Banking, Bills and Payments | Post Office® (2024)

FAQs

Can you do normal banking with the post office? ›

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.

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.

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.

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 Debit card deposits, which can only be made from your linked account, can be withdrawn against as soon as the money reaches your Online Saver.

You can access cash withdrawals at all Post Office branches. You can locate your nearest branch with our branch finder tool.

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.

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.

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 are the benefits of Post Office banking? ›

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.

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.

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.

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.

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.

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.

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.