Post office savings account opening is a safe investment plan. 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 20 for opening an account. Let’s see Post office Savings Rates and benefits.
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.
- Minimum balance to be maintained in a non-Cheque facility account is INR 50/-.
- Cheque facility only has the account that opened with Rs. 500 and should carry a minimum balance amount Rs. 500 in the account.
- 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.
- ATM facility is available.
- Single account holders can deposit a maximum of Rupees one lakh while joint account holders can deposit a maximum of Rupees two lakhs.
Other than Post office Savings account, It has some Popular Investment Options available. That are listed below.
- Public Provident Fund (PPF) – 8.0 %
- Senior Citizen Savings Scheme (SCSS) – 8.7 %
- Kisan Vikas Patra (KVP) – 7.7 %
- Sukanya Samriddhi Yojana (SSY) – 8.5 %
- Post Office Monthly Income Scheme (MIS) – 7.3 %
- National Savings Certificate (NSC) – 8.0 %
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 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.