Dhanteras 2021: Invest in Post Office Savings Schemes with minimum deposit of Rs 500 - Check eligibility, interest, other details

On the auspicious occasion of Dhanteras which is being celebrated on Tuesday (November 2, 2021), people buy gold, silver, utensils, etc. One can also think of investing in certain schemes on this occasion.

"This Dhanteras, kickstart your festivity with auspicious investments and get one step closer to attaining prosperity," India Post tweeted. One can invest in Post Office Savings Schemes and avail the benefits offered under it.

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Here is all you need to know about the Post Office Savings Schemes:

Eligibility: A single adult, two adults only (Joint A or Joint B), a guardian on behalf of minor, a guardian on behalf of person of unsound mind, ​a minor above 10 years in his own name can open an account under Post Office Savings Schemes.

However it can be noted that only one account can be opened by an individual as a single account and only one account can be opened in the name of minor/above 10 years of age (self)/person of unsound mind.

This #Dhanteras, kickstart your festivity with auspicious investments and get one step closer to attaining prosperity.
To know more about Post Office Savings Schemes, visit: https://t.co/YwQtQrtevH

— India Post (@IndiaPostOffice) November 2, 2021

Also, in case of death of a Joint holder, the surviving holder will be the sole holder, if surviving holder already has single account in his/her name, Joint account have to be closed.

As per the information provided by India Post, conversion of single to joint account or vice versa is not allowed and nomination is mandatory at the time of opening of account. Minor after attaining majority has to submit fresh account opening form and KYC documents of his/her name at concerned Post Office for conversion of the in his/her name.

Deposit and Withdrawal​: Minimum deposit amount is of Rs 500 (subsequent deposit not less than 10 rupees). Minimum withdrawal amount is Rs 50. There is no limit for maximum deposit. Also, no withdrawal will be permitted which effect reducing of minimum balance Rs 500.

It can be noted that in case account balance not raised to Rs 500 at the end of financial year Rs 100 will be deducted as Account Maintenance Fee and if account balance became Nil the account shall stands automatically closed.

Interest: It will be calculated on the basis of minimum balance between 10th of the month and end of the month. No interest will be allowed in a month if balance between 10th and last day of the month falls below Rs 500.

Silent account: If no deposit/withdrawal takes place in an account during continuous three financial years, the account shall be treated as silent or dormant. Revival of such account can be done by submitting application along with fresh KYC documents and passbook at concerned Post Office.