New Delhi, Business Desk. The Coronavirus crisis has once again started discussions about savings and investment. Recently, with the reduction in salaries of the people, there are also layoffs. In view of this serious problem, if you have not started investing till now, then you can invest in the post office savings scheme, because in addition to the interest here, you will also be safe.
The post office offers a variety of small savings schemes. These popular schemes are Post Office Saving Account, Public Provident Fund (PPF), Tax Saving Deposit Schemes, National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY), Senior Citizen Saving Scheme (SCSS).
Interest Rate in Post Office Savings Scheme
The Post Office Savings Scheme offers interest of 4 percent per year on individual / joint accounts. Interest earned is tax free up to Rs 10,000 per financial year.
Post Office Savings Scheme: Who can open an account ?
Post office savings account can be opened only by cash. Account can be opened by
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- an adult
- Joint account (maximum 2 adults)
- Minors over 10 years old
Minimum balance in post office savings scheme
You have to maintain a minimum balance of Rs 500 in a post office savings account. If there is no balance of Rs 500, then Rs 100 will be deducted as maintenance fee. Every financial year and after deducting the account maintenance fee, if the account balance becomes zero, the account will be automatically closed.
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