Post office savings is a deposit scheme, also known as short-term savings scheme, provided by the post offices across India. The best part of such scheme is that it is backed by the government, and thus, involves no risk and sovereign guaranteed returns. Post office pays fixed interest on the deposit amount. It is a beneficial scheme for investors who wish to earn good returns by investing a significant portion of their earnings to a savings plan every month. This is specifically beneficial for the rural areas, as the reach and access to mainstream banking in such areas is quite low. The schemes are operated through a network of 1.54 lakh post offices across India.
So far, the savings scheme has reached across the length and breadth of India and hence, millions of depositors are enjoying the hassle-free savings services due to an easily accessible, widespread Post Office network.