With a minimum amount of Rs 20, an individual (or a few individuals in case of joint account) can open his/her/their postal savings account. The minimum balance that needs to be maintained in a non-cheque facility account is Rs 50 and with cheque facility it is Rs 500. Interest earned from an account, up to Rs 10,000 per annum, is tax free.
Key Features:

Account can be transferred from one post office to another.
Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
Joint account can be opened by two or three adults.
At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active.
Single account can be converted into joint and Vice Versa.
Minor after attaining majority has to apply for conversion of the account in his/her name.
Inter Post office transactions can be done between CBS post offices.
ATM/Debit Cards can be issued to Savings Account holders (having prescribed minimum balance on the day of issue of card) of CBS Post offices.

Source: India Post