Savings are a vital way for the poor to weather financial shocks and capture incomegenerating opportunities. Nest eggs increase the capability of the poor to manage cash flow, address the problems of uneven income, reduce the impact of the lean season and become more resilient
Spread like a spider web, Indian post operates from over 1.5 lakh offices across the nation. Apart from its mailing operations, these offices provide a variety of banking services to the customers. The department of postal services allow customers to open their savings account, and also provides an ATM-cum-debit card with fixed withdrawal amount as the limit. As per the India Post’s official website, an individual can open a savings account with mere Rs 20. A holder of the savings account can enjoy the 4 per cent annual rate of interest on his savings in the current quarter.
ATM TRANSACTION CHARGES:
|Daily ATM cash withdrawal limit
|Cash withdrawal limit per transaction
|Charges for transactions done at DOP ATMs
|Free (Both Financial & Non Financial) with a limit of 5 Financial transactions per day
|Permissible free transactions at other Bank ATMs (per month)
|Metro Cities – 3 free transactions (Both Financial & Non Financial)
Non Metro Cities – 5 free transactions (Both Financial & Non Financial)
|Charges after exceeding permissible free transaction limit at other Bank ATMs
|Financial & Non Financial Transactions – Rs 20 + Applicable GST
Post office savings account holders have the facility to choose or to leave the cheque book facility. Customers seeking to get a cheque book are required to maintain a minimum balance of Rs. 500.
Types of accounts:
|SB(non Cheque account)
(With input from agencies)