Welcome Savings Schemes at a Glance
SAVING SCHEMES—AN OVERVIEW • Savings Bank is an important agency work of DOP. A large percentage of revenue is earned by DOP through these savings schemes. • The schemes are formulated by Ministry of Finance. • These Schemes are governed by Govt. Savings Bank Act 1873. • DOP gets commission from MOF, per live account and per certificate sold and discharged. • The rates of commission for 2010-2011 are as follows • Accounts----Rs 135.96 • Certificates---- Rs 38.97 • The rates of commission are revised from time to time. • The amount deposited under the schemes is given to respective states as soft loan for their development.
SAVING SCHEMES—AN OVERVIEW • Looking in to the needs of all sections of the society , presently eight types of savings schemes are available in Post Offices. • (a) Accounts--------------6 types • (b) Certificates-----------2 types ACCOUNTS • Saving account (SB) • Recurring Deposit account (RD)
SAVING SCHEMES—AN OVERVIEW • Time Deposit Account (TD) • Monthly Income Scheme Account(MIS) • Public Provident Fund Account (PPF) • Senior Citizens Saving Scheme Account (SCSS)
CERTIFICATES • Five Years National Saving Certificate (viii) Issue (NSC) (Maturity period revised as 5 years from 6 years w.e.f.1/12/2011) • Ten years National Saving Certificate (ix) Issue (introduced w.e.f.1/12/2011)
Basic savings account • Nil balance account • Applicable to beneficiaries of all types of schemes run by Government. • Only single account can be opened by an adult • Cheque facility not available • Other deposits by account holder allowed • Scheme code is required to open account