Savings Bank Account

Interest Rates

3.5% per annum on individual/joint and group accounts. 3% per annum on public accounts and Security Deposits Account for purchase of motor vehicle or tractor   and for other purposes 2% per annum. For Official capacity account 2% per annum.
 

Investment Limits and Denominations

Minimum Rs. 20/-.
Maximum Rs. 1,00,000/- for an individual account, Rs. 2,00,000/- for joint account. No limit on group/institutional or official capacity accounts.Indian Post office Savings account
 

Features and Tax Rebate

Cheque facility available cheques are also accepted by scheduled banks.Indian Post office Savings bank account
Interest is completely tax free under section 10 of Income Tax Act.nancial assets in form of small savings Schemes have been exempted from wealth tax.

 

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