Frequently Asked Question - Savings Bank Account

Frequently Asked Question - Savings Bank Account
Question
Answer
What is the current rate of interest on savings accounts ?
3.5 %
How many single Savings accounts may be opened by an adult in his own name in any post office ?
Only Once
How many adults may open a joint savings account?
2 or 3
Where is the minimum age for opening a single savings account by a minor himself in his name
10 year
How many savings accounts can be opened by a minor in his own name?
Only once
In which form the amount for opening a savings account can be presented whether by a cash or cheque or demand draft
By Cash
What is the fee for making nomination in a savings account first time ?
No Fee
What is the fee for getting the nomination altered in a savings account
One Rupee
In what manner the fee for getting the nomination cancelled in a savings account to be paid ?
A fee of Rs 1/- ( This will be paid in the shape of Postage Stamp and affixed on the application form)
How many times withdrawal can bemade from a savings account standing at a BO in a day ?
Only Once
How many time withdrawal can be made from a savings account standing at HO or SO
Any number of times
Up to what amount payment order for withdrawal from savings account may be sanctioned by a Branch Postmaster ?
Rs 5000/-
What minimum balance should remain in a savings
account without cheque book after withdrawal
Rs 50 /-
What minimum balance should remain in a savings account with cheque book facility after withdrawal ?
Rs 500/-
Whether nomination facility is available in savings account opened in the name of a minor by his guardian
No
Whether a minor can appoint a messenger for making withdrawal from the savings account opened byhim in his /her name ?
No, minor has to attend the post office personally to withdraw money from his/her account
Whether it is compulsory to present the pass book on the counter of the post office at the time of making withdrwal by cheque from a savingsaccount with cheque book facility ?
No
What minimum amount may be withdrwan by a cheque from a cheque from savings account
Rs 20/-
While calculating interest in a single savings account , what may be the maximum IBB in a calander month ?
Rs 100000/-
While calculating interest in a joint savings account , what may be the maximum IBB in a calander month ?
Rs 200000/-
By which post office annual interest is calculated in savings account ?
By HPO
After how many consecutive financial years without any trancsation a savings account is treated as silent account
3 years
Whether the amounts of annual interest affed in a savings account may be treated as transactions in that account ?
No
If in a savings account , the balance has reached prescribed maximum, whether it may be treated as silent account after no transaction having taken place during three consecutivefinancial year ?
No
What is the fee for issue of duplicate passbook of a savings account ?
Rs 10/-
Which office issues duplicate passbook of a savings account standing at department SO ?
Same SO where the accounts stands .
Whehter a pension savings account may be closed itself by LSG SO by calculating current year’s interest ?
No closure is to be permitted by HO
What is the fee for getting a savings account transferred from one post office to another PO
No Fee
Whether one of the depositors of a joint B savings account can get that account transferred from one post office to another by signing the application for transfer himself only?
No all the account holders are required to sign
Whether a savings account deceaseddepositor can be transferred from one post office to another
No
Whether a savings account which has been ordered to be closed , may be got transferred from one post office to another ?
NO