The Post Office has the facility of a Saving Recurring Deposit Scheme. In which customers get 5.8 percent interest.
You can deposit at least 100 rupees in this scheme. This account can be started for a maximum period of five years.
The benefit of this scheme of post office is considerable. In this, depositing Rs 100 gives a return of up to seven thousand rupees. Some of the post office savings schemes are also eligible for income tax benefits. Using these products, an investor can claim deduction up to Rs 1.5 lakh in a financial year from taxable income under Section 80C of the Income Tax Act. Income tax benefits are available on Time Deposit (TD), Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF) and National Savings Certificate (NSC).
India Post Payments Bank: know how to open an account with India Post Payments Bank sitting at home
Let’s understand how you will get interest
Suppose someone started investing in the scheme on 19 February 2021 with 100 rupees. His maturity period will end on 19 February 2026. In 5 years, depositing Rs 100 per month will be Rs 6 thousand. 5.8 percent interest will be given on this amount. In this way, in five years, 6969.76 rupees. That is, you will get about 7 thousand rupees.
Who can open an account
Single or joint account can be opened in RD scheme of post office. An account can also be opened for children above 10 years of age. There is also a loan facility on RD account. If a 1-year installment accrues. In such a situation, a loan of up to 50% of the amount is received in the account. The loan has to be repaid in an equal amount every month. It also has to pay fixed interest from the date of receipt of money to the date of re-payment.
India Post offers these interest rates on these small savings schemes
India Post, which provides postal services across the country, also offers investment opportunities by offering the government’s small savings scheme through its vast network of post offices spread across the length and breadth of the country.
India Post offers other savings schemes other than the government’s small savings schemes such as Senior Citizen Savings Scheme, Monthly Income Account, Public Provident Fund (PPF) Scheme, Kisan Vikas Patra and Sukanya Samriddhi Yojana (SSY) Account Savings Scheme. The rate of interest on small savings schemes is changed from time to time and the same rates are applied for savings operated by India Post and other designated financial institutions.
How to open post office digital savings account using IPPB mobile app
India Post Payments Bank (IPPB) provides customers the facility to open a savings account digitally using its IPPB mobile app. The IPPB mobile app can be downloaded from the Play Store on Android phones or the App Store for iPhone. Any person above the age of 18 years, who has Aadhaar and PAN card, can open this account.
Jeevan Pramaan Latest Update: Postmen will come home and submit Digital Life Certificate.
The account can be opened easily immediately. Post office account holders can easily conduct basic banking transactions using their IPPB mobile app. Earlier, the customer had to visit the nearest post office for depositing money, doing balance checks, transferring money and other financial transactions. You can also transfer money to your Post Office Recurring Deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Account (SSA).
Key points to remember while opening a digital savings account:
– Individuals must be over 18 years of age
– Complete KYC formalities within 12 months
– KYC formalities can be done by visiting any access point or with the help of GDS / Postman, after which the digital savings account will be upgraded to a regular savings account.
– Maximum annual cumulative deposit of Rs. 2 lakhs allowed in the account
– The account is closed if KYC is not completed within 12 months of opening the account
– Digital savings account can be linked to a POSA (Post Office Savings Account) within 12 months after completion of KYC
How to open a Digital Savings Account:
– Go to the IPPB Mobile Banking application on your mobile phone and then click on ‘Open Account’.
– Keep your PAN card number and Aadhaar number.
– After inputting both, you get an OTP on your linked mobile number to open an instant bank account.
– Enter your personal information like mother’s name, educational qualification, address and enrollment details
– Once the details are filled and submitted, the account is opened and access it using the app.
– Digital savings account is valid for one year only. Within one year of opening the account, you have to complete biometric authentication for the account after which it will be converted into a regular savings account.
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