SAVINGS BANK ACCOUNT

Rate of Interest, Deposit limit and Tax benefit

POST OFFICE SAVINGS ACCOUNT (POSA)
Sl. No.	Name of the Scheme	Interest	Limit of Deposit	I.T.benefit	Place of Deposit
	POSA	3.50%	Min: Rs.20 Max: Rs.1,00,000 for single A/c and Rs.2,00,000 for joint A/c.	IT concession for interest u/s 10 of IT Act	All Post offices

An account may be opened with a minimum of Rs.20. Further deposit into the account may be as low as Rs.5/-

Accounts can be opened by an individual, or jointly by 2 or 3 adults.

For opening of new account (whether cheque or non cheque account) the introduction of depositor will be necessary. All such accounts will be opened after proper introduction of the depositor through an introducer known to the Post Office who has a account (with cheque facility) in the same Post Office.

Maximum ceiling of deposits in a single Account is Rs. 1,00,000 and Joint Account Rs.2,00,000.

The rate of interest is 3.50% per annum in case of Single and Joint Accounts.

Cheque Book facility is available at all the Post Offices subject to a minimum balance of Rs.250/- in the concerned account. No commission will be charged for realization of cheque anywhere in India if the cheque is presented for deposit at any Post Office.