Post Office Savings Account Benefits!!!

S Venkateshwari
Post office Savings Account Benefits!!!


Savings account is the most important account which directly links your expenses and investments. In such a situation, you can open a savings account in the post office. In this, any indian citizen can open this account. Also, the money deposited in it is safe.


1. Rules for opening an account

Post office Savings Account can be opened by individual, joint, parents on behalf of minor. However, if a minor is above 10 years of age, he can open an account in his own name. Since he can open only one account.


2. Open account with Rs.500

Post office savings account can also be opened with Rs 500. There is no limit to deposit money in this. You will get 4 percent interest annually. It is necessary to have at least 500 rupees in the account.

3. No interest will be given on minimum balance

If there is a minimum balance between the 10th and the last date of the month in the post office savings account, you will not get any interest of any kind. Also, under section 80TTA of Income Tax, no tax will be levied on interest earned on savings account up to Rs 10,000 in a year.

4. Selection of Nominee at the time of account opening

At the time of opening a savings account in the post office, it is necessary to give the information of the nominee. Please note that there is no permission to convert a single account into a joint account or vice versa.


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