How to open an account in post office and its requirements?

To open an account [Savings Bank(SB), Recurring Deposit(RD), Time Deposit(TD), Monthly Income Scheme(MIS) SB3, SB103 (pay-in-slip) and specimen signature slip for SB and TD are required.

For senior citizen accounts, separate forms are to be used. For SB account introduction is compulsory.

What are the norms for issuing a Cheque Books?

Cheque books are issued in respect of cheque accounts.

In a cheque account, minimum balance should be INR. 500/-

Monthly Income Scheme (MIS) interest be credited to Recurring Deposit (RD) account?

No. There is no provision. Interest amount can be credited to SB account and after that from SB to RD is permissible.

What are late payment fees for recurring deposits?

The monthly deposits should be credited on any day of the month. If the monthly installment is not credited for any particular month, then it becomes a default. The defaulted months can be credited subsequently (for INR. 10/- denomination, 0.20 paise for each month of default) maximum 4 defaults are allowed.

What is silent account and how to revive it?

When there is no transaction in an SB account continuously for 3 financial years, the account will be treated as silent account.

For revival, one application from the customer is required. LSG/HSG offices can revive the accounts independently. Remaining offices, HO will revive the accounts.

If the balance in the silent account is less than minimum, then INR. 20/- will be debited towards service charges.

Do I need to go regularly in post office to collect interest?

In case of MIS accounts Interest can be drawn through auto credit into savings account standing at same post office, through PDCs or ECS and then it can be withdrawn from that SB account by depositing cheques issued by post office in your bank account. Visit the site for more information.

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