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.
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:
| Reason | Amount |
| Account opening charges for new customers | Rs 149 |
| Account opening charges for the existing customer | Rs 149 |
| The annual subscription renewal fee for all customers | Rs 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.
| Balance | Interest Rate |
| Up to Rs 1 lakh | 2 per cent |
| Above Rs 1 lakh and up to Rs 2 lakh | 2.25 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
