Opening a savings account in the post office can be a better option, in this you get better interest than big banks. On the savings account in the post office, you get interest at the rate of 4% per annum.
New Delhi. If you are also thinking of investing in the coming days, then you can choose the savings schemes of the post office. Not only do you get good returns in these schemes, at the same time, the money invested in it is also completely safe.
If the bank defaults, then you get back only Rs 5 lakh. But this is not the case in the post office. Apart from this, investing in post office savings schemes can be started with a very small amount.
You can also open a savings account in the post office. In this you will get better interest than big banks. For example, a deposit account up to Rs 1 lakh in State Bank of India (SBI) is earning 2.75 per cent interest per annum, whereas, on a savings account with a post office, you will get an interest rate of 4 per cent per annum.
Savings account can be transferred to any post office in the country. The interest of Rs 10,000 received in the post office savings account is completely tax free.
Rate of interest:
On opening a savings account with a post office, you will get an interest rate of 4% per annum on individual or joint accounts.
Investment Amount:
You need to deposit a minimum of Rs 500 to open a savings account in a post office.
Who can open account:
In this scheme of post office, one adult, up to two adults can open a joint account. Apart from this, a post office savings account can be opened by a guardian on behalf of a minor, a guardian on behalf of a person of weak mind or a minor above the age of 10 years in his own name.
Features of the scheme:
- In this scheme, single cannot be converted into joint or joint to single account.
- Nomination is mandatory while opening a savings account in the post office.
- A minor will have to submit a new account opening form on attaining majority.
- He will also have to submit the KYC documents in his name to the respective post office.
- The minimum withdrawal that can be done from this account is Rs 50.
- Any maximum amount can be deposited in the scheme.
To take advantage of checkbook, ATM card, e-banking or mobile banking in post office savings account, link with Aadhaar, Atal Pension Yojana and Pradhan Mantri Suraksha Bima Yojana, the relevant form will have to be submitted to the post office.
