(i) The account may be opened by an
individual, who has attained age of 60 years or
above on the date of opening of the account. An
individual, who has attained the age 55 years or
more but less than 60 years and has retired under a
Voluntary Retirement Scheme or a Special Voluntary
Retirement Scheme on the date of
opening of the account can also open an account, within
three months from the date of retirement.
(ii) The account may be opened in
individual capacity or jointly with spouse.
(iii) Non-resident Indians (NRIs) and
Hindu Undivided Family (HUF) are not eligible to open
an account.
(iv) The individual may open one or more
account in the multiple of Rs.1000/-, subject to a
maximum limit of Rs.15 lakh. Further, more than one account cannot be
opened in the same post office during a calendar
month.
(v) No withdrawal shall be permitted before the
expiry of a period of five years from the date of opening
of the account. The depositor may extend the
account for a
further period of 3 years.
(vi) Premature closure of account is
permitted
(vii) In case of death of the depositor before
maturity, the account shall be closed and deposit refunded
without any deduction along with interest.
(viii) Interest @ 9% per annum
from the date of deposit on quarterly
basis. Interest can be automatically credited to savings
account provided both the accounts stand in the same post
office.
(ix) Interest rounded off to the nearest multiple
of rupee one.
(x) Post Maturity Interest
at the rate applicable to the deposits
under Post Office Savings Accounts from time to time is
admissible for the period beyond
maturity.