The post office offers nine different schemes for people investing under the Small Savings Scheme.
One of these nine schemes is the Post Office Savings Account. If you are looking to deposit your savings in a savings account and you do not want to take any risk on it, then these schemes offered by the post office can prove to be one of the best options for you. In this post office investment scheme, investors not only get the benefit of better returns, but also get the benefit of government security on investment. Let us know about this government scheme.
Who can open his account
Under this scheme of the post office, any adult person can open his account. Apart from this, a guardian account can be opened on behalf of the minor. Under this, a person can open only one account. However, there is also the facility to open a joint account under this scheme.
How much amount can be deposited
Under this scheme, you can start your investment with a minimum amount of Rs 500. However, no maximum investment limit has been set under this. Apart from this, the minimum withdrawal amount under this is Rs 50.
What is the rate of interest
Under this post office scheme, the account holder gets the benefit of 4 percent interest rate per annum on opening any account either singly or jointly. If the balance between the 10th of the month and the end of the month is less than Rs 500, then you will not get any interest on it. Interest up to Rs 10000 on all savings bank accounts is exempted from taxable income under the Income Tax Act 80TTA.
