Post Office Savings Account
Post Office Savings Account offers some great deals, irrespective of whether you are searching for instant access or long term investment. If you want to lock your money to get guaranteed returns you should go for Post Office Fixed Rate bonds and in case you want a good rate and good access then you should opt for Post Office Instant Saver, it offers you a double interest guarantee. Whatever is the reason for you to put your money away, Post Office Savings Account helps you to achieve your goals faster, and it helps you plan for your future. Save as and when you can but regularly with post office savings account and you can see your money grow. This type of schemes helps housewives, individuals, minors and others. Transferability is provided from one office to another and nomination facility is also available.
There are various Post Office Savings Account forms that are available, they are
- Child trust funds
- Bonds
- Easy access savings accounts.
Who Can Open This Account
- A minor who is 10 years of age and above
- Accounts of minors can be opened by their parents/ guardians
- Any adult individually or jointly can open this account or with one / two adults
Minimum and Maximum Amount
- If you want an account without cheque book facility the amount is Rs. 50
- If you want an account with cheque book facility, amount is Rs.500
- In case of single account the amount is Rs. 1,00,000 and Rs. 2,00,000 in joint accounts.
Interest Rate
- Current rate of interest is 3.5% for post office savings bank account
- Monthly interest is calculated on the lowest balance on the account, which is between the 10th day and month end.
- This interest is credited and calculated in the account ever year end
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