Savings account is a basic need in today’s time. If you are also planning to open a savings account, then it is important to know what are the interest rates, minimum balance charges and other important benefits. Savings account can be opened in any bank or post office (post office). Let us know, what are the benefits of opening a savings account in the country’s largest bank SBI and what will the customer get if the same account is opened in the post office.
SBI vs Post Office: Interest Rates
At present, the customer is getting 2.70 percent annual interest on opening a savings account in SBI. At the same time, interest of 4% per annum is being available on the savings account of the post office.
SBI vs Post Office: What will be the benefits
On opening a savings account in SBI, apart from ATM, passbook, 10 leaf check book is available for free. You can avail of Mobile Banking, SMS Banking, Internet Banking. You will also get the features of the YONO app. In this you need to keep minimum balance. It varies from city to city. At the same time, the facility of check book, ATM card, e-banking / mobile banking is also available on the post office savings account. It is also necessary to keep a minimum balance in this. If the minimum balance does not remain Rs 500 at the end of the financial year, then a charge of Rs 100 will have to be paid.
SBI vs Post Office: With how much money the account will be opened
There are many types of savings accounts open in SBI. Generally, a savings account can be opened for Rs 1000. There is no limit to deposit money in this. At the same time, a savings account can be opened in the post office for just Rs 500. There is no deposit limit in this also.
SBI vs Post Office: Tax on Interest
Whether you want to open an account in the bank or in the post office, it must be kept in mind that tax has to be paid after a limit on the interest income. Under Section 80TTA of the Income Tax Act, income up to Rs 10,000 from a savings account in a financial year is not liable to tax. If you are getting more interest then you have to pay tax according to the slab. This is applicable to the savings account of both SBI and post office.