Savings account is important for every person. It is not only a means of keeping money safe, but also helps you in times of need. People usually open savings accounts in banks, but very few people know that a post office savings account can be more beneficial than a bank. Let us know its reasons and benefits.

Relief in minimum balance

In a bank savings account, you have to follow the minimum balance limit. This limit is mostly Rs 1000 or more. Whereas, in a post office savings account, this limit is only Rs 500. This is a big benefit for people who maintain low balance.

interest rate hike

Interest rate is an important aspect of a savings account. Banks usually offer interest rates ranging from 2.70% to 3.5%. In contrast, post office savings accounts offer interest rates of up to 4%. Your money grows faster due to the higher interest rate.

No shortage of features

Bank savings account provides facilities like cheque book, ATM card, net banking, and mobile banking. Post office savings account is also equipped with all these facilities. Along with this, there is also an option to avail direct benefits of many government schemes.

Benefits of government schemes

Through the Post Office Savings Account, you can avail the benefits of schemes like Pradhan Mantri Jan Dhan Yojana, Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme. It is ideal for those who want to connect with government schemes.

Security and reliability

Post office services are under government supervision, which ensures the safety of your money. The participation of private institutions in the bank makes the post office option more reliable.

It is worth noting that the post office savings account is better for those who want safe and reliable services with low minimum balance and high interest rate. Apart from this, the direct benefit of government schemes makes it more attractive. If you want to invest your money in a safe and profitable way, then the post office savings account can be a good option.