Post Office Savings Account scheme was initiated with a focus on the rural population who have minimal access to banks and banking facilities.
These offices are used as banking portals, since post offices are widespread across all remote locations in India. With more than 25,000 branches in cities and towns, post offices can be found every 5-10 km long. Post offices are functioning as beneficiaries of the rural population through Post Office Savings Account Scheme, and urban residents can avail this facility.The Post Office Savings Bank Account (POSSB) has to pay a minimum of Rs. 50. This account is transparent and unresponsive because it is not fine. You can always open an account with the minimum balance and use it as a savings account for your personal use. Minimum balance 500 to keep check account and check account and existing account. This is lower than public sector banks and private sector banks. Requires salary ranging from Rs 1000 to Rs 5,000.
A post office savings account should be paid at least Rs. 20 in any post office. A single account holders can invest Rs 1 lakh. The joint account holders can deposit upto Rs. 2 lakhs. One of the main features of a post office saving account is that the lock-in or maturity duration is not there. Once you open this account, you can walk to a post office, complete the formalities in the Clark, and open an account immediately.