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Everything You Need to Know About Post Office Premium Savings Account

One of the organisations run by the government of India, Post Office offers multiple opportunities to common people where they can save and get easy returns on their investments. If you are looking for a long-term savings plan, then saving schemes offered by India Post Payments Bank, IPPB will be a great pick.

Everything You Need to Know About Post Office Premium Savings Account

One such account that you can open at the Post Office for high-quality services with amazing benefits and value-added services is known as the Premium Savings Account. A variant of the IPPB Savings Bank Account, this account is known to offer premium facilities to its common customers.

Key Benefits and Features of PO Premium Savings Account

As mentioned above, there are multiple benefits and features attached to PO Premium Savings Account that attract customers. Here is the list of the benefits offered which shall lure you into creating an account too:

  • Free doorstep banking facility
  • PSA can be linked to POSA (Post Office Savings Account)
  • Facility for free cash deposit and withdrawal
  • Cashback on Digital Life Certificate/ Jeevan Pramaan Patra issuance
  • Cashback on payment of electricity bill
  • Cashback on transactions through virtual debit card

Anyone above the age of 10 can open a Premium Savings Account at any nearby Post Office which would require a mandatory KYC. In addition to that, once the account is opened, the account holder is required to maintain Rs. 2000 in PSA as the average annual balance. Moreover, the pricing for a Premium Khata Account is as follows:

ReasonAmount
Account opening charges for new customersRs 149
Account opening charges for the existing customerRs 149
The annual subscription renewal fee for all customersRs 99

Note: All charges above are exclusive of GST

Interest Rates

The interest rates offered by the Post Office Premium Savings Account are listed below.

BalanceInterest Rate
Up to Rs 1 lakh2 per cent
Above Rs 1 lakh and up to Rs 2 lakh2.25 per cent

Conclusion

In this article, we learnt about the Post Office Premium Savings Account, its benefits, features and interest rates attached to it. Please read it carefully and open one for yourself as a New Year 2023 gift. Also, share this article with your people who can benefit from this article.

Also Read:

Post Office Time Deposit Account Scheme: Get More Than 10L in 3 Years

Komalpreet

Words help me express the unsaid and we have come a long way while walking hand in hand like that so now I write about anything and everything that ignites the spark of inspiration in me.

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