Financial Services Offered by Post Offices: Post offices in India have significantly expanded their role, offering much more than just letter and parcel delivery. They now provide a variety of financial services and even help people with passport applications.
In response to a question from Rajya Sabha MP Geeta Shakya, Dr. Pemmasani Chandra Sekhar, Minister of State for Communications, informed Parliament about the range of services offered by post offices. He confirmed that post offices across India are not only providing various financial schemes but are also acting as facilitators for passport issuance through Post Office Passport Seva Kendras (POPSKs).
With 442 POPSKs set up across the country, citizens can now complete their passport-related processes at post offices, eliminating the need to visit Regional Passport Offices.
Financial Services Offered by Post Offices
Mahila Samman Savings Certificate
This scheme is supported by the government, making it free from credit risk.
Eligibility
Only a woman or the guardian of a minor girl child can open a Mahila Samman Savings Certificate. It can be opened in the name of a girl child or woman.
Deposit Limits
- Minimum deposit: Rs. 1,000, with increments of Rs. 100.
- Maximum deposit: Rs. 2 lakh, either in one account or across multiple accounts held by the same person.
- A woman or guardian can open a second account after three months from the opening of the previous one.
Maturity
The account matures in two years, and the maturity amount is paid after this period.
Withdrawal
Partial withdrawals are allowed. The account holder can withdraw up to 40% of the account balance after one year.
Interest Rate
The interest rate is fixed at 7.5% per annum, which is higher than many bank fixed deposits and other savings schemes. The interest is credited quarterly and paid out when the account is closed.
List of other financial schemes offered by India Post to meet the diverse needs of its customers
- Post Office Savings Account (POSA): Easy-to-use savings accounts with options for internet and mobile banking, UPI, and IMPS integration. Minimum balance requirements start as low as ₹500.
- Recurring Deposit (RD): Start with just ₹100 per month and build your savings over a flexible term of five years, extendable for another five years.
- Time Deposit (TD): Invest for 1, 2, 3, or 5 years, with tax benefits available for 5-year deposits.
- Monthly Income Scheme (MIS): Ideal for regular income, this scheme allows deposits up to ₹15 lakh for joint accounts.
- Senior Citizens Savings Scheme (SCSS): Tailored for retirees, it provides quarterly income and extends financial security.
- Sukanya Samriddhi Yojana Account (SSA): A special savings plan for girl children with tax exemptions and long-term benefits. Minimum initial deposit of ₹250 and subsequent deposit in the multiple of ₹50.
- Public Provident Fund (PPF), National Savings Certificate (NSC), and Kisan Vikas Patra (KVP): These trusted schemes continue to offer safe and rewarding savings options.
- Mahila Samman Savings Certificate (MSSC): A limited-time scheme exclusively for women and girls, available until March 31, 2025.
- PM Cares for Children Scheme: Provides financial support to children who lost their parents during the Covid-19 pandemic. The beneficiaries are identified by ministry of women and child development.
- India Post Payment Bank: A division of India Post which offers savings and current accounts, virtual debit cards, domestic money transfer services, bills and utility payments and insurance services for IPPB customers.
