Banking Services In Post Offices

Posted by | Posted in Postal Services | Posted on 06-06-2010

There are so many postal services provided by post offices and one very vital service is banking service. As we know that bank deals with money. One can deposit money in his account and also can withdraw it at any time. Customer can also take loan from bank when he is in need of money. Besides this service banks also helps its customers to keep their valuables and ornaments in safe custody and transferring money from one account to another.

Post Offices Post offices work with some of these banking services like accepting money deposits and withdrawal of deposits. So in this way we can say that post offices also playing a role similar to bank. Different schemes are also offered to attract customers and encourage them to save money. Here is the list of some important saving schemes provided by post office banking services:

Savings account of post office: We can deposit our savings in this account and withdraw it any time when required. The minimum amount we need to open this account is rupees twenty and the maximum of one lakh rupees can be deposited in the account. The account can also be a joint account. Post office also pays interest on the deposited money.

Time deposit account of post office: Fees to open this account is rupees fifty and there is no limit to deposit money in this account. Money has to be deposited in lump sum and it gets mature after a fixed time interval like one, two or three years. Depositor gets interest by post office on this money annually.

Monthly income scheme of post office: In this customer has to deposit a fixed sum of money for six years. He will get monthly interest on the money. Minimum and maximum amount that can be deposited in this account are rupees 1000 and rupees 3 lakhs.

So there are so many schemes provided by post office banking services depending on different groups of people.

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