Post Office Savings Rates and Benefits – Account Opening

Post Office Savings Rates and Benefits – Account Opening: Post office savings account opening is a safe investment plan.  The Department of Posts (DoP) has played a crucial role in the country’s social-economic development. It accepting deposits under Small Savings Schemes, providing life insurance and more useful features that beneficial for common people in India. Post office savings account opening is very easy, it requires a minimum amount of Rupees 500 for opening an account. Let’s see Post office Savings Rates and benefits.

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Post Office Savings Rates and Benefits

  • Post Office Savings account Interest rate is 4.0% per annum on an individual or joint accounts.
  • Post Office savings account has no lock-in or maturity period.
  • Cheque facility only has the account that opened with Rs. 500 and should carry a minimum balance amount Rs. 500 in the account.
  • The minimum balance to be maintained in an account is INR 500/- , if balance Rs. 500 not maintained, a maintenance fee of one hundred (100) rupees shall be deducted from the account on the last working day of each financial year and after deduction of the account maintenance fee, if the balance in the account becomes nil, the account shall stand automatically closed
  • Interest earned is Tax-Free up to INR 10,000/- per year.
  • The account can be opened for a minor of 10 years and above age.
  • The joint accounts can be opened by two or three adults.
  • At any time, the account holders can change the single account to Joint and Vice Versa.
  • Intra Operable Netbanking/Mobile Banking facility is available
  • The account can be transferred from one post office to another.

Read More: How to Book LPG connection Online

Other than the Post office Savings account, It has some Popular Investment Options available. Those are listed below.

  • Public Provident Fund (PPF) – The interest rate is 7.1 % per annum (compounded yearly).
  • Senior Citizen Savings Scheme (SCSS) – The interest rate is 7.4 ​% per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December.
  • Kisan Vikas Patra (KVP) – 6.9 % compounded annually. And Amount Invested doubles in 124 months (10 years & 4​​​ months)
  • Sukanya Samriddhi Yojana (SSY) – Rate of interest 7.6​​% Per Annum ( Yearly compounded. )
  • National Savings Recurring Deposit Account- 5.8​ % per annum (quarterly compounded)
  • National Savings Certificate (NSC) – 6.8 % compounded annually but payable at maturity.

You can check more information from Official website of India Post

If you are interested to open a post office account, you can simply be done it with some easy steps. A post office savings account holder should do a minimum 1 transaction of deposit or withdrawal in three financial years is necessary to keep the account status active. You can transfer your post office account from one post office to another. A single person can only open one account in one post office.

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