Post offices use the formula of "A penny saved a penny gained". People in village not immediately depositing a huge amount day by what amount they earned investing in their account.

In fact, post office schemes are better known as 'small saving scheme'. These are of National savings Organization, Nagpur and operated by post ofices. But many big investors invest in such schemes for tax benefits.

In general, I'm for more convenience, less time consuming, less paper work paraphernalia and Safety. I don't mind about less interest. Bank frauds are more in comparison with PO frauds.

I agree. I don't wish to manipulate things. I shall not try to deposit in different banks or even submit form H if my total income exceeds Rs. 2,50,000/ including interst on FD. Let them deduct TDS.

Some banks did not tell the customers about the forms and simply deduct the TDS from their accounts. If customer asked about it they will say you must submit it and tell you to contact Income taxt department for further issues. An educated person knows about all these things and he will follow the procedures. A person who resides in villages did not know about it. In post offices before investing they are explaining what are the benefits in it. Banks hide important information from us. That's why still post offices are playing major role in villages. Savings is important comparing with interest and that money should be kept safely.

In general, I'm for more convenience, less time consuming, less paper work paraphernalia and Safety. I don't mind about less interest. Bank frauds are more in comparison with PO frauds.

I agree. I don't wish to manipulate things. I shall not try to deposit in different banks or even submit form H if my total income exceeds Rs. 2,50,000/ including interst on FD. Let them deduct TDS.

Some banks did not tell the customers about the forms and simply deduct the TDS from their accounts. If customer asked about it they will say you must submit it and tell you to contact Income taxt department for further issues. An educated person knows about all these things and he will follow the procedures. A person who resides in villages did not know about it. In post offices before investing they are explaining what are the benefits in it. Banks hide important information from us. That's why still post offices are playing major role in villages. Savings is important comparing with interest and that money should be kept safely.

In general, I'm for more convenience, less time consuming, less paper work paraphernalia and Safety. I don't mind about less interest. Bank frauds are more in comparison with PO frauds.

I agree. I don't wish to manipulate things. I shall not try to deposit in different banks or even submit form H if my total income exceeds Rs. 2,50,000/ including interst on FD. Let them deduct TDS.

Some banks did not tell the customers about the forms and simply deduct the TDS from their accounts. If customer asked about it they will say you must submit it and tell you to contact Income taxt department for further issues. An educated person knows about all these things and he will follow the procedures. A person who resides in villages did not know about it. In post offices before investing they are explaining what are the benefits in it. Banks hide important information from us. That's why still post offices are playing major role in villages. Savings is important comparing with interest and that money should be kept safely.

Yes, we have to stay informed..and ask the bank staff about documents like 15G or 15H but I have never seen bank staff giving out this info upfront even when you open a FD of a slightly bigger amount.

Also, tax filing no doubt has become easy, being online now, but when it comes to getting my refund on TDS back there is no where I can look for such a info. Not sure when it comes to deducting money...it happens automatically,,,but here when I have to get something back I am still waiting.[/quote

Monthly Bank statements give a correct picture of all the Bank transactions. including TDS details. I never faced this problem.