Recently when SBI announced that there needs to be an AQB of Rs.5,000 there were lot of hues and cries as it is beyond the means of many household which thrives on shoestring budget. Team NewsPatrolling looked out for other options to see what could be the best viable option. Surprisingly, it is the Post Office which is located next door gives the best ever solution. Let us look at the features quickly:
1. Rs.20 is what is required to open an account.
2. Minimum Balance to be maintained in case there is no cheque book on the account is Rs.50 only. If you want a cheque book, you need to have Rs.500 as Minimum Balance in your account.
3. The account offers you 4% rate of interest and interest earned up to 10,000 is tax free.
4. The account can be transferred from one post office to another.
5. Anyone can pay the amount in your account from any post office with no extra transaction fee.
6. Post Office will issue a Debit Card which can be used in all other banks.
For charges related to the usage and for account opening, contact your nearest post office today.