New Delhi: India Post or Department of Posts provides a host of financial and retail services to its customers. Just like commercial banks, it offers savings account, fixed deposit account, monthly income scheme, senior citizen savings scheme, recurring deposit (RD), Kisan Vikas Patra, Sukanya Samriddhi account, etc.
One can open a savings account in India Post with just a payment of Rs 20 and avail of the ATM facility. The key features of savings account include no monthly average balance required to be maintained, the account can be opened with zero balance, free quarterly account statement, mini statement through SMS, simplified banking services through QR card, instant fund transfer through IMPS, easy bill payment and recharges, among others.
If you wish to open a savings account, you will require to visit the official website of India Post, indiapost.gov.in. Key things to know about India Post ATM cum debit card facility-
1. Currently, India Post pays an interest of 4 per cent per annum on deposit in the savings account. If the customers carry out transactions over and above the prescribed number of free transactions, then they will have to pay charges.
2. India Post permits cash withdrawal of up to Rs 25,000 per day through its ATM card. According to the website, a cash withdrawal of Rs 10,000 per transaction is applicable. An account holder can carry out five transactions per day. This includes financial and non-financial transactions.
3. People using the India Post ATM card to do the transaction at the ATMs of other banks in metros are permitted a total of three transactions per month free of cost.
4. ATM cardholders are allowed to do five transactions free of cost in other banks’ ATMs in cities other than metros. The charges levied after exceeding permissible free transaction limit at other bank ATMs including financial and non-financial transactions is Rs 20 plus applicable GST (goods and services tax).
5. A savings account in India Post can be opened by cash only. In order to avail of a cheque facility, the account will have to be opened with the payment of Rs 500. The minimum balance of Rs 500 is required to maintain the account.