Better interest is given on post office savings accounts than many big banks. Apart from this, there are many benefits of this account. Know about it here.
People usually open their savings accounts in banks, but if you open them in post offices, you can get many benefits. Post office savings accounts offer better interest than many big banks. Apart from this, there are many benefits of Post Office Savings Account. Know about it here.
Post Office Vs Banks
- 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 Wings Account: 2.75% to 3.35%
These are also the facilities
Like a bank, you also get many types of facilities on post office savings account. 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 run by the government on this account. Apart from this, post office savings account can be opened for a minimum of Rs 500.
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 in 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 statement or deposit receipt, Rs 20 each have to be paid.
- It costs Rs 100 each for account transfer and account pledge.
- It costs Rs 50 to change or cancel the name of the nominee.
- In a year you can use 10 check book leaves without any charge, and after that there is a charge of Rs 2 per leaf.
