If you are thinking of opening another savings account in the coming days, and you are worried about the low rate of interest in banks. So, you have no need to worry anymore.
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If you are thinking of opening another savings account in the coming days, and you are worried about the low rate of interest in banks. So, you have no need to worry anymore. You can also open a savings account in the post office. The special thing in this is that your every penny invested here will be safe. Along with this, interest will also be better than that of big banks. This is a part of the Post Office’s Small Savings Scheme. Let’s know about it in detail.
How much is the interest rate?
In the Post Office Savings Account, the customer will get interest at the rate of 4% per annum. This is for both individual and joint accounts. this interest rate
How much to invest?
To open an account here, a minimum investment of Rs 500 will have to be made.
Who can open the account?
An adult or two adults can open the account jointly in the Post Office Savings Account. Apart from this, the guardian can open the account on behalf of the minor. Apart from this, a minor above 10 years of age can also open a savings account in the post office. At the same time, a guardian can also open an account on behalf of a person of weak mind.
Can a single account be jointed?
No. Conversion from single to joint account or from joint to single account is not allowed in Post Office Savings Account.
What are the facilities available on opening a savings account in the post office?
On opening a savings account in the post office, a person also gets the facility of check book along with ATM card, e-banking or mobile banking, Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana.
What are the rules for deposits and withdrawals?
At least Rs 500 and thereafter not less than Rs 10 can be deposited in the Post Office Savings Account. A minimum of Rs 50 can be withdrawn in this. Please be informed that there is no maximum deposit limit.
keep this in mind as well
After opening a savings account in the post office, the minor will have to submit the new account opening form and KYC documents to the concerned post office, after which the account will be transferred in his name.
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