Top 8 Financial Products Offered By Indian Post Office

3. Public Provident Fund Tenure: 15 years Interest rate: 8.7 Percent

An individual can open an account with minimum deposit of Rs.500 in a financial year and maximum Rs.1, 00,000 and account can be opened by cash or cheque. Deposits qualify for deduction from income tax under Sec. 80C of IT Act. The interest earned on the deposits is completely tax free. From the third financial year loan facility available but premature closure is not allowed before 15 years.

4. Money Transfer

The Money Transfer facility provides a fast and easy way of transferring personal payment from abroad to beneficiaries in India. The service is valid only for the purpose of remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible. No outward remittance from India is permissible under MTSS.

The collaboration between the Department of Posts, Government of India with the Western Union Financial Services and MoneyGram International facilitates instantaneous remittance of money from around 195 countries, 22 foreign currencies and territories to India.

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