PRODUCT NOTE
Rate of Interest: @4.00% p.a.
type OF INTEREST : Floating rate during the tenure
MINIMUM AMOUNT REQUIRED
Rs. 500/-
Maximum Amount Limit
No Maximum Limit
Who can Invest
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(i) a single adult
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(ii) Joint Account (Maximum 2 adults)
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(iii) Minor above 10 years of age
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(iv) A guardian on behalf of a minor
Post Office Savings Account
It works similar to any bank account saving account where the interest is tax free. One can invest maximum of Rs. 1 lakh and jointly 2 lakh. Account could be open in the name of minor but with a guardian.
Features
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Minimum amount of Rs 20/- can be invested, in cash
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Minimum amount of Rs 50/- can be invested , in cheque
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Minimum balance of Rs 500/- has to be maintained in cheque account
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Maximum balance permitted is Rs 1 lakh in single account
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Maximum balance permitted is Rs 2 lakh in joint account
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Account can be open on behalf of minor also
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Interest of P.O. Saving a/c in tax free