Post office savigs account

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sujit giri (Querist)
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12 July 2009 If I want to open one post office savings accounts with cheque book facility to invest in the stock market or to invest in the mutual fund, is there any problem?
1.Shall I get a cheque book with MICR number ?
2.Shall I be able to open one a/c on behalf of our HUF ?

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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12 July 2009 You can open in post office. But the collection system is that it will be delayed. The post office and SBI work together. The cheques deposited will be sent from your post office to sbi and then sbi will send it for collection. It will take some extra days for clearing. Similarly when you issue shares the receiver will get credit delayedly.