look news india
Post Office Savings Account: Whether you want to take advantage of any scheme or do any transaction related to money, it is very important for you to have a savings account. That's why most people today have a savings account. Some people even have more than 1 account. Although most of the people prefer to open this account in the bank, but like the bank, you can also open a savings account in the post office. It has many benefits about which people are not aware. Let us tell-
Get better interest from banks
Banks give interest from time to time on the amount deposited in the savings account, but generally this interest remains around 2.70% to 3%. But you get much better interest on post office savings account than banks. See here the details of interest available on regular savings accounts of major banks and post offices-
- Interest on Post Office Savings Account: 4.0%
- Interest on SBI Savings Account: 2.70%
- Interest on PNB Savings Account: 2.70%
- Interest on BOI Savings Account: 2.90%
- Interest on BOB Savings Account: 2.75%
- HDFC Savings Account Interest: 3.00% to 3.50%
- Interest on ICICI Savings Account: 3.00% to 3.50%
Minimum deposit amount Rs 500
Whether you open a savings account in a bank or a post office, it is very important to maintain minimum balance in your account everywhere. Otherwise you will have to pay a fine. Generally, the minimum balance limit on a regular savings account in banks is at least Rs 1000, but a post office savings account can be opened for a minimum of Rs 500.
These are also bank like facilities
Like banks, you get many types of facilities on post office savings account also. On opening an account, you get the facilities of chequebook, ATM card, e-banking/mobile banking, Aadhaar linking etc. Apart from this, you can also avail the benefits of Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan. Jyoti Bima Yojana is run by the government on this account.
Who can open an account
Any adult person can open an account in the post office. Apart from this, two people can also open their account jointly. If an account is to be opened for a minor, his parents or legal guardian can open the account on his behalf. Whereas a minor above 10 years of age can open an account in his own name. After attaining majority, the minor has to submit the new account opening form and KYC documents in his/her name to the concerned post office to transfer the account in his/her name.
You will have to pay for these
If the amount in the post office savings account is less than Rs 500 and it remains below this limit at the end of the financial year, a maintenance charge of Rs 50 is deducted.
- For issuing duplicate passbook you will have to pay Rs 50.
- A fee of Rs 20 each has to be paid for issue of account statement or deposit receipt.
- Account transfer and account pledge cost Rs 100 each.
- Changing or canceling the name of a nominee costs Rs 50.
- In a year you can use 10 check book pages without any charge and after that there is a charge of Rs 2 per page.