Thursday, April 22, 2010
Post office Savings bank Account
Investment in post office savings bank Account is just like making investment in a bank with the only difference that this investment is made with the post office. Cheque book facility is also available provided a minimum balance is kept as per the guidelines of the postal department. The interest is about 3.5% p.a. which is paid annually and is completely exempt from income tax. There is no wealth tax on unlimited amount in respect of investment in post Office Savings Bank Account. This is again good investment for small investor only. The maximum investment is RS 1,00,000 for individual investor and Rs 2,00,000 for joint accounts.