BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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There is no cheque facility with post office savings accounts
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There is no ATM of post offices
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Banks can pay interest at rates decided by them while post offices have fixed rate of interest as decided by the government
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Pass books are not issued by post offices
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Detailed explanation-1: -Post office Time deposits vs Banks’ Fixed Deposits The tenure of bank fixed deposits are flexible, with periods ranging from 15 days to 10 years but the minimum amount is as high as Rs 10, 000. In case of postal time deposits, the account can be closed after 6 months but before one year of opening the account.
Detailed explanation-2: -Rate of interest 7.6% Per Annum(with effect from 01-01-2023 ), calculated on yearly basis, Yearly compounded.
Detailed explanation-3: -The interest rate that is paid on the Post Office Monthly Income Scheme is 7.1% p.a. for an investment period of 5 years. The rate of interest paid is not applicable to senior citizens and those who belong to this category can invest in the Senior Citizens Savings Scheme (SCSS).
Detailed explanation-4: -While for deposits between one to three years scheme, post offices provide an interest rate of 5.5 percent, for a five-year term, the rate stands at 6.7 percent, which is very high in terms of banks. Another benefit of post offices is that their interest rates are revised quarterly.