So, opening a post office savings account is a good idea in such places so that your idle money can earn. Post office saving is the best form of savings schemes which provide substantially higher rates of interest and pose relatively lesser risks of suffering losses. Unlike so many banks i can still do this in my local small town. The individual investors deposit a good portion of their financial assets in a postal savings account in order to earn a fixed rate of interest on the investments. Post office saving account customer to submit duly filled request form in respective post office, after enabling desired service in customers savings accounts by post office, customer will get activation code on hisher mobile within 48 hours to proceed further. A post office savings account can be opened with a minimum of rs. Onefamily is a trading name of family assurance friendly society limited incorporated under the friendly societies act 1992. Usually we can open your account quickly but you might be asked to provide id and some documentation. It continues to provide banking services at post offices and, at the same time, some separated branches. Some post office money accounts allow you to save flexibly and regularly, others only allow you to deposit a lump sum upon account opening. A small, bound paper passbook that comes with the account.
Minimum amount for opening of account and maximum balance that can be retained. What is the best savings scheme offered by the post office. Every time you put your money into your account, an post will stamp your savings book, so you can watch your money grow just as you do. Should the deposit book be located you must contact state savings immediately. I have just found in a box of old stuff the post office savings bank account book of a nowdeceased relative. Post office money savings po box 87 armagh bt61 0bn well try to resolve things quickly and will get back to you within five working days. Quick answer post office time deposit account td the post office of india has alluring schemes for indians to save a few extra bucks. In case youve never heard of it, a passbook savings account not to be confused with apples passbook app, which is now called wallet works like a regular savings account, except for one charmingly oldschool detail. When you open a savings account in your local post office, you will get your very own savings book. Additional lodgements can be made at any post office or directly by post. Quick and efficient service a convenient product that actually seems to care about individuals like me who dont want to have to travel 20 miles each way to visit a.
The postoffice savings account can be opened minimum of rs. You can choose to get your interest paid annually or monthly. Variable interest rates apply to your savings these are calculated daily. George gunningham, 74, was given the post office savings book and tin bank by his parents one month after he was born in 1941. The book based account can be operated by an account holder aged 7 years or more without the consent of the childs parent or guardian. General information relating to the post office, volume 15. The postoffice annual directory for being a list of. Please, please save your money and dont sign up, you will regret it. They are offering better interest rates than a bank savings account. Post office money savings accounts are provided by bank of ireland uk.
It is also ideal for people living in rural or semirural areas with limited access to banks. Compare post office savings accounts putting money into a savings account can be a smart move, as long as you find the right one for your financial circumstances and saving goals. Interest earned in a savings account is tax free up to rs 0 per year from financial year 2012, noted india post. How to open post office savings account online documents form. Please sign below to confirm you have read and understand the notes overleaf including the notes regarding evidence of identity and personal data. For the quarter ending march 31, the government has retained the interest rates at existing levels. Martin lewis said the post office online account pays 1. But he was unable to access his coin collection in recent years as it. Why you should not invest in post office savings schemes.
A post office savings bank deposit account including the post office book, deposit account plus, pension save and childcare save will be deemed to be dormant if there have been no customer transactions since 1st october 2002. Post office small savings, safe investment with tax planning. In the peoples republic of china, the postal savings bank of china zh was split from china post in 2007 and established as a stateowned limited company. Savings in post office money cash isas are deposited with bank of ireland uk. Post office savings schemes that offer income tax benefits. The account particulars space on the front has a stamped name place b. Just like bank fd, one can also open a term deposit account in the post office for any of the four tenures available1, 2, 3 and 5 years. Similar to fixed deposits that are offered by banks, one can open a term deposit account in the post office for any of the four tenures available1, 2, 3 and 5 years. All other post office money savings accounts are provided by bank of ireland uk. All such accounts will be opened after proper introduction of the depositor through an introducer known to the post office who has an account with cheque facility in the same post office. The post office savings bank offered a whole range of products which encouraged every family member to be a national saver savings certificates, savings bank accounts, trustee savings accounts, savings stamps and, from 1956, premium savings bonds ernie.
