Open Saving Account In Post Office
Today you will get to see the complete review of the post office savings account.
Many people are confused whether to open a savings account in the post office or not because they do not know about its advantage and disadvantage.
what is the process of account opening, if they do not know about any information, then they do not know about this. Because of this account is not opened.
Because of which if you are thinking of opening an account, then you will definitely be able to take your decision because today we will discuss all the information related to the post office savings account. Open Saving Account In Post Office
Like who can open this account, at what rate will you get interest, what is the rule related to deposit and withdrawal? What is the rule related to the minimum balance and if you get benefits in income tax also, then those benefits will also be discussed.
There is a lot of information that will discuss with you.
So let’s talk first. Who can get an account opened in this, then any single adult person can get the account opened. Two adults can also open a joint account together.
A guardian can also get an account opened in the name of a minor and someone who is a minor can also get an account opened in his own name.
But his age should be 10 years or more and a Guardian account can be opened unsound mine i.e. if someone is mentally weak, then he can get his Guardian account opened in his name. Open Saving Account In Post Office
Now there is some basic information related to account opening, which is very important for you to know, such as one person can open only one account.
There cannot be two accounts in the name of one person and one person can also maintain one joint account i.e. one single account and one joint account maximum and which is minor account when the age of the minor is completed 18 years.
That account has to be converted into a major ie proper account by submitting a fresh document and the facility of nomination has been provided to you and it is compulsory.
Whenever you will get the account opened, it is compulsory for you to fill in the details of the nominee. Conversion of single accounts and joint accounts is not allowed.
That is, you cannot convert a joint account into a single account and you cannot convert a single account into a joint account. This is only allowed in a condition if the account holder dies. Open Saving Account In Post Office
That is, if one person dies in the joint account, then the account will be transferred in the name of the second person left and the transfer facility you get, you change any city.
If you change your location, you can also get your post office account shifted to your nearby post office branch.
Rules Of Deposit & Withdrawal :
What are the rules related to deposit and withdrawal? At the time of account opening, you will have to deposit ₹ 500 cash in your account and you will have to maintain the minimum balance of ₹ 500.
There is no limit on maximum deposit and maximum withdrawal. The account is yours, the money is yours, withdraw as much as you have, deposit as much as you have, the limit of minimum withdrawal is ₹ 50 i.e. you can withdraw at least ₹ 50.
If you want to withdraw 10 ₹ 20, it will not be possible and you will have to maintain a minimum ₹ 500 account as mentioned.
If your balance falls below ₹ 500 for any reason, you will be charged an annual maintenance charge of ₹ 100 and it will be deducted from your account at the end of the year. Open Saving Account In Post Office
And if you have zero balance in your account then your account will be completely closed and you cannot use that account. For that you have to open another account.
Now let’s talk about some specific benefits that you will get to see in the post office savings account. You will get 10 checkbooks free in a year, so if you want to use then you will have to fill a separate form and submit and you can take the list of your checkbooks.
You will get the passbook, an ATM card will also be provided, and with the help of that ATM card you can enroll in Internet Banking and Mobile Banking also so that you will not be able to make calls and transactions.
You also get the facility of Aadhar seeding, so you can take the benefit of government schemes from the Aadhar card number itself. The money which is transferred directly to you by the government will be transferred to your post office savings account. Open Saving Account In Post Office
You can also enroll in Atal Pension Yojana. You will also get to see insurance benefits. You will also get to see the benefits of Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana.
Now let’s talk about the rate at which interest will be provided to you from the post office savings account, then at the rate of 4.0%, you will get interest from your savings account.
As you would know, if you open your account in any bank and deposit money in it, then the bank gives you interest on it. Same you will get interest in the post office too, but the rate is 4 percent.
In today’s time, the rest of the popular banks, their rates have come down considerably.
As you can see, the rate of SBI is 2.7%, the rate of PNB is 2.9% and all the other popular private sector banks have their interest rate around three percent, but in the post office you get four percent. Open Saving Account In Post Office
You will get an interest rate. If this rate is decided by the Ministry of Finance, then it can change anytime in the future, but they have not changed for a long time, they have been maintained only at four percent.
Interest-Based Benefits & Calculation :
Now let’s talk about some benefits and calculations related to interest, the interest is calculated every month.
That is, whatever your balance will be in your account between the 10th to the end 30th of the month, your interest will be calculated on that balance on the day you have the lowest balance, then the balance between 10 to 30 is what you have.
The average has to be maintained so that you can get maximum interest and if your account balance is less than ₹ 500 then you will not get interest. And if your balance is less than ₹ 500, then on top of that you will also have to pay an annual maintenance charge and interest will be calculated every month.
After calculating the interest of every month, by doing this the interest of 12 months will be calculated and the entire amount will be added to your account on 31st March.
That is, in these two financial years, that money will be added to your account and an account holder closes his account in the middle or he dies.
So the interest that is there will be available till the last month only, if someone’s death happens on October 26, then the interest will be available in the account only till the end of September. Open Saving Account In Post Office
Interest will not be given for the remaining days of October after September. The income generated from these presses also gives benefits in income tax. That is, according to the section activity, if an account holder earns interest up to ₹ 10,000 from his savings account.
Not just talking about post office savings accounts, an individual can have any number of savings accounts.
The interest income of all of them, which together have income up to ₹ 10,000 i.e. up to ₹ 10,000 in a year, the interest income from the savings account is tax-free, it is not to be taxed.
The income earned on that is taxed according to the income tax slab and the limit is 10000 for senior citizens, 50000 and this section is for senior citizens, section 88TTB.
The interest of the senior citizen will not only be in the savings account, it will also be in the deposit, whether it is a fixed deposit, a time deposit, a recurring deposit or whatever type of deposit it is. Open Saving Account In Post Office
The interest of all of them is tax-free up to ₹ 50,000, then if a senior citizen is earning ₹ 50,000 interest in a year, then it will be completely tax-free.
what is post office saving account interest rate
Rate of interest 7.6% Per Annum, calculated on yearly basis
MIS: INR. 100/-
Senior Citizen: INR. 1000/-
SB(non-Cheque account): INR. 50/-
post office saving account form
saving account form clik here
post office savings account internet banking
who can open post office savings account
Anyone can open an account in the post office
post office savings account nomination form
Post office saving account for child
By the guardian, you can open an account
Which post office saving scheme is best?
Small Savings Scheme Interest Rate Interest Taxable
Post Office Time Deposit(5Year) 6.7% Yes
Kisan Vikas Patra (KVP) 6.9% Yes
Public Provident Fund (PPF) 7.1% No
Sukanya Samriddhi Yojana 7.6% No
Which is better NSC or FD in post office?
An NSC is a fixed-income post office savings scheme offered by the government of India. & FD has more flexibility in terms of tenure.