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INTRODUCTION The department of posts functioning under the brand name India post is a
government operated postal system in India.The Indian postal services with 1,55,335
post offices approximately is the most widely distributed post offices system in the
world. The large numbers are a result of a tradition of many disperatepostal systems
which were unified in the Indian union post independence.
For more than 15 years ,the department of posts has been the bac!bone of the
countrys communication and has played a crucial role in the country socio"
economic development. It touches the lives of Indian citi#ens in many ways"
1$ %elievering mails
&$ 'ccepting deposits under small savings schemes
3$ providing life insurance under postal life insurance and rural postal insurance and
(rovides retail services li!e"
a$)ill collection
b$sale of forms etc.
The department of post also acts as an agent of government of India in
discharging other services for citi#ens such as *ahatma +andhi ational -ural
mployment +uaranter /cheme, 0age %isbursement and ld 'ge (ension (ayments,
0ith 1,55,335 post offices, department of posts has the mostly widely distributed
postal networ! in the world.
(ost services were founded 1stapril,122.Its 4eaduarters in /ansand *arg,
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ew %elhi 67.268 post are in rural areas and 1.&&8 are in urban areas.It has
different departmental post offices and branches.The postal services is under
department of which is part of *inistry of 9ommunication and IT of +overnment of
India.
In &13,It was revealed that the Indian postal services had formulated plans to enter
the ban!ing industry after -)I guidelines for the issuance of new ban!ing license
were released. ventually, they are planning to open a post of India, an Independent
)an!ing services.
There are different services provided by the post offices such as saving schemes
,insurance ,electronic Indian postal order etc. 9omputeri#ation has enabled the
paperless transactions for mail, postal ban!ing and insurance services.
VISION STATEMENT OF INDIA POST
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excellent organi#ation exceeding the expectations of the customers,
employees and the society; to perform the tas! byectives are to
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including matters relating to all international bodies dealing with postal
communications such as Cniversal (ostal Cnion, 'sia (acific (ostal Cnion
?'(C$, 9ommonwealth (ostal Cnion.
. *atters relating to introduction, development and maintenance of all services by
the (ost ffice including those based on cable, radio and satellite
communications channelsor locations in the country has been set up
to create an A%to"ated Mail .id. %edicated transport arrangements both road and
air are made for expeditious transmission of mails.
The department has underta!en Mail net 2o3 opti"i4ation pojectto improve the
uality of mail processing, transmission and delivery. The pro>ect see!s to optimi#e
the existing mail networ! with a view to streamline core mail operations and to bring
in greater standardi#ation and improvement in the operational processes relating to
mail processing, transmission and delivery. The visibility of transmission has been
enhanced by providing trac! and trace facility for speed post and registered mail. The
customer can trac! the mail through India (ost website by using the uniue barcode
number.
Poject ao2launched in &6 aims to improve the core operations of a post office
which includes the improvement of delivery efficiency for all !inds of articles . 'bout
15E post offices have been covered under pro>ect arrow.
Mail b%siness centewas conceptuali#ed in important towns in the year &@ as a
!ey component of the new paradigm for *ail management. It focuses on one stop
solution to the bul! mailers providing all premailing activities and other value added
services.
Traditionally, boo!ing of registered articles, insured and Dalue payable articles, speed
post were being provided at manually operated counters. 9onsidering the vital need
for providing the benefit of technology to the customers, the mail operations are now
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will be charged on delivery with double the letter postage. If the addressee refuses to
pay the charges, the parcel will be returned to the sender from whom the charge will
not be recovered.
Ins%ance(
Insurance covers all ris!s during the course of transmission by post. T$e follo2in.
t!pes of aticles can be ins%ed(
-egistered letters
Dalue (ayable Aetters
-egistered (arcels
Dalue (ayable (arcels
Aimits
)ranch offices are allowed to boo! up to the value of I- @
ther offices can boo! up to the value of I- 1
Insured value should not exceed the value of the articles insured
0hen articles having intrinsic value such as gold and currency notes are sent
they should be insured for the actual
value of the contents
The article to be enclosed in a strong cover sealed by means of identical seals, so that
it cannot be tampered without brea!ing the seals or in a special water tear resistant
and tamper evident special cover.
