How To Avail Investment Services From Post Office?

When it comes to investment, there are multiple options, including government schemes, offered through post offices. If you wish to avail or open an account in post office schemes, here are the details below.

How to open an account

(i) Submit the following forms/documents, filled and duly signed, at the desired post office.

• Account Opening Form
• KYC Form (For new customer/modification in KYC details)
• PAN Card
• Aadhaar Card

(If Aadhar card is not available, any of the following documents may be submitted: 1. Passport 2. Driving licence 3. Voter's ID card 4. Job card issued by MNREGA signed by a State government officer 5. Letter issued by the National Population Register containing details of name and address)

• For joint account, KYC documents of all holders are to be submitted
• In case of minor, birth certificate or proof of date of birth is to be submitted (Birth certificate is mandatory for Sukanya Samriddhi Account)
• For minor account, the KYC detail of the guardian is to be submitted.

(ii) Conversion of a joint account to a single account or vice versa is not allowed.

(iii) After attaining majority, the minor has to submit fresh account opening forms and KYC documents at the concerned post office for conversion of the account in his/her name.

(iv) For investment above Rs 10 lakh, proof of source of fund is to be submitted, as per Prevention of Money Laundering Act, 2002.

(v) For senior citizens' VRS account, the proof of receipt of retirement benefits is to be submitted.

(vi) NRIs, trusts, firms, institutions/posts/companies etc are not eligible for opening of account under any National (Small) Savings scheme.

(vii) At present, accounts can be opened in PPF/SCSS/MIS/KVP/NSC in branch post offices through cheque only.

How to activate banking/mobile banking service?

(i) e-banking/mobile banking facility can be availed on post office savings account by submitting a prescribed form duly signed at the concerned post office.

(ii) After enabling these facilities by the concerned post office, the account holder will get an activation code within 48 hours of account opening to proceed further in the "new user activation" option at https://www.ebanking.indiapost.gov.in

(iii) The following facilities are available in banking sector:

• Opening of recurring/time deposit account
• Deposit in RD/PPF/SSA/SB accounts standing in CBS post offices
• Taking RD loan/PPF withdrawal
• Repayment of RD/PPF loan
• View/print transaction details of all Small Savings Schemes-linked accounts of the customer
• Stop cheque requests
• Mini statement

How do you add a nominee?

(i) Nomination is mandatory at the time of account opening and can be made for up to 4 individuals.

(ii) Change in nomination may be made by submitting the prescribed application form at the concerned post office along with the prescribed fee, i.e. Rs 50+GST.

How do you transfer accounts?

(i) Account can be transferred from one CBS post office to another.

(ii) PPF/SSA/SCSS account can be transferred from bank to post office or vice versa.

(iii) For transfer of the account, submit the prescribed application form along with the pass book and prescribed fee (Rs 100+GST) at the concerned post office.