Post Office Savings Account: The Post Office Savings Account is also included in the Small Savings Scheme of the Post Office. By opening a savings account in this scheme, you get more interest than the bank
Post Office Savings Account: Do you know that just like the savings account is opened in the bank, the savings account is also opened in the post office, there is only one difference between the two, by opening a savings account in the post office, you get more interest than the bank .
And the money invested in the post office remains safe too. If the bank declares a default, then even if you keep crores of rupees in it, but in return you get only 5 lakh rupees, whereas this does not happen in the post office.
Post Office Savings Account is also included in the Small Savings Scheme of the Post Office. By opening a savings account in this scheme, you get better interest from the bank. Let us know about this scheme in full detail.
interest rate
At present, the post office savings account earns an interest of 4.0% per annum on individual and joint accounts. You can open an account in post office with just Rs.500. One adult, two adults, guardian on behalf of a minor, guardian on behalf of a person of weak mind can open a savings account in the post office. Apart from this, a minor above the age of 10 years can also open a savings account in his own name.
Post Office Saving Account features
1. In Post Office Savings Account, a person can open only one account as a single account.
2. Only one account can be opened in the name of a minor or a minor of more than 10 years of age or a person of weak mind.
3. In the event of the death of the joint account holder, the surviving person shall be the sole holder. If the surviving holder has a single account in his own name, then the joint account has to be closed.
4. Conversion from single to joint account or from joint to single account is not allowed.
5. Nomination has been made mandatory at the time of account opening.
6. On attaining majority, a new account opening form and KYC documents will have to be submitted to the concerned post office, so that the account will be transferred in his name.
7. On opening a Post Office Savings Account, the person will get the facility of checkbook with ATM card, e-banking or mobile banking, Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana Also available.
