Post Office Savings Account(SB)
State: Central
Ministry: Ministry Of Communication
Department: Department of Posts
Category: Banking,Financial Services and Insurance
Beneficiary Type: Individual

The objective of the Post Office Savings Account (SB) scheme is to encourage people to save money safely with the government. It offers easy access, a low minimum balance of ₹500, and steady interest, helping individuals build regular saving habits.

Benefits:
1. Safe place to keep money with 4% interest.
1. Easy to open with just ₹500 minimum balance.

**Interest on deposits**

1. Interest will be calculated based on minimum balance between 10th of the month and end of the month and allowed in whole rupees only.
1. No interest will be allowed in a month if balance at any time between 10th and last day of the month falls below ₹ 500/-.
1. Interest shall be credited in account at the end of each Financial Year at the interest rate prescribed by Ministry of Finance from time to time.
1. At the time of closure of account, interest will be paid up to the preceding month in which account is closed.
1. u/s 80TTA of the Income Tax Act, from all Savings Bank Accounts, interest up to ₹10,000 earned in a Financial Year is exempted from taxable Income.
**Silent Account**
[(Please refer Rule-8 of Post Office Savings Account Rules 2019)](https://www.indiapost.gov.in/documents/offerings/schemesandservices/posb/PostOfficeSavingsAccountScheme2019English.pdf)

1. If no deposit/withdrawal takes place in an account during continuous three financial years, the account shall be treated as silent.
1. To revive a silent account, simply apply at your Post Office, along with updated [KYC ](https://www.indiapost.gov.in/documents/posb/KYC_SB_order_08_2023.pdf)documents and passbook, this revival process is free of charge.
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Eligibility:
1. The applicant must be a resident citizen of India.
1. The applicant can be a single adult opening an individual account.
1. The applicant can open a joint account with up to three adults.
1. The applicant can choose Joint ‘A’ type (operated jointly) or Joint ‘B’ type (operated by any holder).
1. The applicant can be a guardian opening an account on behalf of a minor.
1. The applicant can be a guardian opening an account for a person of unsound mind (Authorised Account).
1. The applicant can be a minor above 10 years who can open and operate the account.
1. The applicant can have only one single account in their name.
1. The applicant cannot convert a single account into a joint account or vice versa.
1. The applicant (in joint account) becomes the sole owner if other holders pass away, subject to rules.

**Note:** Upon reaching the age of 18 years, account holders must submit a new Account Opening Form (AOF) and fresh KYC documents at their Post Office to convert their minor account into an adult account.
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Application Process:
[Offline]
Step 1: Visit the nearest Post Office and collect the Account Opening Form and KYC Form.
Step 2: Fill out the forms carefully and attach required documents (PAN, Aadhaar or valid ID proof, etc.).
Step 3: Submit the completed forms along with documents at the Post Office counter.
Step 4: Deposit the minimum amount (₹500) through cheque.
Step 5: After verification, the account will be opened and details will be provided.

Documents Required:
PAN Card
Aadhaar Card / Valid ID Proof
Date of Birth Proof (for minor)
Joint holders’ KYC (if applicable)
Guardian KYC (for minor account)