Passbook savings account – Post office bank account – Post office savings account
If you have an account in any of the bank, you will be provided a passbook. A passbook is nothing but a small book that has record of transactions made with your account. Passbook savings account is nothing but a book that maintains the record of your savings account. A passbook may contain all information like date and time of the transaction, deposit or withdrawal of the amount and by whom, etc. Passbook is used mainly for accounts that have very less transactions like savings account. In the earlier years, passbooks were used to withdraw money, from a different branch provided the signature matches the one which was sent by the branch where the account was opened. In India, post office do offer savings account for people to save money. Post office savings account is another alternative to open savings account for people, who are uncomfortable with online banking systems.
To save the hard earned money, it is necessary to have a bank account. But there are lots of banks that offer you enough opportunities. To choose the right thing, it would be post office bank account. As opening a savings account would provide you better interest rates, guarantee on returns, security, savings on tax and lots other benefits, it is good to you. Savings deposit is one of the best schemes that is available for you to save the money and also gains you some interest over some period of time. You can also have a joint account so that two or more people can have access to the account. Recurring deposit lets you to invest some money periodically, say a month for certain fixed time and this investment along with the interest will return back to you at the time of maturity.
This type of deposits can easily convert your assets to cash. Make sure about penalty that can be levied on you for withdrawal of the cash before premature. Fixed deposit, is one method of investing money for people who have lump amount. Interest rates depends on how long the money stays in the account. Penalty will be levied if fund is withdrawn before the maturity period. Post office savings are offered by department of posts and this allows the account holder to use any of the schemes like recurring deposit, time deposit, monthly income, public provident fund (PPF) and National Savings Certificate (NSC).
Today there are about more than 20 crore account holders in post office that are operated by several thousands of post offices across India. Systematic investment plan is another popular method of investing money in India. This lets any ordinary investor to spend money on mutual fund. This type of investment would help the investor to invest on a regular basis rather than investing all at a time. You can invest very minimum to maximum amount depending on your capacity. This type of schemes will help you in getting additional money and this would solely depend on you that what kind of account would best suit you.