| Post
Office Schemes |
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| Features
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| Returns |
P. O. Savings deposit provides an interest rate of 3.5% p.a.
which is compounded annually.This ia applicable for individual/joint and group accounts. 3% per annum is rate applicable for public accounts and Security deposits account.
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| Investment Limitation |
Min Amount Rs. 20/- (for
ordinary account)
Rs.
250/- (for account with a cheque book)
Max Amount Rs. 100,000/- (in
case of single account holder)
Rs.
200,000/- (in case of a joint account)
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| Scheme Availability |
P. O. Savings deposit scheme is open all through the year.
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| Mode of Operation |
- Single
- Joint (Two or more)
- Minor with parent/guardian
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| Nomination |
Nomination can be done at the time of opening the account
or during the running of the account.
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| Tenure of Investment |
The P.O. savings account is a savings account and money can
be deposited or withdrawn at any time
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| Encashment |
Withdrawal can be made at anytime after opening the account.
Interest is calculated for each calendar month on the lowest balance in
the credit of the account between the close of 10th day and the last day
of the month. Cheques can be issued when required. The account can be closed
anytime by simply giving a letter.
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| Loss of Passbook |
If the loss is due to theft, fire or the passbook is mutilated,
a duplicate is issued through proper verification. A nominal charge is levied
for issue of a duplicate passbook.
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| Tax Benefits |
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Interest from P.O. Savings deposit is tax free.
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| Tips for Investing |
- A savings account in a post office comes handy if a person is maintaining
a Monthly income scheme in the same post office. The monthly interest
is directly credited to the account.
- In such accounts the post office issues cheque book to the customers.
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