Savings Account: Post office savings account can be opened with a minimum deposit of just Rs 500...


Post Office Savings Account: Whether you want to take advantage of any scheme or do any money-related transaction, it is very important to have a savings account for all this. That's why today most people have a savings account. Some people even have more than 1 account. Although most people prefer to open this account in the bank, 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
Whatever amount is deposited in the savings account, interest is given by the banks from time to time, but this interest usually remains around 2.70% to 3%. But you get much better interest on post office savings accounts 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%
     Interest on HDFC Savings Account: 3.00% to 3.50%
     Interest on ICICI Savings Account: 3.00% to 3.50%

Minimum deposit of Rs 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 at all places. Otherwise, you have to pay a penalty. Generally, the minimum balance limit on regular savings accounts in banks is at least Rs 1000, but post office savings accounts can be opened for a minimum of Rs 500.

These are also facilities like a bank
Like a bank, you also get many types of facilities on post office savings accounts. On opening an account, you get the facilities of the checkbook, ATM card, e-banking/mobile banking, Aadhaar linking, etc. Apart from this, you can also avail the benefits of the Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana, and Pradhan Mantri Jeevan Jyoti Bima Yojana 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 adulthood, the minor has to submit the new account opening form and KYC documents in his name to the concerned post office to get the account transferred to his name.


Charges have to be paid for these
If the amount in the post office savings account is less than Rs 500 and at the end of the financial year it remains below this limit, then a maintenance fee of Rs 50 is deducted.

To get a duplicate passbook issued, you have to pay Rs 50.

For issuing account statements or deposit receipts, Rs 20 each has to be paid.

It costs Rs 100 each for account transfers and account pledges.

It costs Rs 50 to change or cancel the name of the nominee.

In a year you can use 10 checkbook leaves without any charge, and after that, there is a charge of Rs 2 per leaf.

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