Quick Answer: Is Post Office Safe Than Bank?

Which is more safe bank or post office?

The one thing that we should tell our readers is that, if you are looking for service, than banks are much better.

Also, for online facilities like withdrawal etc., banks are much better than post office.

However, when it comes to interest rates and safety, post offices are better placed..

How can I double my money in 5 years?

Rule of 72: Divide 72 by the Expected Annual Returns Since you want to double your money in 5 years, your investments will need to grow at around 14.4% per year (72/5). Or if your goal is to double in 10 years, you should invest in a manner to earn around 7.2% every year.

Which is best investment in post office?

3. Comparison of the various Post office savings schemesSchemeInterest RateMinimum InvestmentNational Savings Certificates (NSC)6.8% p.a. (Compounded annually)Rs 100Kisan Vikas Patra (KVP)6.9% p.a. (Compounded annually)Rs 1,000Sukanya Samriddhi Accounts7.6% p.a. (Compounded annually)Rs 1,000 per financial year5 more rows•4 days ago

Which bank owns the post office?

Post Office Money was launched in 2015 to provide an umbrella brand for all financial services provided through Post Office Ltd….Post Office Money.TypeTrading nameProductsCredit cards Current accounts Mortgages Personal loansOwnerHM GovernmentParentPostal Services Holding Company Limited5 more rows

Are post office savings safe?

The table below shows the protection offered to Post Office Money customers with savings accounts. Your eligible deposits with Bank of Ireland (UK) plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.

Is LIC better than FD?

Fixed deposits are best for both short and medium term investments whereas life insurance plans are designed for long term investments. You can invest for a period of as low as 7 days in fixed deposits unlike a life insurance plan wherein you need to invest for at least 10 years. You can invest a minimum amount of Rs.

Is it good to invest in post office?

There is no TDS on interest from post office RD. However, income is taxable in the hands of investor as per their individual tax slab. It’s one of the best investment choices for every investor who is looking for risk-free investment avenue to save some amount every month systematically.

How safe is Post Office Bank?

Government-backed schemes like post office saving schemes and bank fixed deposits are safe and they also offer assured returns. However, the trouble with them is that they offer only modest returns. Often the post-tax returns fail to beat inflation. When that happens over a long period, your money loses its value.

What is the difference between post office and bank?

In comparison to a fixed deposit, a few schemes of the post office are more efficient in terms of tax. Moreover, banks do provide a fixed deposit saving tax for a term of 5 years. … Mostly, the banks do not offer a higher rate of interest to senior citizens when compared to schemes of the post office.

Why is the post office not a bank?

For post office postal services are main object while bank have financial services as it main object. But both have similarities in accepting deposits. Answer: The main purpose of bank is to provide financial service to its customers, while that of post office is to provide mailing services to its customer.

How much money can be deposit in post office?

Single account holders can deposit a maximum of Rs one lakh while joint account holders can deposit a maximum of Rs two lakhs. One of the main features of a Post Office savings account is that there is no lock-in or maturity period.

Which is the best account in post office?

Sukanya Samriddhi AccountInstrumentInterest rate (%) from January 1, 2021Max amt (Rs)Sukanya Samriddhi Account7.61.50 lakhPublic Provident Fund7.11.50 lakh per annum5 Yr NSC-VIII Issue6.8No limitTime Deposit#5.50-6.70No limit6 more rows