Wednesday, April 4, 2012

LoC villages to be covered by postal services

For the first time since 1947, department of posts has decided to cover areas along LoC in Kashmir valley for its services. Till now, such services were uavailable to the people living there putting them to inconvenience.

 Revealing this at a press conference here, chief post master John Samuel said in this financial year areas near LoC and other far flung areas would be connected with the postal services. The chief post master said  the initiative will help the people in these areas as no banking and other saving facilities is yet to be available to people.

 John Samuel also said that it will increase the share of saving in the posts office. He also said that there has been 21 percent growth in post office savings bank business as compared to the last financial year.

 He said, “This is an indication that department of posts is on its path to recovery.  I  thank the people of J&K for their overwhelming support to the postal services.  Department has also set a target of 25 percent growth during the current financial year.”

 The chief post master said that the department of posts has revised the interest rates of various savings bank schemes with immediate effect.  He said with this revision, the schemes under post office savings bank have become very attractive to the people and a large number of people are coming to the post office to open new accounts.

 Samuel said that department of posts with network of 15,000 post offices is the largest retail Bank in India.  Considering its trust and network, the people are investing in various schemes of post offices
 From the current financial year, interest from post office Savings Bank Account upto Rs.10000 has been exempted from Income Tax.  This is a major benefit to the Post Office customers.  Taking into this account, the Post Office Savings Bank Schemes have become attractive to the common man.

 With computerization, the payment of interest to the customers has been made very easy.  Samuel informed that the interest for 2011-12 has already been credited to the Accounts of all the customers by 1st April, 2012.  This makes the Post Office savings account very convenient to the people.

 He said the senior Citizen Saving’s scheme has become the most attractive scheme offered by the Post Office.  It gives an interest rate of 9.3 percent per annum. “Citizen can invest upto Rs.15 lacs for a period of 5 years and the interest under this scheme is also eligible for tax concession under Section 80C of Income Tax Act.   Samuel said that people of 60 years and above are eligible to open the account under Senior Citizen Scheme.  Maturity period is five years.  Premature closure is allowed after one year.  A depositor may operate more than one account in individual capacity or jointly with spouse.  Account can be transferred from one post office to another.  Any number of accounts can be opened in any post office subject to maximum investment limit of Rs. 15 lakhs,” he said.

 He also said that another attractive scheme is Public Provident Fund scheme which offers interest of 8.8 percent  Deposits qualify for deduction from income under Sec. 80C of IT Act.  The main attraction is that the interest is completely tax-free.  Withdrawal is permissible every year from 7th financial year and the Loan facility is available from 3rd financial year. In addition, the Department has also various attractive schemes like Time Deposit, Recurring Deposit, Amount Fixed Deposit and Savings Bank Account to cater to the needs of various customers.

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