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, 30.10.2015
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