How to Open a Post Office Saving Schemes Account?

Post Office Saving Schemes are appropriate for those with a low risk tolerance. These schemes’ returns are unaffected by market fluctuations, which makes them ideal for risk-averse investors who wish to maximize their savings. You may open a post office savings scheme account online via Internet banking, a mobile application, or by downloading an account opening form.

1. Through Internet Banking

Step 1: Go to the Internet Banking website of the Department of Posts (DOP).

Step 2: Select ‘New User Activation’ from the drop-down menu.

Step 3: Fill in the ‘Customer ID’ and ‘Account ID’ fields and click the ‘Continue’ button. You can also go to your local post office and fill out an application form for Internet banking activation and submit it together with the necessary documentation.

Step 4: After you’ve activated Internet banking, enter your user ID and password to access your DOP Internet banking.

Step 5: On the menu, select the ‘General Service’ tab, then the ‘Service Request’ tab.

Step 6: Click the ‘New Requests’ tab under the ‘Service Request’ section.

Step 7: From the list of available options, choose the type of account you want to open.

Step 8: Fill out the application form and click the ‘Submit’ button.

2. Through Mobile App

Step 1: From the Google Play Store, download and install the ‘India Post Mobile Banking’ app on your mobile device.

Step 2: After successfully logging in, go to the home screen and pick the ‘Requests’ button to start a post office saving account.

Step 3: Fill in the blanks with information such as the deposit amount, duration, the account from which you wish to deposit the funds, nominee, and so on, and then submit.

3. By Downloading the Application Form

Step 1: Go to the post office’s official website and download and print the appropriate application form.

Step 2: Attach all required paperwork.

Step 3: Go to your local post office and present the papers to the relevant officials.

Step 4: Pay the minimum required to open the account/scheme.

Step 5: Postal officials will verify your application, open your account, and provide you with the account passbook.

Post office is one of the oldest institutions in India, having been founded during the British era in October 1854. Initially, its sole purpose was to deliver mail (post), but it has since expanded to offer a variety of other financial services, including banking, insurance, and investments. The greatest benefit of these programs is their sovereign guarantee or government backing. Some post-office savings plans provide tax-savings benefits under Section 80C of the Income Tax Act, which is a delight for investors.