Post office &Government banks savings which is better ?

Question

i want to know if PO SAVING is better or Govenment banks for the interest rates? ..please advice and let me know the comparison of the interest rates..,.thnkx in advance

Answer 1

post office is better than bank

Answer 2

Perhaps you wanted to know about both (saving account and deposit account) types of savings.

However, in both cases Post Office is strong as compared to Banks as

1) The interest earned from Saving Account with Post Office is taxfree whereas from Banks it is always taxable income i e will be added in your other incomes. Also interest earned upon certain type of investments with Post Office are taxfree.

2) The main and stratigec stronger point for Post Office is that your entire deposits are fully secured by the Govt. of India but in case of Banks your deposits are not fully secured. In Banks, weather nationalised or others, Govt. of India secures  upto a certain amount and this varies from bank to bank.  For some banks Govt. of India does not stand as a Guarantor.  

Better if you do not give more stress on the interest amount but income tax and safety also be considered.

Answer 3

It will depend on the period for which you want to save.

Answer 4

bank saving is fr short period  comparing 2 po  saving.

1.po saving is fr 8yrs were as bank saving ie is fixed deposit is fr 4 or 5 yrs as u need . iif u want 2 deposit fr 4 yr u can deposit. & if u wnt 2 deposit fr 5 yrs den also u can deposit , it is up 2 u .but rate of interest is same in both da period

2in bank uget 10%rate of interest  fr 4yr & 5 yr & were as in po u get 8.25%  fr 8yrs&6 mnoths rate of interest./ anum.

3. in bank u can deposit fr 555 days also .

4.if u want 2 deposit ur amunt in nbfc ( non banking financial service) ie is in private sector  den also dere r sum option , ie is 1. Sriram finance ltd. 2. sahara india ltd.  u can deposite in dis two private sector .

5. In Sriram u get  rate of interest is 11% fr one yr.  11.5% fr 2 yrs .12% fr 3yrs. 12.5%fr 4yrs & on wards up to 5 yrs . & double ur money in 5yrs& 7months.

bye i think it wil help u alot

Answer 5

this is main difference

http://shaktibanna.blogspot.com/2008/06/...

Answer 6

Both are worthy options . For more details u can visit - http://www.paisawaisa.com/

This website provides details regarding any financial aspect.

Answer 7

Banks are better than Post Office savings.

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