Outlook Money
Post office schemes are a means of safe investment and guaranteed returns. In this, people of every age/income group can invest in the schemes available for savings and investment. One can also open a savings account with the post office.
There is no limit on depositing money in this scheme and one also gets tax exemption up to Rs 10,000 on it.
The annual interest on this account is 4 per cent.
Like any bank account, one has to pay some charges on it. There should be a minimum of Rs 500 in the account. If the amount goes less than this and at the end of the financial year it remains below this limit, then a maintenance fee of Rs 50 is deducted.
In a year, one can use 10 leaves of the chequebook without any charge, and after that, a charge of Rs 2 on each leaf is deducted.
The facilities available on the Post Office Account include; Chequebook, ATM Card and E-banking/Mobile Banking, etc.
Compiled by Syed Muskan