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POST OFFICE SAVING ACCOUNT
Introductory:
Saving account for petty saving and receiving transactions.
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A person may open the account in his own name individually or jointly with an adult person.
- A person may open the account on behalf of minor of whom he is the guardian or a person of unsound mind
- A minor who has attained the age of 10 year may open the account independently.
- Zero balance account for beneficiaries of MNREGA and otherGovt. Schemes.
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Current Rate of Interest Payable.
- Interest earned up to Rs. 10,000 in a financial year qualify for deduction from Income under section 80TTA of Income Tax Act.
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