India Post offers various investment programs such as Savings Account, Kisan Vikas Patra, National Savings Certificate (NSC), National Monthly Income Scheme, Sukanya Samriddhi Yojana, Elderly Savings Scheme ( SCSS), RD accounts and term accounts. To open one of them, you have to follow the following process.
Account opening form
An account opening form available at the post office must be completed by the customer at the same time as the KYC form. The customer must also indicate the preferred scheme.
Documentation
- The following must be submitted with the form:
- PAN card
- Aadhaar card
- If Aadhaar is not available, any document such as passport, driver’s license, voter card or MNREGA card can be submitted. In case of a minor account, a birth certificate or DoB proof is mandatory.
- Birth certificate is required for Sukanya Samriddhi account
- In the event of a joint account, the KYC documents of all joint holders
E-banking / mobile banking
Customers can benefit from ebanking or mobile banking if they have a postal savings account and transact against other postal systems using the same facility.
Nomination
Nomination is required to register an appointment when opening the account. Clients can make an appointment for a maximum of four people.
Point to note
- In the event of claims at maturity, up to Rs 20,000 are paid in cash, any amount greater than this amount is paid by check from the beneficiary of the account or transfer to the post office bank account.
- The above accounts can be transferred from one post office to another by following a prescribed procedure.
The content on this page is courtesy of the Center for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
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