One of the most well-known and easily accessible savings accounts in the country is a Post Office (PO) Savings Account.

PO accounts are also excluded from taxes under Section 80TTA of the Income Tax Act, which allows interest of up to 10,000 (for all savings accounts combined) to be tax-exempt for the entire financial year.

The following is important information regarding the PO account:

1. Only one or two adults, a minor who is at least ten years old, a guardian acting on behalf of a minor, and a guardian acting on behalf of a person of unsound mind are eligible.

2. This account offers 4% annual interest. Interest is calculated using the 10th and last day of each month's minimum balance. If the amount drops below 500, no interest is credited.

3. Minimum deposits are 500 and withdrawals are 10. There's no maximum withdrawal amount. Any withdrawal below 500 will not be authorised.

At the end of each fiscal year, the account balance must be at least 500 or an Account Maintenance Fee of 50 will be taken out. If there is no money in the account, it will be closed by itself.

Silent account: An account is considered silent or dormant if it hasn't been used for three consecutive financial years.

To reopen it, you have to bring in a new set of "Know Your Customer" (KYC) documents and a new passbook to the post office that handles the account. 

Checkbook, ATM card, net banking/mobile banking, Aadhaar seeding, Atal Pension Yojana (APY), Pradhan Mantri Suraksha Beema (PMSBY), and Pradhan Mantri Jeevan Jyoti Beema Yojana are some of the other services that can be used (PMJJBY).