In a country like India, where savings is considered as a must, there are many ways by which you can save your money and also get interest amount on the deposited amount. Apart from a regular savings account, one of the best options that you could opt for is the Post Office Savings account. As you know that the post office of India is a government entity, so the trust value on it is as high as public sector banks. Especially senior citizen individuals and people who want to deposit their hard-earned money into a savings account and want to earn a regular income.
For such type of Individuals, a post office savings account would be perfect. But by any means, this is not limited to only these kinds of people. This savings account can be opened by any individual who wants to put his money in a trustful place with an assurance of getting a healthy amount as a return. In this article, we would be telling you about all the features and benefits of this savings account by the Post Office of India. So if you want to know more about it, keep reading about it.
What are some of the exciting features of the Post Office Savings Account?
You could look at some of the most amazing benefits of it mentioned below.
- When any individual deposits his or her money in the savings account, the interest rate is one of those factors that he or she have a look at. With the Post Office Savings account, you could get an interest rate of 4% per annum on both single and joint accounts.
- If you worrying about the minimum amount that you will need to open this account, then we would like to tell you that you can open this savings account with the minimum INR 500.
- The account can be opened by anyone ranging from a single adult, joint account (with maximum 2 adults), by minor above 10 years of age, or a minor or person with an unsound mind with a guardian on the behalf.
- You need to remember that the account can be opened with cash only, so you need to have the opening amount in the form of cash only while opening the savings account.
- When you will fail to have a minimum balance of INR 500 in the account, then you will have to pay a maintenance fee of INR 100. It will be automatically deducted from the account if you had INR 100 in the account.
- With the help of the Post Office Savings Account, you could also get the ATM and Chequebook facility without any additional cost. Also, the existing account customers can also avail of the cheque facility.
- You can also save tax upto INR 10,000 with the interest you earned from your savings account.
- Transferring somewhere else due to work? Don’t worry because your post office account can also be transferred from one place to another in an easy way.
- To keep your account active, it is important for you to have at least one transaction in your account in a period of three financial years.
- You can also enjoy the facility of Interbanking Mobile and Net Banking without paying any additional cost for this.
- You can also nominate someone for your account at the time of the account opening or even after that with the Nomination Facility.
- You can open the maximum one post office savings account in one post office branch. If you want to open more than one, you could get it open in another branch.