There are so many banks in India which are controlled by the government and also by private people. In this time of banking account holders enjoys online banking and other new generation banking method but all of the banks will be charging account holders. The latest news about a bank which was under the government started charging high amount from its account holders which were not at all acceptable by poor and common people of India.post office savings rates So they needed help and the Central government finds a way to help them.
Post office savings accounts, which are similar to normal savings account was created for the well-being of common people. This account also provides the user with some fixed deposit schemes and it is said to be most secure and easy methods. The interest rates are very good and it will be a good opportunity to earn money regularly. A senior citizen can deposit their money without any tension because the return is 100% sure and can earn the profit regularly.
The investment schemes and rate of interest for a Quarter are:-
- Public provident fund(PPF)- 7.90%
- Senior citizen savings scheme(SCSS)- 8.40%
- Kisan Vikas Patra(KVP)- 7.60%
- Sukanya sam rid di yojana(SSY)- 8.40%
- Post office monthly income scheme(MIS)- 7.70%
- National savings certificate(NSC)- 7.90%
- Savings bank account- 4.00%
The next question arises should be how to open a bank account which is very simple. Carry a 20/- note and visit a post office and you can open a savings bank account very easily with your identification details. This account will allow the account holder to deposit a maximum amount of 1lakh rupees. Joint account holders can double their balance as 2lakh rupees. The savings account does not have a lock in or any minority period. The clerk in the post office will be of your assistance and you can open an account very easily and your doubts will also be cleared at the post office. With your ID proof address proof and 2 photos you can open the account if you are an adult, minor above 10years old, guardian behalf of a minor, person of unsound mind, 3 adults can open a joint account.
The withdrawal facility offered by the post office are cheque facility, ATM/ Debit card which can be used in any bank ATM’s. There are a number of benefits of this account which are:
- Minor account: this account is for children below 10 which can be operated by the parents.
- Portability: This will be helpful when you shift your home and you can shift your account to your nearby post office account.
- Nomination: this will allow users to nominate a person to have the balance after the death of the account holder like other banks.
- Tax exemption: below 10,000/- will be free from taxes under the section of 80L income tax act.Also Read : facebook security tips
Allows long terms of inactivity: the account will be having this account active by doing at least one transaction in 3 financial years.
Like this, the account holder gets so many help from this savings account.
The account holder has to maintain a minimum balance of 50/- for a normal account and for account holders having cheque book will have to maintain 500/-.
Use this opportunity and get your savings account today.