Post office schemes offer a low-interest rate type of savings account. These accounts are typically used by the elderly and people who do not have bank accounts.
Post office savings account benefits are the best way to save money. They provide you with a fixed interest rate and sometimes tax-free savings.
Many post office schemes are also available every month, which means that you can save even more money. There are also many other benefits of getting a post office scheme in your area, such as doorstep benefits; Post office schemes are perfect for people who want to save money but don’t have time to manage their finances or keep track of their savings.
Types of Post Office Schemes in India
The Department of Posts operates the Post Office Savings Scheme function on behalf of the Ministry of Finance, Government of India. Under this scheme, more than 20 crores of savings accounts are operated. These accounts are managed through more than 1,54,000 post offices across the country.
The Post offices provide schemes like the Savings Account Schemes, Recurring Deposit Schemes, Time Deposit Schemes, Public Provident Fund Schemes, Monthly Income Schemes, National Savings Certificates, and Senior Citizens Savings Scheme.
Savings schemes available with the Postal department
- Post Office Savings Account.
- National Savings Recurring Deposit Account.
- National Savings Time Deposit Account.
- National Savings Monthly Income Account.
- Senior Citizens Savings Scheme Account.
- Public Provident Fund Account.
- National Savings Certificates (VIII Issue) Account.
- Kisan Vikas Patra Account.
- Sukanya Samriddhi Account.
Benefits of Post Office Schemes
Some of the benefits of post office saving schemes are:-
- Risk-free investment return: guaranteed by the Government of India.
- Better investment returns: in a range of 4-9% per anum.
- Long-term schemes available: from 1 to 15 years.
- Tax Benefits under section 80C.
- Simple investing process.
Three Things to Keep in Mind Before Opening A Post Office Scheme Account
Post office schemes have been around for a long time and have grown in popularity over the years. However, they are not without their risks. Here are three things to keep in mind before opening an account.
Before opening a post office scheme account, you should consider the following three things:
- What type of savings are you looking to make?
- Consider your financial situation.
- What is your risk appetite?
- Do you have any other savings options that might be better for you?
- Ensure that you can pay the minimum deposit. It could be daily, weekly, monthly, or yearly.
Conclusion: Keep track of Your Savings With A Post Office
If you are looking for the best way to keep track of your savings and ensure you don’t lose track of what you have, then a post office is the best option.
The service offers various options that make it easy to do so. You can use their online tools and even print out receipts if needed. A post office is a place you can trust to help you save money. They provide a range of services for their customers, including savings accounts and cash withdrawals.
Post offices offer free checking accounts, cash withdrawals, and more!