Wednesday, December 8, 2010

Products through Post Offices on National Level

The Department of Posts has signed agreements with financial institutions including many other organizations to sell their products through Post Offices in the country. List of products sold at national level is as given below.
Name of Company/Financial Institution
Description of product/service
Western Union Money Transfer
International money transfer to India
UTI Mutual Funds
Sale of UTI Mutual Funds through post offices
Pension Fund Regulatory & Development Authority
Point of Presence for National Pension Scheme Accounts
M/s Nirmal Packaging Systems
Sale of Corrugated boxes and Paper board envelops.
M/s Narsingh Dass & Co.
Sale of Tyvek Envelops
Ministry of Railways
Booking/cancellation of Railway Reservation Tickets under PRS Scheme
CBOP( Now merged with HDFC Bank)
Sale/Purchase of foreign exchange
Reliance Money Infrastructure Limited
Sale of Gold Coins
Sale of recharge coupons Sancharnet Cards etc.
India Post SBI tie-up
Department sells assets and liability products of SBI through identified postal outlets.
NABARD-SHG linkage scheme
India Post has entered into a tie-up with NABARD to disburse micro credit to women self help groups (SHGs) on pilot basis.
The Central and State Governments take various measures from time to time to promote and popularize small saving schemes through print and electronic media as well as holding seminars, meetings and providing training to various agencies involved in mobilizing deposits under the schemes. As part of this ongoing exercise, Government has taken following steps to make the small savings schemes more attractive and investor friendly:-
-Introduction of Bonus at the rate of 5% on the deposits made under Post Office Monthly Income Account (POMIA) Scheme on or after 8th December, 2007 upon the maturity of the deposit.

-The benefit of Section 80C of the Income Tax Act, 1961 has been extended to the investments made under 5-Year Post Office Time Deposits Account and Senior Citizens Savings Scheme, with effect from 01.04.2007.

-With effect from 1.8.2007, the maximum deposit ceilings of Rs.3.00 lakh and Rs.6.00 lakh under the Post Office Monthly Income Account (POMIA) Scheme has been raised to Rs.4.50 lakh and Rs.9.00 lakh
in respect of single and joint accounts respectively.

The penalty on pre-mature withdrawal of deposits under the Post Office Monthly Income Account (POMIA) scheme has been rationalized from 3.5% to 2% on withdrawal on or before expiry of three years and 1% on withdrawal after expiry of three years.

All categories of pensioners have been allowed to open and maintain ‘Pension Account’ under Post Office Savings Account Rules, with effect from 11th July, 2007.

The restriction on opening of more than one account during a calendar month under the Senior Citizens Savings Scheme has been removed with effect from 24th May, 2007.

Opening of “Zero deposit/Zero Balance” accounts for workers employed under NREG Act, under Post Office Savings Account Rules, with effect from 26th August 2008.

Opening of “Zero deposit/Zero Balance” accounts for Old Age Pensioner Account under Indira Gandhi Old Age Pension Scheme, Widows Pensioner Account under Indira Gandhi National Widow Pension Scheme and Disabled Pensioner Account under Indira Gandhi National Disabled Pension Scheme with effect from 13th October 2009.

National Savings Institute, a subordinate organization under the Department of Economic Affairs (Budget Division) also maintains its web site i.e in collaboration with National Informatics Centre to facilitate interface with the public through wider dissemination of information on small savings and on-line registration and settlement of investor’s grievances.

This information was given in written reply to a question in Lok Sabha today by Shri Gurudas Kamat, the Minister of Communications and Information Technology.

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