You will get a bumper offer if you do this work in the post office, you will get more interest than the bank.

New Delhi : In today's time, everyone is looking for safe and secure options for investment. In such a situation, names of many schemes run by the Indian Post Office Department are included, in which people are investing. In this time, savings account is very important for everyone. If you want to avail banking facilities or government schemes, your work may come to a halt without a savings account. The post office is going to give you such an option of savings account, which is not only convenient but it also gives you many times better interest than banks.

To open a post office savings account, only Rs 500 is required. It also fulfills the minimum balance requirement, hence there is no risk of penalty. Along with this, you are also given the facility of banking facilities like chequebook, mobile banking, e-banking and ATM card. This account is also used for Aadhaar linking and availing benefits of government schemes. You are given 4.0 percent interest on savings account opened in the post office, which is several times higher than other major banks.

Less interest is available in bank

At present, there are both government and private banks in the country, but to open a savings account in these banks, you have to deposit more money. If you want to open a savings account in a government bank, then for this you need Rs 1000 to 3000. To open a savings account in a private bank, your minimum balance should be between Rs 5000 to Rs 10000. Also, let us tell you that in government banks like PNB and SBI, you are given 2.70 percent interest on savings account and in private banks this interest rate ranges from 3 to 3.5 percent.

Click here to read other business news

Tax Deduction and Security

Under Section 80TTA of the Income Tax Act, tax exemption is given on interest up to Rs 10,000. Along with this, the post office is operated by the government, which makes it a completely safe and reliable option.