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Collections under postal small savings scheme affected

NEW DELHI: A hike in the interest rates on deposits and saving schemes by banks has hit collections in the Department of Posts’ small savings schemes.

During the past two financial years, collections at post offices across India have shown a decline, while the rate of withdrawals by investors has increased.

In 2005-06, deposit mobilisation of postal small savings stood at Rs.1,73,308 crores, which declined to Rs.1,54,418 crores in 2006-07.

Similarly, during the past two fiscal, withdrawals by investors increased from Rs.1,05,737 crores to Rs.1,17,656 crores.

And in the first quarter of the current financial year (upto June 2007), deposit mobilisation was Rs.31,002 crores while withdrawal was Rs. 34,211 crore.

“The decline in collections refers to inter-alia, investor’s choice of alternative instruments for effecting savings. However, Central and State Governments take various measures to promote and popularise small savings schemes through print and electronic media as well as holding seminars and providing training to various agencies involved in mobilising collection in various small savings schemes,” said Minister of State for Communications and Information Technology Shakeel Ahmad in the Rajya Sabha on Thursday.

A website of the Ministry of Finance’s National Savings Institute - www.nsiindia.gov.in - has been launched to facilitate interface with the public through wider dissemination of information on small savings and online registration and settlement of investors’ grievances, he said.

The collections done via various saving schemes of the Department of Posts are used by the Ministry of Finance to finance development projects.

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Collections under postal small savings scheme affected

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