1. Maximum deposit:- No maximum limit 1. No withdrawal will be permitted which has effect of reducing minimum balance under ₹500 1. Note: In case account balance not raised to ₹500 at the end of financial year, ₹50 will be deducted as Account Maintenance Fee and if account balance becomes Nil, the account shall stand automatically closed. Nomination [Please refer Rule-14 of GSPGR 2018](https://www.indiapost.gov.in/documents/offerings/schemesandservices/posb/GSPREnglish2018.pdf) 1. A Depositor in a Single Account, or the depositors in a joint account, as the case may be, shall nominate one or more individuals as nominee but not exceeding four individuals, who in the event of the death of the depositor in a Single Account or all the depositors in a joint account, shall be entitled to receive the eligible balance. 1. Such nomination shall be made at the time of opening of the account by furnishing the following information in Form 10: (a) Name(s) of the nominee(s); (b) Percentage of share each nominee shall be entitled to; (c) Whether the nominee shall receive the amount as a beneficiary with absolute and exclusive right of ownership, or as a trustee for the benefit of the legal heirs of depositor.