Saturday, 19 May 2012

Sale of New Products through Post Offices

The Central and State Governments have taken various measures from time to time to promote and popularize small savings schemes through print and electronic media by way of holding seminars, meetings and providing training to various agencies involved in mobilizing deposits under the schemes.

                  Further, with a view to sustaining investor’s interest in the small savings schemes, the features of the schemes are reviewed from time to time and various improvements and amendments in the schemes are introduced.

·    With effect from 1.12.2011, interest on Post Office Savings Account has been increased from 3.5% to 4% per annum.
·    Maturity period of Monthly Income Scheme (MIS) and National Savings Certificate (NSC-VIII Issue)  reduced from 6 years to 5.
·    New NSC (IX-Issue) instrument, with maturity period of 10 years, introduced.
·    Annual ceiling on investment under Public Provident Fund (PPF) Scheme increased to Rs. 1 Lakh.
·    Liquidity of Post Office Time Deposit (POTD)-1, 2, 3 & 5 years improved by allowing premature withdrawal at the rate 1% less than the time deposits of comparable maturity.
·     For premature withdrawal between 6-12 months of investment, Post Office Savings Account(POSA) rate of interest will be paid.

               The Postal Department has entered into agreements with the following organisations including financial institutions to sell their products through the post offices in the country :

Name of Company/Financial Institutions
Description of product/service
Western Union  Financial Services Inc.
International Money Transfer to India
MoneyGram Payment Systems Inc.
International Money Transfer to India
UTI Mutual Funds
Sale of UTI Mutual Funds through post offices
Pension Regulatory & Development Authority
Point of Presence for National Pension Scheme accounts.
India Post SBI tie-up
Department sells assets and liability products of SBI through identified postal outlets.
Ministry of Railways
Booking/cancellation of Railway Reserved Tickets under Passenger Reservation System
Reliance Money Infrastructure Limited.
Sale of Gold Coins.
Bharat Sanchar Nigam Ltd.
Sale of Recharge Coupons, SancharnetCards etc.

                  This information was given by the Minister of State for Communications & Information Technology Shri Sachin Pilot in a written reply in the Lok Sabha yesterday.

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