The Ministry of Finance has kept interest rates of small savings schemes, including Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), other post office schemes unchanged for the sixth quarter in a row for the October-December quarter.
To open an account in Small Savings Schemes viz Savings Account (SB), Recurring Deposit (RD), Time Deposit (TD), Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS)submit Account Opening Form (AOF) duly filled in with KYC documents and deposit slip (SB 103) in desired Post Office.

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Interest payable, rates, periodicity, etc are 4.0 per cent per annum on individual/joint accounts. The minimum amount for opening of account and maximum balance that can be retained is Rs 500

Who can open
(i) Single adult
(ii) Two adults only (Joint A or Joint B)
(iii) A guardian on behalf of the minor
(iv) A guardian on behalf of person of unsound mind
(iv) A minor above 10 years in his own name

Only one account can be opened by an individual as a single account. Only one account can be opened in the name of a minor/above 10 years of age (self)/person of unsound mind. In case of death of a Joint holder, the surviving holder will be the sole holder, if surviving holder already has a single account in his/her name, the Joint account have to be closed.
Conversion of a single to a joint account or vice versa is not allowed. Nomination is mandatory at the time of opening of account. Minor after attaining majority has to submit fresh account opening form and KYC documents of his/her name at concerned Post Office for conversion of the in his/her name

Deposit and Withdrawal: All deposits/ withdrawals shall be in whole rupees only.
Minimum deposit amount: Rs 500 (subsequent deposit not less than Rs 10)
Minimum withdrawal amount: Rs 50
Maximum deposit: No maximum limit
No withdrawal will be permitted which effect reducing of minimum balance of Rs 500

In case the account balance is not raised to Rs 500 at the end of the financial year, Rs 100 will be deducted as an account maintenance fee and if the account balance became Nil the account shall stand automatically closed.
Interest: (i)Interest will be calculated on the basis of the minimum balance between the 10th of the month and the end of the month and allowed for whole rupees only. (ii)No interest will be allowed in a month if the balance between the 10th and last day of the month falls below Rs 500. (iii) Interest shall be credited in the account at the end of each Financial Year at the interest rate prescribed by the Ministry of Finance. (iv)At the time of closure of the account, interest will be paid up to the preceding month in which the account is closed. (iv)u/s 80TTA of the Income Tax Act, from all Savings Bank Accounts, interest up to Rs 10,000 earned in a Financial Year is exempted from taxable income.

Silent Account: (i)If no deposit/withdrawal takes place in an account during continuous three financial years, the account shall be treated as silent/dormant. (ii)Revival of such account can be done by submitting the application along with fresh KYC documents and passbook at the concerned Post Office.
Additional facilities available on PO savings account: To avail below facilities on your PO Savings Account, download and submit the respective form at concerned Post Office

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(i) Cheque book
(ii) ATM Card
(iii) e-banking/mobile banking
(iv) Aadhaar Seeding
(v) Atal Pension Yojana (APY)
(vi) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
(vii) Pradhan Mantri Jeevan Jeevan Jyoti Bima Yojana (PMJJBY)