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Post Office Bank Account Opening: Explained

What is the post office bank account opening? In this article let’s see post office bank account opening and activation of the linked ATM card. You may have heard about this account. All account holders get ATMs for free and can be used at other ATMs at no extra cost (limited to a certain number of transactions).

With this new facility, the post office bank account is becoming popular among common people because we all get all the services, such as the possibility of withdrawing money, bank transfer, etc.

Things are completely different here and the big advantage is that you can save valuable time. You will receive the account passbook and ATM card from the post office the same or the next day

What documents are required to open post office account?

  •  A photocopy of Aadhaar card which is self-attested can be used as proof of photo identity and address.
  • One copy of the self-attested PAN card, which is necessary for higher transactions. In case you do not have a PAN card, you can submit  60/61 form, which is available at the post office.
  •  Three passport size photos (two for attaching to the account application form and one remaining for the passbook)
  •  Initial payment of Rs. 50/ (without checkbook)

Also Read: Post Office RD Account Details: Recurring Account Details

Steps to open post office bank account

You can get the account opening form from the nearest post office or you can download it online. A separate form for senior citizens is available.

  • After filling-up, the form sends it along with the necessary KYC documents and photos. 
  • Pay the amount you want to deposit; the amount should not be less than Rs. 20.
  • If you wish to open a post office bank account without a checkbook, the minimum deposit is Rs. 50. 
  • A special form is available for senior citizens.
  • After you pay the amount, a savings bank account will be created for you.

Benefits of post office bank account 

Customers who want to open this account have access to checks and ATMs. Here are some of the benefits of a post office bank account:

Cheque facility 

Check facility is available for this type of account and the facility can also be requested for the existing accounts.

ATM/debit card

CBS Post Office can issue ATM/debit cards to account holders who maintain the minimum balance set on the day the debit card was issued.

Minor accounts

Post office bank account is available for minors. For children under the age of 10, accounts can be opened in their name, but the rights have been given to parents or guardians to uses the account on behalf of these minors. Children of 10 years of age and older can manage their accounts.

Portability

If you change residence or are dissatisfied with the postal service or for other reasons, you can transfer the savings bank at the post office to the branch of your choice. You can only open one account in one post office.

Nomination

The nomination facility is available for this account when you open the account. Also, the account holder at any time can decide to appoint someone to receive the profits of the account after his death.

Joint account

Under the joint account facility two or three adults can hold an account together. One single account can be converted to a joint account and a joint account can be converted into a single account.

Withdrawals and deposits can be made by the customers through any electronic mode at CBS Post office.

Long-term for inactivity

For your account to be active, the account holder needs to make only one transaction of withdrawal or deposit in three financial years.

An account is not considered inactive unless no transactions have taken place during the three financial years.

How to activate post Office bank account ATM card initially?

ATM card can be activated after 24 hours by using it in the Indian post office ATM.

  • Fill out a simple form in the post office and collect your ATM card.
  • Open the ATM kit cover. After removing the ATM card from the cover place the signature on the back of the card.
  • You will receive your secret PIN on the same cover. Be careful when opening paper with a PIN. You need to activate the card with the same four-digit secret number which is written on the paper.
  • The ATM card can only be activated after 24 hours through India Post ATMs. These ATMs are usually available at all major branches in certain cities.
  • When after 24 hours you use the card in the ATM you will receive a message that your card verification is in progress.
  • After a few seconds, you will be asked to enter a secret four-digit PIN code on the screen. You must enter the same pin that you have received with the ATM card. Enter that PIN and your ATM card is now active.
  • We recommend changing the system inbuilt password for secure banking.
  • Once your ATM card is activated, you can withdraw money from ATMs of other banks as well.

Withdrawal from post office saving account

An account holder can withdraw the money deposited in his/her post savings account whenever he/she needs it. 

The only thing is the minimum balance of Rs. 50/ should be maintained in the case of a general account and Rs. 500 if the account has a cheque facility.

 

 

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