There are many advantages of opening a savings account in the post office. One, the interest rate is better than all the banks. The second advantage is that the minimum balance limit is also very nominal, which anyone can easily maintain.
Post Office Savings Account: Most people have savings accounts these days. All transactions are done through this. But most people have savings accounts in banks. Compared to banks, very few people open savings accounts in post offices. But there are many advantages of opening a savings account in the post office. One, the interest rate is better than all the banks. The second advantage is that the minimum balance limit is also very nominal, which anyone can easily maintain. Know the details related to Post Office Savings Account here.
Better interest than banks
Banks give interest from time to time on the amount deposited in the savings account, but this interest is usually around 2.70% to 3%. But on the post office savings account, you get much better interest than banks. The interest given on the post office savings account is 4.0%.
This interest is available in banks
- 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%
- Interest on ICICI savings account: 3.00%
Minimum deposit Rs 500
Whether you open a savings account in a bank or a post office, it is very important to keep a minimum balance in your account at all places. Otherwise you have to pay a penalty. Usually, the minimum balance limit on a regular savings account in banks is at least around Rs 1000. In banks like HDFC and ICICI, the minimum balance limit is Rs 10,000. But the minimum balance limit of a post office savings account is just Rs 500. The minimum withdrawal amount is only Rs 50.
Like a bank, these are also the facilities
Like a bank, you also get many facilities on a post office savings account. On opening an account, you get the facility of chequebook, ATM card, e-banking/mobile banking, Aadhaar linking etc. Apart from this, you can also take advantage of Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana run by the government on this account.
Who can open an account
Any adult can open an account in a post office. Apart from this, two people can also open their account jointly. If an account is to be opened for a minor, then his parents or legal guardians can open an account on his behalf. At the same time, a minor above 10 years of age can open an account in his name. To get the account transferred in his/her name after attaining adulthood, the minor has to submit the new account opening form and KYC documents in his/her name at the concerned post office.
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