A popular scheme where the account holder fix deposits a sum starting from Rs 1,500 to maximum of Rs 4.5 lakh for single account holders and Rs 9 lakh in joint account holders and the interest from the amount is paid back every month.
- For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
- Nomination facility is available at the time of opening and also after opening of account.
- Account can be transferred from one post office to another.
- Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
- 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.
- All joint account holders have equal share in each joint account.
- Single account can be converted into Joint and Vice Versa.
- Minor after attaining majority has to apply for conversion of the account in his name.
- Maturity period is 5 years.
- The deposit can be prematurely en-cashed after one year but before 3 years at the discount of 2 per cent of the deposit and after 3 years at the discount of 1 per cent of the deposit. (Discount means deduction from the deposit)
Source: India Post