The postal department has extended all small savings schemes upto the branch post office level. The decision will improve access to post office savings schemes in villages. It also strengthens postal networks and operations in rural areas.
Extension of Small Savings Schemes
There are 1,31,113 Branch Post Offices functioning in the rural areas. Apart from facilities of letters, speed post, parcels, electronic money order, rural postal life insurance, these Branch Post Offices had been providing Post Office Savings Account, Recurring Deposit, Time Deposit and Sukanya Samriddhi Account schemes till now.
The new order has allowed Branch Post Offices to offer facilities of Public Provident Fund, Monthly Income Scheme, National Savings Certificate, Kisan Vikas Patra and Senior Citizen Savings Schemes also. People living in villages will now be able to get the same Post Office Savings Bank facilities which people in urban areas have been availing. They will be able to deposit their savings into these popular schemes through the post office in their village itself. This is another step taken by the Department to empower Rural India by bringing all Post Office Savings schemes to their doorsteps.
Small Savings Schemes
Public Provident Fund: An individual can open an account with INR 500/- and a deposit minimum of INR 500/- in a financial year and maximum INR 1,50,000/-. Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on.
Senior Citizens Savings Scheme: An individual of the Age of 60 years or more may open the account. There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh. Maturity period is 5 years.
Kisan Vikas Patra: Deposit of minimum of Rs. 1000/- and in multiples of Rs. 100/- No maximum Limit. KVP will be issued in the shape of a passbook. Certificate can be encashed after 2.5 years from the date of issue.
Monthly Income Scheme: Maximum investment limit is INR 4.5 lakh in single account and INR 9 lakh in joint account. Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts (Rs. 4.5 Lakh). Maturity period is 5 years.
