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What is post office savings account?

Investment Analysis and Portfolio Management

What is post office savings account?

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Post Office Savings Account :   A post office savings account is similar to a savings bank account. Its salient features are as follows:

  • The interest rate is 6 percent per annum.
  • The interest is tax exempt.
  • The amount of first deposit should be at least  20 for an ordinary account and  250 for a cheque book account.
  • The maximum balance that can be held is  50,000 for a single account and  1,00,000 for a joint account.

 

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