Post Office Saving Account: Post Office also gives the option of saving account to the common people. The biggest advantage of post office savings account is that it is opened in low amount. In this, the limit for maintaining minimum balance is less. That means, you won’t have to worry about maintaining minimum balance.
Post Office Saving Account: Post Office also gives the option of saving account to the common people. The biggest advantage of post office savings account is that it is opened in low amount. In this, the limit for maintaining minimum balance is less. That means, you will not have to worry about maintaining minimum balance. However, if there is no activity in a post office savings account for a long time, it is considered a doormat. It can be activated again.
Features of post office account
- Post Office Minimum Balance – Rs 500
- Interest rate on post office savings account – 4 percent
- Interest on SBI Savings Account: 2.70%
- Interest on PNB Savings Account: 2.70%
- Interest on BOI Savings Account: 2.90%
- Interest on BOB Savings Account: 2.75%
- Interest on HDFC Savings Account: 3.00% to 3.50%
- Interest on ICICI Savings Account: 3.00% to 3.50%
Benefits of post office savings account
- Rs 500. After opening the account, you cannot deposit less than Rs 10.
- Minimum amount you can withdraw: Rs 50
- Maximum Deposit:- No maximum limit
Charge is deducted on balance less than Rs 500
You can withdraw money only by checking your account. You cannot withdraw money if the balance in post office savings account is less than Rs 500. If your balance is less than Rs 500 in a year, then Rs 50 will be deducted as maintenance charge.
Who can open a post office savings account?
- A single adult
- Joint account
- A guardian on behalf of a minor
- A guardian on behalf of a person of unsound mind
- A minor above 10 years of age can open an account in his own name.
Rules of interest
Interest is calculated on the minimum balance of the month after the 10th of every month. The government decides the interest rate on this every quarter. Under Section 80TTA of the Income Tax Act, tax exemption is available on interest up to Rs 10,000 in a financial year from all savings bank accounts.
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