India Post provides a range of financial and retail services, besides offering mailing services. It offers several types of accounts such as savings account, fixed deposit account, monthly income scheme account, senior citizen savings scheme (SCSS) account and recurring deposit (RD) account. The savings accounts of India Post comes with an ATM facility. This account can be opened by paying a minimum of Rs. 20, according to the India Post’s official website – indiapost.gov.in. India Post pays interest at the rate of 4 per cent per annum on deposit in its savings account in the current quarter. The minimum balance that is required to be maintained in an account without the cheque facility is Rs. 50.
Here are the various types of ATM-cum-debit card charges levied by India Post and the transaction limits:
A post office savings account can be opened by cash only. A cheque facility is available if the account is opened with Rs. 500 and for this purpose, maintenance of Rs. 500 as minimum balance is required.