Post office savings schemes, a
traditional favourite with Indians, are likely to retain their popularity,
despite the launch of various schemes by banks and the government, including
the Pradhan Mantri Bima Suraksha and Jeevan Jyoti. However, it is still too
early to arrive at any conclusion.
“Post office savings are
traditionally used by the masses who cannot get access to banks. It will
continue to be popular and flourish with the addition of more technology like
those offered by bank,” Kavery Benarjee, secretary, department of posts, told
HT.
Going forward, India Post will
introduce core banking services across India. The service is currently
available only in select post offices.
“The growth in accounts is
reflection of the faith and trust that consumers have on us despite banks
opening new branches and introducing new schemes,” Banerjee said.
Post office schemes are
attractive since only 5% of the corpus is invested in savings account. The
remaining 95% is put in monthly income schemes and long-term deposits with
higher rate of interest, she said.
Moreover, the new schemes
introduced by the government are being extended to post office savings account
holders.
Most of the Jan Surkasha
schemes are already available at post offices. Post office account holders will
also be able to subscribe to the Atal Pension Yojana (APY) in the next 4-5 days
without any overdraft facility, similar to the Pradhan Mantri Jan Dhan Yojna.
“We are not mandated to give
overdraft facility,” Banerjee said.
Account holders will be given
ATM cards, besides availing money-transfer facility and anywhere anytime
banking.
Banerjee is also confident
that account holders will be able to encash a certificate anywhere in India
within 15-20 minutes.
Source: hindustantimes
