What is the difference between post office and bank?
In comparison to a fixed deposit, a few schemes of the post office are more efficient in terms of tax. Moreover, banks do provide a fixed deposit saving tax for a term of 5 years. Mostly, the banks do not offer a higher rate of interest to senior citizens when compared to schemes of the post office.
Is it safe to keep money in post office?
The deposited money remains safe as the government provides security. Availing the FD facility in post office banks is very easy. Government of India guarantee is given on FD in the post office.
Is post office safer than bank?
Safety. Since the post office schemes are backed by the Government they are very much safe. The same cannot be said about banks. Even for those looking at long-term investment, the risks are far lesser when compared to banks.
What is the interest rate at the post office?
Interest Rate and Taxability on Different Savings Schemes
|List of Schemes||Interest Rate and Return|
|Post Office Recurring Deposit Account||5.8% p.a. on individual/joint accounts|
|Post Office Times Deposit Account||5.5% (1 to 3 years) and 6.7% ( 5 year)|
|Post Office Monthly Income Savings Account (MIS)||6.6% per annum payable monthly|
Can I use the post office as a bank?
But many don’t realise that the Post Office can provide essential banking services for almost everyone with a UK bank account. There are more than 11,500 Post Office branches in the UK – most are kiosks within other retailers, so use the branch finder tool to find your nearest.
Is post office savings account better than bank?
Even the time deposits of the post office are much better, if you consider a medium to longer term duration. The 5-year deposit in the post office fetches an interest rate of 6.8%, compared to a maximum of 5.5% offered by some of the larger banks in the country.
Can I transfer money from post office to bank?
Post office savings account customers can soon avail full digital banking service. The finance ministry has approved linking of savings bank accounts at post offices with IPPB accounts. This will enable post office account holders to transfer money from their account to any bank accounts.
Can I transfer money from Post Office to bank account?
The finance ministry has approved linking of savings bank accounts at post offices with IPPB accounts. This will enable post office account holders to transfer money from their account to any bank accounts.
How much money can be deposit in Post Office?
2- Branch Post Master can only allow deposits up to Rs 50,000. spared cash deposits of more than 50,000 rupees. Money can be withdrawn from schemes like Public Provident Fund, Senior Citizen Saving Scheme, Kisan Vikas Patra only through cheques or withdrawal forms.
What is maximum cash withdrawal from Post Office?
There are limits to the amount that you can withdraw each day: (a) You can withdraw up to £250 per day from any Post Office branded ATM if sufficient funds allow. (b) You can withdraw a maximum of £600 per day from your account, if sufficient funds allow.