Is it good to have post office savings account?
Table of Contents
- 1 Is it good to have post office savings account?
- 2 What is difference between post office savings account and IPPB account?
- 3 What are the advantages of post offices?
- 4 Which account is best to open in post office?
- 5 Can we transfer money from post office to bank?
- 6 What is the advantage of IPPB account?
- 7 What are the advantages of parcel post over post office?
- 8 How can the post office help reduce the impact of branch closures?
- 9 Can I use the post office as a bank?
Is it good to have post office savings account?
It is a beneficial scheme for individual investors who wish to earn a fixed rate of interest by investing a significant portion of their financial assets. Post office savings account is also a very helpful scheme for those residing in rural parts of India.
What is difference between post office savings account and IPPB account?
IPPB has three kinds of accounts: Regular, Digital and Basic. There is no such classification under POSA. POSA does not offer doorstep banking services but IPPB does. POSA gives 4\% interest rate per annum on individual/joint accounts while IPPB gives 2.75\% per annum – both payable quarterly.
What are the advantages of post offices?
Advantages of Postal Service: Assured and speedy delivery of goods is possible with the help of speed post service. Addressee receives the parcels at his doorstep. He doesn’t have to travel too far in search of his parcels. Such a convenient mode of transport can be used when quantity is small and volume is low.
How much money is safe in post office?
Again, the insurance protection is on a per-depositor basis; that is, even if a customer holds multiple deposits in a bank, he is entitled to only ₹1 lakh as insurance cover. In the case of postal deposits, there is no concept of insurance as the money is fully secure.
What is the FD interest rates in post office?
Post office FD interest rates
| Tenor (years) | Post office FD interest rates | Bajaj Finance FD interest rates |
|---|---|---|
| 1 year | 5.5\% | 5.65\% |
| 2 years | 5.5\% | 6.40\% |
| 3 years | 5.5\% | 6.80\% |
| 5 years | 5.7\% | 6.80\% |
Which account is best to open in post office?
Post Office Savings Account(SB)
Can we transfer money from post office to bank?
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.
What is the advantage of IPPB account?
You can avail yourself of services such as easy bill payments, Doorstep Banking services, instant money transfer through IMPS and other remittance services. In addition, you will get the benefit of QR card, phone banking, SMS banking, free quarterly email statements and SMS alerts.
Which is best investment in post office?
Comparison of the various Post office savings schemes
| Scheme | Interest Rate | Minimum Investment |
|---|---|---|
| National Savings Certificates (NSC) | 6.8\% p.a. (Compounded annually) | Rs 100 |
| Kisan Vikas Patra (KVP) | 6.9\% p.a. (Compounded annually) | Rs 1,000 |
| Sukanya Samriddhi Accounts | 7.6\% p.a. (Compounded annually) | Rs 1,000 per financial year |
What is the future of post-payments banking in India?
Still with all modern age banks being around rural indians do not have access to banking. India post payments bank will be bringing this intimate knowledge of the rural landscape, peoples habits etc and convert that into a business which will be something to envy about for major banks.
What are the advantages of parcel post over post office?
Parcels can be easily dispatched because post offices are located mostly near market places. Parcel may be sent under VPP and amount due from the consignee can be realized by the sender through the post office. It is more expensive to send large quantities of goods by parcel post.
How can the post office help reduce the impact of branch closures?
‘By making sure alternative counter-based banking services are accessible through the Post Office, the impact of local branch closures on communities can be minimised. The Post Office plays an important part in financial inclusion.
Can I use the post office as a bank?
Another factor to consider is whether you’re comfortable actually using a Post Office to bank; many people prefer deal directly with banks for large financial transactions, or more traditional banking services such as mortgages and larger loans.
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