Post Office Savings Bank Account
Savings Bank Account
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.
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.