If you are looking to invest under the Small Savings Scheme, then the Post Office Savings Account Scheme of the Indian Post Office can prove to be the best way for you. Indian Post offers nine different savings schemes for people looking to invest in small savings schemes.Â
One of these nine schemes is the Post Office Savings Account Scheme. Under this scheme, investors get the benefit of government security along with the benefit of better returns.If you are looking to deposit your savings in a savings account and you do not want to take any risk on it, then these schemes offered by the post office can prove to be one of the best options for you. Let us know about this government scheme.
Who can open his account under this
Under the Post Office Savings Account Scheme, any person who is above 18 years of age can open his savings account. In this post office scheme, a person can open only one account. A minor’s account can also be opened by the guardian under this scheme. Apart from this, the facility of opening a joint account is also given in this scheme.
What is the interest amount
Under this post office scheme, the account holder gets the benefit of 4 percent interest rate per annum on opening any type of account either singly or jointly. Interest up to Rs 10,000 on all savings bank accounts is exempted from taxable income under section 80TTA of the Income Tax Act. However, if the balance between the 10th of the month and the end of the month is less than Rs 500, then you will not get any interest on it.
What is the deposit amount
In this scheme of Indian Post, any person can open his account with an amount of at least Rs 500. However, no maximum limit has been fixed for depositing money under this scheme. Apart from this, you can also withdraw from your account with a minimum of Rs 50.
