Explain any four Saving Schemes operated through Post Office.
Answers
One can choose among the many saving options available in a post office according to then interest rates, features, time duration of a savings form. There are ample options available. They charge at different rates of interest in different cases.
Some of the saving schemes operational over saving schemes of post office with a bit explanations are as follows:
1. Post office savings account, which runs for all resident Indians at a rate of 4 percent annually.
2. Post office recurring deposit account, which works for every person at a rate of around 6.9 percent for the first year.
3. Post office time deposit account, where no deductions are made on the deposit amount.
4. Post office monthly income scheme account, whee a part of TDS is deducted for a monetary value exceeding 50,000 INR.
5. Senior citizens savings scheme.