Post Office: Nowadays everyone has a savings account. Whether you want to take advantage of any government scheme, make payment through UPI or invest in FD etc., it is not possible without a savings account. Usually people open a savings account in a bank, but do you know that if you open a savings account in the post office, you can get many benefits in that account?
In this, you will get all the facilities like a bank savings account, as well as better interest. Let us know all the great features of the post office savings account in detail so that you can get more benefits on your savings.
New account for just ₹500
Whether you open a savings account in a bank or a post office, it is very important to maintain a minimum balance in your account everywhere. If you do not do this, you may have to pay a penalty.
Usually, the minimum balance limit in a normal savings account in banks is at least ₹1000, but a Post Office savings account can be opened with a minimum of ₹500, this is its minimum balance limit. This is a big advantage for those who want to start saving with less money.
Bank-like all facilities
Just like a bank, you will get many facilities in a Post Office savings account! On opening the account, you will get facilities like checkbook, ATM card, e-banking/mobile banking, Aadhaar linkage! Now you will not have to stand in long queues at the bank, you can easily manage your savings through digital means.
Apart from this, in this account you can also avail the benefits of government-run Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana.
Under Section 80TTA of the Income Tax Act, interest up to ₹10,000 earned in a financial year from all savings bank accounts is exempted from taxable income. This is an additional saving opportunity for you.
Better interest from banks
Banks give interest from time to time on the amount deposited in a savings account, but this interest usually ranges from 2.70% to 3.5%. But in a Post Office savings account, you will get much better interest than banks.
Who can open an account
Any adult can open an account in the Post Office. Apart from this, two people can also jointly open their account. If an account is to be opened for a minor, then his parents or legal guardians can open the account on his behalf. At the same time, a minor above 10 years of age can open an account in his name.
On becoming an adult, the minor will have to get the account transferred to his name by submitting the new account opening form and KYC documents to the concerned post office. This scheme is accessible to individuals of all age groups.