Till today there are many villages or areas in india where there is not a single bank to open sb account. Post office savings account latest breaking news, pictures, videos, and special reports from the economic times. The post office savings account is the deposit scheme offered by the department of post on which fixed interest is paid. In going through her affairs i found a post office savings book. Different postoffice for small savings schemes are as follows. Post office savings schemes that offer income tax benefits apart from many banks, post offices also offer the popular taxsaving scheme ppf, which qualifies for eee exemptexemptexempt tax benefit. Kyc procedures also enable to post office savings banks to knowunderstand their customers better which in turn help them manage their risks prudently. Connection, customer service and remedial action a joke. It yields returns on your investment at a fixed interest rate which is decided by the reserve bank of india. Below is a list of the main types of savings accounts the post office currently offers so you can find out more before moving forward. Post office savings account is a deposit scheme under the government of india, operational at all post offices in the country.
Thus the savings bank opened for business on monday 16th september 1861 in two small rooms within. Over 3,000 limit is available subject to 7 days notice. Up to 3,000 daily limit available on demand at any post office. These can be accessed in branch, online or by telephone. Current address as per posb book contact telephone number declaration and signature. How to open post office savings account moneygyaan. Interest rates available to savers with an post have been sharply reduced, with cuts in demand deposit rates and the rates available on new longerterm savings products also, one popular deposit. Though post office savings schemes like nsc or kisan vikas patra carry name of the investor but in case post office savings schemes certificate is lost, stolen or damaged then investor need to run from pillar to post to claim hisher investment that too without much success.
If you are looking for a very safe investment option, with good liquidity and guaranteed returns, you should open a post office savings account. They then cancel direct debits without your permission meaning you then have mark on your credit file. Therefore, they are widely accepted among the different sections of the indian society and among the different age groups. We have savings accounts you can open with as little as. State savings has the perfect product for you whether youre planning your retirement, saving for your childrens future or just for a rainy day, state savings has a range of products to suit your needs. The financial services compensation scheme, or the fscs, is the uks independent compensation service for customers as a last resort if your bank. Found old post office savings bank book what to do. The post office offers a wide range of financial products, including savings, mortgages, foreign exchange, credit cards and insurance. Savings accounts that provide you with a variable rate, and the ability to make withdrawals when you like.
Online saver easy access savings accounts post office. Post office savings bank accounts national savings and investments finding an old post office savings bank account. The postoffice annual directory for being a list of more than 17000 merchants, traders pp of london and parts adjacent. Manage your savings online 247 with post office money online saver. Post office savings schemes are like currency notes. In 1861 the post office savings bank act enabled the general post office gpo to provide a simple savings scheme for ordinary wage earners. Cheapest provider for a reason you have been warned updated 4 days ago. How much old post office savings book balance worth today. My grandad has saved money in a post office account for me and my siblingscousins since we were kids and due to my parents divorce and moving around alot the post office book is now lost. This is the worst online bank website i have encountered. This 1869 deposit book would be carried by the customer, and is a typical record of a british post office savings bank savings account. I opened an online savings account but needed to contact to go to the post office to submit my security checks.
Bank of ireland uk is a trading name of bank of ireland uk plc which is authorised by the prudential regulation authority and regulated by the financial conduct authority and the prudential regulation authority under registration number 512956. Our banking support team will be able to help with any technical questions you might have. All other post office money accounts are provided by bank of ireland uk. Onefamily is a trading name of family assurance friendly society limited incorporated under the friendly societies act 1992, reg.
If you choose annually, your account will be paid in march of that year. How to open post office savings account online documents. Post office savings account is one of the most popular savings account in india. Post office money online saver is open to anyone aged 18 or over and a uk resident for tax purposes. In such areas post office plays a crucial part as they have the highest reach network in india. Pensioner finally opens 74yearold savings account after. National savings ordinary account, better known as the post office savings account, inevitably fell victim to the unstoppable influence of hitech banking.
What is post office savings, indian post office savings. I opened a new post office online saver account 2 days ago and tried to make deposit from my linked account but the transaction did not show up and i just got a message saying transaction fail sorry but your transaction cannot be made at this time. Professional helpful staff nothing is too much trouble. Post office savings accounts simply savings accounts.
1511 850 1159 1461 1283 938 493 851 437 829 1090 121 662 723 1530 1209 1042 1521 51 783 824 763 1254 1486 669 942 372 300 452 1194 1303 137 473 1326 416 697 1410 79 71 1166 16 1083 1086 1428 1057 1452 876 725 345