Curated By: Business Desk
Last Updated: September 13, 2023, 18:47 IST
The minimum deposit amount is Rs 500.
The account under the scheme can be opened by both adults and minors and has no maximum investment amount and a tax exemption of up to Rs 10,000.
The Indian Postal Department has introduced attractive saving schemes with safe and guaranteed returns for the benefit of depositors especially targeting the rural population of the country where financial planning is not a priority. With periodically fixing the interest rates on postal saving schemes, the Centre can expect higher growth in deposits. One of them is the Post Office Saving Account scheme. This scheme is a planned investment instrument that provides a variety of reliable and risk-free returns. This provides appealing fixed interest rates in nominal amounts that are set to be recurring.
On the lowest amount in an account between the closing of the tenth day and the end of the month, the interest rate stands at 4 per cent annually. While speaking to News18, Post Master of Purnia Division Post office, Awadhesh Kumar Mehta said that if the depositor invests for a year then in return they will get the interest of 6.9 per cent. He also mentioned that for two and three years the depositor will get 7 per cent in the scheme. For five years it will be 7.5 per cent interest.
The minimum deposit amount is Rs 500 and the minimum withdrawal amount is just Rs 50. The account under the scheme can be opened by both adults and minors and has no maximum investment amount and a tax exemption of up to Rs 10,000.
Mehta also mentioned that under the Senior Citizen Saving Scheme, the interest rate is standing at 8.2 per cent and under the monthly income account scheme, the interest rate is up to 7.4 per cent.
To enrol in the scheme, one needs to have their Aadhar Card and PAN card along with 3 photos of themselves along with their nominees and phone. They fill out their form and can fill it out at any nearest post office.
While many have doubts that the Post office will not provide ATM cards and chequebooks. Post master also cleared the assumption and said that under the Post Office Saving Account, the customer will be provided with an ATM card and a cheque book which they can use easily.
