FAQs
Banking and bills
Access your personal or business bank account at any of our Post Office branches. Pay in cash and cheques, make withdrawals or check your balance. Manage your personal finances and borrowing.
What are Post Office banking services? ›
Postal banking refers to providing basic banking services at local post offices. That might include things like check cashing, bill paying, and even small loans.
What is the post office banking deal? ›
Under the new agreement, known as 'Banking Framework 3', customers of 30 bank and building society brands will continue to be able to use Post Offices to withdraw and deposit cash in their accounts. They can also deposit cheques and make balance queries. The agreement runs from 1 January 2023 to 31 December 2025.
What banking services are available at the post office? ›
Things you can do at the Post Office
- Deposit cash with your debit card. Use your debit card and PIN to pay cash into your account. ...
- Deposit cash without your debit card. You can pay money into your account using a pre-printed paying-in slip if you don't have a debit card. ...
- Paying in cheques. ...
- Withdraw cash. ...
- Check your balance.
Can I transfer money from my bank account to a Post Office account? ›
Electronic transfers from your linked account are paid into your Online Saver the same business day the funds are received by us and we'll start paying interest immediately. Debit card deposits, which can only be made from your linked account, can be withdrawn against as soon as the money reaches your Online Saver.
Can I withdraw money from my bank account at the Post Office? ›
You can access cash withdrawals at all Post Office branches. You can locate your nearest branch with our branch finder tool.
How much money can you put in a bank without questions? ›
Banks must report cash deposits of $10,000 or more. Don't think that breaking up your money into smaller deposits will allow you to skirt reporting requirements. Small business owners who often receive payments in cash also have to report cash transactions exceeding $10,000.
How much cash can you deposit in a bank per month? ›
You can generally deposit as much as you want at a bank or other financial institution, but some banks may have extra rules and restrictions due to federal law and bank policy. For example, ATMs can limit the amount of bills you can deposit into your savings account.
What are the disadvantages of postal banking? ›
- Limited services. Postal systems are traditionally not equipped to handle complex financial services. ...
- More government oversight. ...
- Risk to mail service: Expanding into banking might distract the postal service from its core purpose: delivering the mail.
Why did the Post Office stop banking? ›
The rise of United States Savings Bonds during and after World War II also drew funds away from the system. By the 1960s, with American banks fully recovered and more accepting of consumer deposits, the Postal Savings System was seen as redundant.
What facilities are available on the post office account?
- Chequebook.
- ATM Card.
- E-banking/Mobile Banking.
- Aadhaar Linking.
- Atal Pension Yojana.
- Pradhan Mantri Suraksha Bima Yojana.
- Pradhan Mantri Jeevan Jyoti Bima Yojana.
How good is Post Office bank account? ›
Post Office Savings Account Interest Rate
Currently, an individual earns interest at the rate of 4% on their account balance. The interest is calculated monthly and credited annually into the account.
What is Post Office banking Services? ›
The Post Office savings bank is the oldest and by far the largest banking system in the country, serving the investment need of both urban and rural clientele. These services are offered as an agency service for the Ministry of Finance, Government of India.
How much money can you put in a bank at a Post Office? ›
You can pay in up to £3,000 in cash for every transaction and up to £10,000 in cash annually at Post Offices. This will count towards your overall annual cash deposit limit of £20,000, so if you've hit your limit, you'll no longer be able to pay in any more cash at Post Offices.
How much cash can you withdraw from a bank? ›
Under the Bank Secrecy Act (BSA), you are limited to $10,000 of cash withdrawals from your bank account per day. And if you want to withdraw more than that $10,000 daily cash limit, the bank will report your transaction to the federal government.
Can you still bank at the post office? ›
You can easily, safely and securely complete your personal and business banking transactions at Bank@Post post offices, such as withdrawals, deposits and cash exchanges, including passbooks during normal business hours.
Can I open my bank account in Post Office? ›
In order to open a Post Office Savings Account, you need to be an Indian and an adult. A minor will have to be a minimum of 10 years to be eligible to open a Post Office Savings Account. For opening a joint post office savings account, 2 or 3 individuals are required.
How much does it cost to open a bank account at the post office? ›
Service Charges / Fees for Premium Savings Account
Eligibility | Anybody above 10 years with KYC |
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Account Opening/Subscription Charges | INR 149 + GST |
Annual Renewal Charges | INR 99 + GST |
Initial Minimum Deposit | INR 200 |
Mandatory Minimum Account Balance | NIL |
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What do you need to open a Post Office bank account? ›
Bring proof of your address to the post office.
Present at least 1 form showing proof of address, such as a local authority tax bill for the current council tax year, current driving license, current bank statements, or a mortgage statement. Gas, electric, Internet, and phone bills are also acceptable.