FINANCIAL SERVICES
- POST OFFICE SAVINGS BANK: The Department of Posts operates Small Savings on behalf of Ministry of Finance, which frames and modifies rules relating to these schemes and pays remuneration to the Department of Posts for services rendered. Post Office Savings Bank (POSB) has a customer base of more than 8 crore account holders as on 31st March, 2014. The Post Office Savings Bank operates Savings Account, Recurring Deposit (RD), Time Deposit (TD), monthly Income Scheme (MIS), Public Provident Fund (PPF), National Savings Certificate (NSC) and Senior Citizen Savings Scheme (SCSS). The outstanding balance under all National Savings Schemes and Saving Certificates in post office is over Rs.6,19,835 crore as on 31st March, 2014.
- INSTANT MONEY ORDER (iMO): It is an online domestic money transmission service intended for a market clientele requiring instant money remittance. Under this service, a person can send amount from Rs.1000/- up to Rs.50,000/- in one transaction. Money will be disbursed to the payee at any of the iMO post offices in India on presentation of 16 digit iMO number and photo identity proof.
- RETAILING OF MUTUAL FUNDS: Presently, Mutual Fund products of UTI MF are being retailed through over 2000 post offices.
- INTERNATIONAL MONEY TRANSFER SERVICE: International Money Transfer Service is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. As a result of the collaboration of the Department of Posts, Government of India with the Western Union Financial Services and Money Gram International, a state-of-the art International Money transfer Service is available through the post offices in India, which enables instantaneous remittance of money from around 195 countries to India.
- NATIONAL PENSION SCHEME: National Pension Scheme (NPS), earlier known as New Pension System, for common citizens was introduced by the Government in 2009. Department of Posts is a point of presence for the National Pension System for common citizens. Subscribers (any Indian citizen) in the age group of 18 to 55 can join NPS and contribute till age of 60. The subscriber’s contribution is invested as per preference of the subscriber by the Pension Fund Regulator PFRDA. Under this scheme, any subscriber who intends to open a pension account is provided the facility at all Head Post Offices in the country.
