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Are you aware that, that red box in your neighbourhood can do a lot more than merely deliver letters for you. Well..if you have never given a thought know that the humble post office located in that dingy place at the corner of your street can double up as a bank of sorts as also offer you a choice of investment options to choose from.
You can open a savings account, a monthly income deposit, a term deposit, PPF, recurring deposit or even buy NSC, Kisan Vikas Patra etc since the post office is also an agent for these. And what's more the interest offered on savings is comparatively higher than you could find elsewhere.
Launched by the Directorate of Small Savings, these schemes allow you tax rebates and you could also gain a little more if the post office agent agrees to part with a percent of the commission he receives on the sale of these certificates. But note that if you plan to directly purchase these certificates from the post office you may not receive the benefit that the agent offers you.
Post office savings have always remained one of the most known among the lower and middle income groups but not many of the upper middle class are aware of the benefits these hold. Already the post office is all set to receive a facelift soon. For apart from insurance companies, multinational companies, and several other are all set to exploit the huge potential it holds.
Consider its huge network and the contacts established by post offices over a period of time especially with the locals in rural areas and the reach cannot be undermined. True, facilities like ATM, credit cards and debit cards are sadly not available so far but the day is not far when these will be enabled. Till then you could make do with at the least a saving account in your neighbourhood post office.
