The government has hiked interest rates for some small savings schemes for the October-December quarter of the financial year 2023.
However, there has been no change in the interest rates of many post office savings schemes including Public Provident Fund (PPF), National Savings Certificate (NSC).
Over the years, post offices have designed several small savings schemes to meet the needs of investors, mostly small towns and rural areas. At present, an interest rate of 4 per cent per annum is being offered in personal and joint post office savings accounts. Also there is no tax up to Rs 10,000 in the interest paid in a financial year.
For savings accounts with check book access, generally a minimum balance of Rs 500 has to be maintained in the account. Nominee has to be created while opening the account. Conversion of single account into joint is not allowed. A post office allows a minimum withdrawal of Rs 50 in a savings account. There should be a minimum of Rs 500 in the account and withdrawals are not allowed on the amount less than this. If the balance is less than Rs 500, a fine of Rs 50 is levied.
Interest is calculated on the minimum amount due between the 10th and the end of the month. If the balance in the account on the 10th and last day of any month is less than Rs.500, no interest will be paid for that month. At the end of each financial year, the account gets interest as decided by the Ministry of Finance.
All these facilities are available in the post office..
1. Check Book
2. ATM Card
3. Aadhar Seeding
4. Atal Pension Yojana (APY)
5. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
6. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
7. E-Banking / Mobile Banking.
