The authorities has elevated the rates of interest for a couple of small financial savings schemes for the October-December quarter of the fiscal yr 2023. However, there was no change within the rates of interest for a lot of schemes together with Public Provident Fund (PPF), National Savings Certificate (NSC) and Post Office Savings.
Over the years, put up places of work have devised quite a few small financial savings plans to cater to the wants of the traders, principally in small cities and rural areas. Currently, 4 per cent annual rate of interest is obtainable on put up workplace financial savings for particular person and joint accounts. In addition, as much as Rs 10,000 of the curiosity paid in a fiscal yr is tax-free.
For financial savings accounts with cheque guide entry, a minimal steadiness of Rs 500 is often required to be maintained. Nomination is required whereas opening an account and it isn’t permitted to transform a single account to a joint account or vice versa.
A put up workplace financial savings account permits a minimal withdrawal of Rs 50. The account ought to have a minimal steadiness of Rs 500 and withdrawals beneath this quantity aren’t allowed.
Similarly, a penalty of Rs 50 for non-maintenance of the minimal steadiness can be charged if the steadiness is beneath Rs 500 on the finish of the monetary yr.
The minimal quantity between the tenth and the top of the month can be thought of to calculate the curiosity. No curiosity can be paid for the month if the steadiness of the account on the tenth and the final day is lower than Rs 500 in a specific month. At the top of every fiscal yr, the account can be credited with curiosity on the price set by the Ministry of Finance.
Here are a few of the services that may be availed on put up workplace financial savings accounts:
1. Cheque guide
2. ATM Card
3. Aadhaar Seeding
4. Atal Pension Yojana (APY)
5. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
6. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
7. E-banking/cellular banking.
Read all of the Latest Business News and Breaking News right here
