Very few know that besides mailing services, India Post or Department of Post also provides a range of financial and retail services. Like any other commercial bank, it offers several types of accounts such as savings account, fixed deposit account, monthly income scheme account, senior citizen savings scheme (SCSS) account and recurring deposit (RD) account.
With the payment of just Rs 20, you can have a savings accounts in India Post, which comes with an ATM facility. It pays interest at the rate of 4 per cent per annum on deposit in its savings account in the current quarter. For opening an account and other details, you will have to visit the official website of India Post i.e -- indiapost.gov.in.
The best part is the minimum balance that is required to be maintained in the account is Rs. 50. Here we give you some more details about the various types of ATM-cum-debit card charges levied by India Post and the transaction limits:
If you have an account in India Post, you can withdraw up to Rs. 25,000 per day through its ATM card and cash withdrawal limit of Rs. 10,000 per transaction is allowed.
With India Post ATM Card, you can have five transactions per day free of cost, which includes financial and non-financial transactions carried out at post office ATMs. It allows three free transactions in a month from its debit card when used at ATMs of other banks in metro cities.
The India Post ATM cardholders are allowed five transactions free of cost in ATMs of other banks located in cities other than metros.
On exhausting the permissible number of transactions at ATMs of other banks, India Post ATM cardholders will have to pay a fee of Rs. 20 (plus GST) for every additional transaction.
A savings account of India Post can be opened by cash only. For availing cheque facility the account will have to be opened with the payment of Rs. 500. The minimum balance of Rs 500 is required to maintain the account.