Banking: Post office savings account have many facilities including ATM and check book & more interest from banks

If you are planning to open a savings account in the bank, then it will be right to open the account in the post office. Here you can open a savings account for just 500 rupees. The minimum balance in this account is only 500 rupees. This savings account is exactly the same as a savings account of a bank. At the post office, you also get the facility of ATM and check book. This account gets more interest than many banks.

Interest up to Rs 10,000 is tax free

• Under this saving account you get an annual interest at the rate of 4 percent. The interest of Rs 10,000 is completely tax free.
• On opening this account, you get the facility of check book. At least 1 transaction in 3 financial years is necessary to keep the account in current condition.
• The post office works under the central government, so there is no fear of sinking money.

This is how you can open a savings account in the post office:

• To open a savings account in the post office, a form has to be filled. Apart from the post office, this form can also be downloaded from the department’s site.
• Apart from this, KYC is also necessary. Post office has to be filled after filling the form. After this the post office will open your savings account.

Necessary documents for Opening Saving account in PO:

• Voter card, Aadhaar card, ration card, passport, driving license etc. in ID proof.
• Address proof should include bank passbook, passport, ration card, electricity bill, phone bill, Aadhaar card.
• The latest passport size photo will have to be given along with it.

For more details visit : https://www.indiapost.gov.in/Financial/Pages/Content/Post-Office-Saving-Schemes.aspx