InvestorQ : Could you please tell me more about the Post Office Savings Account?
Priyanka Singh made post

Could you please tell me more about the Post Office Savings Account?

Answer
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1 year ago


A Post Office Savings Account is one of the many savings schemes offered by India Post. It is a deposit scheme provided by Indian post office departments throughout India on which one can earn a fixed rate of interest.

A post office savings account is a very helpful scheme as it helps those individuals who reside in rural parts of India. The beneficiaries of the direct benefit transfer (DBT) get their pensions, other dues, etc in time through these accounts.

One can invest a minimum of Rs 20 in the post office savings account scheme and there is no maximum limit to investment amount.

For the Post Office Savings Account, an investor can earn 4% per annum interest rate.

All resident Indians, minors as well as majors are eligible for opening a Post Office savings account.

From a tax point of view, interest earned on the account is tax free up to Rs 10,000.