INTERNATIONA1 SERVICE:
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Surface Air Lifted (SAL):
/urface 'ir Aifted ?/'A$ is one more premium mailing service from India (ost. /'A
mail is faster than sea mail yet cheaper than air mail" an ideal combination of air and
surface transport for uic! and economical mail deliveries.
/'A mail will be 'ir Aifted between the country of origin and destination. 4owever
within the country of origin upto the office of exchange and in the country of
destination from the office of exchange to the point of delivery, /'A mail will be
transmitted by surface.
Pe"i%" sevices
&5 SPEED POST(
The very high speed express service for letters and documents. /peed (ost lin!s
more than 1& towns in India, with &7 /peed (ost 9entres in the national
networ! and around 1 /peed (ost 9entres in the state networ!. For regular
users, /peed (ost provides deliveryanywhere in Indiaunder contractual service.
/peed (ost offers a money"bac! guarantee, under which the /peed (ost fee will be
refunded if the consignment is not delivered within the published delivery norms.With
a view to provide convenience for the customers , /peed (ost provides collection from the
premises of the customers through on"call collection and regular collection at some of
he towns. For corporate customers and regular users , /peed (ost provides many
value added services including pic!"up from the premises, convenient monthly
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billings, account management facilities, assistance in import B export procedures of
shipments, corporate trac!ing facilities, volume discounts etc. 0hen you open a
/peed (ost account, you open the door to convenience and customi#ed solutions, as
per your reuirements.
)5 1o.istics post(' brand new service from India (ost great for sending parcels and large consignments
across the nation and around the world. Aogistics (ost manages the entire distribution
side of the logistics infrastructure from collection to distribution, from storage to
carriage, from order preparation to order fulfilment. Aogistics (ost is an ideal service
for sending large consignments including multi"parcels, >ust"in"time parcels, bul!"
brea! consignments andgoods of any weight. 0hile (arcel (ost offers weight up to
35 !g, Aogistics (ost has no weight limit. Aogistics (ost offers not only physical
logistics services but also provides comprehensive supply chain management services,
leading to improvement in the service level.
*5+%siness post )usiness (ost providestotal mailing solutionsto the businesses from mail
preparation to mail delivery. It is a one"stop shop service that manages entire mail"
out process, for small businesses as well as large companies. 9ustomers can choose
from a range of cost"effective and professional mailing services, including printing,
collating, inserting, sealing, and addressing to meet their specific business needs. In
order to speed up the mail delivery, special despatch direct to destination post office
and special delivery arrangements can also be made under )usiness (ost .
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)usiness (ost handles all business mail processing to ma!e the tas! easy and
convenient for the customer. utsourcing the business mail processing needs to India
(ost means that the company can redirect precious resources to its core business
activities. It ma!es sound business sense. )usiness (ost services are available in
)usiness (ost 9entres which have been established in ma>or towns. )usiness
(ost 9entres are available at ma>or post offices. Cnder )usiness (ost, the amount
payable for )usiness (ost services is received in advance.
4) E,pess Pacelxpress (arcel service will be available to both retail as well as business ?corporate$
customers. xpress (arcel is an air express parcel product providing time bound
delivery of parcels. These parcels will be transmitted through air or any other fastest
mean available. 'll xpress (arcel consignments shall be given door delivery
irrespective of its weight. )usinessB 9orporate customers are provided pic!"up facility
from their premises.
/5 Media post
India (ost offers an uniue media conceptto help the Indian corporate and the
+overnment organi#ations reach potentialcustomers through *edia (ost. 9reative,
cost"effective and personali#ed, its over pac!ed. 'bsolutely no other media can
match the sheer expanse of India (ost in terms of volume and reach .media post
an innovative effective vehicle for )rand and *ar!eting managers to
communicate their corporate messages across the nation.
