Post Office Savings

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    Post office was used for sending and receiving letters, posts, telegrams etc. But this is the old story. Now a days post office have also upgraded with the change in the technology.Nowadays post offices offer various other services along with traditional postal service. Some post offices we can avail are banking facilities, insurance etc.Here we are opening an insight about Post Office services. Post office is a platform which encourages micro finance investments. It also provide various tax benefits which many of us are not aware of. These facilities are brought to post offices with a view to make available these facilities to common people.Some services offered by post offices nowadays are

    Post office Saving Account:This is saving account that can be open with a minimum balance of ₹20, ₹50 without cheque facilities. And ₹500 with cheque facilities. It is not possible to open a saving account in any nationalized banks.

    National Saving Recurring Deposit Account:This similar to the recurring account in banks. The interest rate is 7.2% annual interest. The difference is it is calculated quarterly. The advantage of this account is it can be opened with the minimum amount of ₹10 per month. There is no maximum limit for this account. The account can be open with cash or cheque. It can be easily transferred from one post office to another. It can also be open in a minors behalf. If the minor is above 10 years old, the minor can operate and deposit the account.

    National Saving Time Deposit Account:This is equivalent to a FD account we have in banks. The interest rates depends on the number of years the amount is deposited with the post office. As per the latest updates for the new depositors for first 3 years the interest rate is 6.9% per annum. If the deposit is for 5 years the interest is 7.7%.The minimum amount of deposit is ₹200 and maximum amount is any amount in the multiple of 200.This account also can be opened by cash or cheque. And also in the name of a minor.

    National Saving Monthly Income Account:This is one of the unique facility provided by post office. This is scheme where the amount we deposit earns us an interest every month. The interest calculation is 7.6% per annum. But may vary as per our deposit amount. The minimum amount is multiple of 1500. And maximum limit is 4.5 lakhs for single account users and ₹9 lakh for join account users. The maturity period is a period of 5 years. There is a per maturity closure but 2% will be withheld by the post office.

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