The Small Savings Schemes that are currently in operation in the country
are: Post Office Savings Account, Post Office Time Deposits (1,2,3 & 5
years), Post Office Recurring Deposits, Post Office Monthly Income Account,
Senior Citizens Savings Scheme, National Savings Certificate (VIII-Issue),
National Savings Certificate (IX-Issue) and Public Provident Fund.
The above
accounts can be opened by a person who has attained the age of majority and is
of sound mind, except the Senior Citizens Savings Scheme which can be opened by
a retired person who has attained the age of 55 years or 60 years on the date
of opening of account. The accounts can be opened by an individual and the
guardians on behalf of minor also.
Benefits of
small savings schemes are equally available to all persons which include weaker
sections of the society.
With the
objective of facilitating payment of various Government benefits transferred
under different schemes of Central and State Government, a new category of
savings account called ‘Basic Savings Account’ was notified. An individual
adult and also a guardian of any minor, including people from the weaker
sections, whose names are registered for any Government Welfare Scheme, may
avail benefits from the said schemes. They can open Basic Saving Account,
without depositing any amount, in any post office for the said purpose.
This
information was given by the Minister of State for Finance, Smt. Nirmala
Sitharaman in written reply to a question in Lok Sabha today.
