There are many benefits of investing in post office. If you want to invest your hard earned money without risk, then you can invest in post office bank. There are many advantages to opening an account in post office.
The special thing is that post office accounts are considered more beneficial than banks. It is similar to the account of other banks. Even today, in rural and semi-urban areas of the country, people prefer to open an account in the post office. Different types of accounts can be opened in the India Post Payment Bank of the post office.
It gets interest at a fixed rate. It is also considered more beneficial in case of bank fixed deposits (FD). Its FD has been getting much better returns than banks. FDs in post office accounts get interest ranging from 6.25% to 7.5%. In the bank this rate goes from 3.75 to 7.25.
Savings Bank, Recharging Deposit, Time Deposit, Monthly Income Scheme, Public Provident Fund, National Savings Certificate, Senior Citizen Savings Scheme and Kisan Vikas Patra, Sukanya Samriddhi Account can be opened in the post office.
Savings account can be opened in India Post Payment Bank by paying 20 rupees. The special thing is to keep a minimum balance of just Rs 50 in these accounts. Interest up to Rs 10,000 on post office bank accounts is completely outside the purview of tax. Checks and passbooks are also available.