Salient Features
Minimum amount of deposit is Rs.200/-.
No maximum limit.
Account can be closed after 6 months but before one year without any interestp.
Facility of redeposit on maturity of an account.
No interest is payable on undrawn interest amount.
Account can be opened by an individual, two adults jointly and minor through guardian.
A Minor who has attained the age of 10 years can open the account in his/her own name to be operated directly.
Non Resident Indian / HUF cannot open the account.
Any number of accounts can be opened.
Two, three and Five years accounts can be closed after one year at a discounted rate of interest.
Deposits not drawn on maturity are eligible to saving account interest rate for a maximum period of two years.
Account can be pledged as security against a loan to banks/ Government institutions.
Accounts are transferable from one Post office to any Post office in India.
Rebate under section 80-C is not admissible.
Interest income is taxable.
Deposits are exempt from wealth tax.
No T.D.S.
Nomination facility available.
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