The head post office at Ernakulam has lined up several offers for customers opting for its savings bank account scheme.
A special campaign to popularise the initiative was launched by Tamil actor Aari here on Saturday. He said the post office savings bank account would help the commoner open an account and enjoy various benefits without any hidden charges.
Senior Post Master A. Anvarjan said a customer would get an interest rate of 4% per annum through the post office savings bank account. Any adult Indian national can open the account. It can be opened individually or jointly by two or three persons.
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“The best part about the savings account is that it can be opened with a minimum deposit of ₹50. Moreover, you get income tax exemption on the amount of interest you earn in this account, under the provisions of Section 10 Subsection 15 of the Income Tax Act,” he said.
Mr. Anvarjan said there was no limit on the maximum deposit that could be made in the post office savings bank account.
“ATM facility is free. You can transact with other postal ATMs as many times as you want free of cost. The card can be used in other bank ATMs. There are no service charges for the first five transactions,” he said.
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There is no annual fee for using the ATM card. The customer can either open a simple savings account with no cheque book facility or one that comes with this facility.
A minimum balance of ₹50 needs to be maintained for savings accounts without cheque facility.
For savings accounts that come with cheque book facility, the minimum balance that you need to maintain is ₹500.