Post%20Office%20Savings%20Scheme-%20Here%u2019s%20all%20the%20information%20about%20Post%20Office%20Savings%20Account%28s%29%20

#PostOffice #PostOfficeSchemes

India post offers several deposit schemes for those looking to invest
Some of the schemes such as NSC, SCSS etc. offer tax-saving benefits under section 80C of the Income-tax Act, 1961
The account can be opened singly or jointly with your spouse

Written By:Pallak

Updated: November 30 2020 09:00:09 PM ET New Delhi, Delhi, India

The%20post%20office%20offers%20various%20schemes%20for%20people%20looking%20for%20investments.%20The%20striking%20feature%20of%20these%20schemes%20is%20their%20sovereign%20guarantee%2C%20i.e.%2C%20they%20are%20backed%20by%20the%20central%20government%20and%20some%20of%20these%20schemes%20such%20as%20NSC%2C%20SCSS%20etc.%20offer%20tax-saving%20benefits%20under%20section%2080C%20of%20the%20Income-tax%20Act%2C%201961.%20%26nbsp%3B%3Cbr%3EHere%20are%20details%20about%20the%20Post%20Office%20Savings%20Account.%26nbsp%3B

%3Cstrong%3E%3Cu%3EPost%20Office%20Savings%20Account%28SB%29%3C/u%3E%3C/strong%3E%20-%20Under%20this%20scheme%2C%20the%20interest%20payable%20is%204%25%20per%20annum%20on%20individual/joint%20accounts%20and%20the%20minimum%20amount%20required%20for%20opening%20the%20account%20is%20Rs.%20500.%20This%20account%20can%20be%20opened%20as%20a%20single%20account%2C%20a%20joint%20account%28%20of%202%20people%29%2C%20a%20guardian%20on%20behalf%20of%20a%20minor%20or%20someone%20of%20an%20unsound%20mind%20and%20a%20minor%20who%20is%20above%2010%20years%20of%20age.%26nbsp%3B

%3Cstrong%3E%3Cu%3EDeposits%20and%20Withdrawals%3C/u%3E%3C/strong%3E%3Cbr%3EAll%20deposits/%20withdrawals%20shall%20be%20in%20whole%20rupees%20only.%20Minimum%20deposit%20amount%20is%20Rs.%20500%20%28subsequent%20deposit%20not%20less%20than%2010%20rupees%29%20while%20the%20minimum%20withdrawal%20amount%20is%20%u20B950.%26nbsp%3B

There%20is%20no%20limit%20on%20the%20maximum%20deposit%20amount%20and%20no%20withdrawal%20will%20be%20permitted%20which%20effect%20reducing%20of%20minimum%20balance%20Rs.%20500.%26nbsp%3B

In%20case%20account%20balance%20is%20not%20raised%20to%20Rs.%20500%20at%20the%20end%20of%20financial%20year%2C%20Rs.%20100%20will%20be%20deducted%20as%20Account%20Maintenance%20Fee%20and%20if%20account%20balance%20becomes%20nil%2C%20the%20account%20shall%20stand%20automatically%20closed.%26nbsp%3B%3Cbr%3E%3Cstrong%3E%3Cu%3EInterest%3C/u%3E%3C/strong%3E

Interest%20is%20calculated%20on%20the%20basis%20of%20minimum%20balance%20between%2010th%20of%20the%20month%20and%20end%20of%20the%20month%20and%20allowed%20in%20whole%20rupees%20only.%26nbsp%3B

No%20interest%20is%20allowed%20in%20a%20month%20if%20balance%20between%2010th%20and%20last%20day%20of%20the%20month%20falls%20below%20Rs.%20500.

%26nbsp%3BInterest%20is%20credited%20in%20the%20account%20at%20the%20end%20of%20each%20Financial%20Year%20at%20the%20interest%20rate%20prescribed%20by%20Ministry%20of%20Finance.%26nbsp%3B

At%20the%20time%20of%20closure%20of%20account%2C%20interest%20will%20be%20paid%20up%20to%20the%20preceding%20month%20in%20which%20account%20is%20closed%20and%20u/s%2080TTA%20of%20the%20Income%20Tax%20Act%2C%20from%20all%20Savings%20Bank%20Accounts%2C%20interest%20up%20to%20Rs.%2010%2C000%20earned%20in%20a%20Financial%20Year%20is%20exempted%20from%20taxable%20Income.%26nbsp%3B%3Cbr%3E%3Cstrong%3E%3Cu%3ESilent%20Account%3C/u%3E%3C/strong%3E%20%26nbsp%3B

If%20no%20deposit/withdrawal%20takes%20place%20in%20an%20account%20during%20continuous%20three%20financial%20years%2C%20the%20account%20%26nbsp%3Bis%20treated%20as%20a%20silent/dormant%20account%20and%20revival%20of%20such%20an%20account%20can%20be%20done%20by%20submitting%20application%20along%20with%20fresh%20KYC%20documents%20and%20passbook%20at%20concerned%20Post%20Office.%26nbsp%3B%3Cbr%3E%3Cstrong%3E%3Cu%3EAdditional%20Facilities%26nbsp%3B%3C/u%3E%3C/strong%3E

Additional%20Facilities%20that%20are%20available%20on%20Post%20Office%20Savings%20Accounts%20are-%26nbsp%3B

a.%20Cheque%20Book%26nbsp%3B

b.%20ATM%20Card

c.%20Mobile%20Banking%26nbsp%3B

d.%20Aadhaar%20Seeding%26nbsp%3B

e.%20Atal%20Pension%20Yojana%26nbsp%3B

f.%20Pradhaan%20Mantri%20Suraksha%20Bima%20Yojana%26nbsp%3B

g.%20Pradhaan%20Mantri%20Jeevan%20Jyoti%20Bima%20Yojana%26nbsp%3B

Stay%20Tuned%20to%20know%20about%20more%20such%20Post%20Office%20Schemes.%26nbsp%3B%3Cbr%3E%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23PostOffice%22%20data-user-id%3D%22L18dmDXItpkL%22%20href%3D%22/topic/post-office%22%3E%23PostOffice%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23PostOfficeSchemes%22%20data-user-id%3D%22Mo37HkkwSyR4%22%20href%3D%22/topic/postofficeschemes%22%3E%23PostOfficeSchemes%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23India%22%20data-user-id%3D%22Bq4MmUPrXF8p%22%20href%3D%22/topic/india%22%3E%23India%3C/a%3E%26nbsp%3B