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ow, your brand could ta!e the fast trac! and reach the masses at a low cost with
*edia (ost. 'dvertisement on postcards, letters, postal stationary etc.
05 6eetin. PostThese cards come ready with pre"paid postage envelopes thereby eliminating the
need to affix stamps< a uniue concept for the first time in India. 0hats more
fascinating, the postage stamps are an exact replica of the cards inside. 'nd its not
only convenience that these cards offer, but a lot more. Through +reeting (ost you
can express yourself perfectly on every occasion, festival or event. Few would miss
the warmth reflected in their beautiful designs and pleasing colours 0hich
undoubtedly ma!es them an absolute >oy to receive.
FINANCIA1 SERVICES(
&5 POST OFFICE SAVIN6 SC7EMESP%blic Povident F%nd Acco%nt
'$ Ideal investment option for both salaried as well as self employed classes.
)$ on"-esident Indians ?-Is$ are not eligible.
9$ Investment up to I-. 1,, per annum ualifies for IT -ebate under
section 6 9 of IT 'ct.
%$ The rate of interest on the subscriptions made to the fund on or after
1.1&.&11 and balances at credit of the subscriber in the existing ((F account shall
bear interest at the rate of eight point seven per cent ?6.28$ per annum.
$ Aoan facility available from 3rd financial year upto 5th financial year. The rate
of interest charged on loan ta!en by the subscriber of a ((F account on or after
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Trust and 4CF cannot invest.
-ate of interest 6.58.
*aturity value of a certificate of I-.1B" purchased on or after 1..&1&
shall be I-. 151.@& after 5 years.
NSC 9t$Iss%e
o maximum limit for investment.
I-. 1B" grows to I- &3.35 after 1 years.
*inimum I-. 1B" o maximum limit available in denominations of I-.
1B", 5B", 1B", 5B" I-. 1,B".
' single holder type certificate can be purchased by an adult for himself or on
behalf of a minor or to a minor.
-ate of interest 6.68.
*aturity value of a certificate of I-.1B" purchased on or after 1..&1&
shall be I-. &3@.@ after 1 years.
)uy ational /avings 9ertificates ?/9s$ every month for Five years H -e"invest on
maturity and relax " n retirement it will fetch you monthly pension as the /9
matures.
Savin.s Acco%nt
'ny individual can open an account.
9heue facility available.
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+roup 'ccount, Institutional 'ccount, other 'ccounts li!e /ecurity %eposit
account fficial 9apacity account are not permissible
-ate of interest 8 per annum
Mont$l! Inco"e Sc$e"e :MIS5 Acco%nt /afe sure way to get a regular monthly income.
/pecially suited for retired employeesB /enior 9iti#ens or any one with high
sum for investment.
-ate of interest 6.8.
*aturity (eriod " Five ears.
o )onus on *aturity w.e.f. 1.1&.&11.
'uto credit facility to /) 'ccount.
T!pe of Acco%nt Mini"%" li"it Ma,i"%" li"it
/ingle I- 15B" I- .5 la!hs
Joint I- 15B" I- 7 la!hs
'bove scheme operates automatically, if you open a saving ban! account and give a
reuest for automatic transfer of *onthly Income /cheme interest to -ecurring
%eposit through /aving )an! account.
;ISAN VI;AS PATRA
KD( is a saving scheme that was announced by the government of India that double
the money invested in 6years 2months. It can encash after two and half years from
date of issue. Farmers buy these certificates and revenue earned buy the government
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will be used for farmers
Rec%in. Deposit Acco%nt Any individual (a single adult or two adults jointly) can open an
account.
Advance Deposits earn rebate.
our defaults are allowed.
!ate of interest ".4#$
Defaults can be paid within two months.
%art withdrawal facility available.
%remature closure allowed after three years.
%ay !oll &avings &cheme is also available for employees of various
'stablishments.
Type of Account Minimum Deposit Maximum Deposit
ndividual Account !. *#+, and in multiples
of !. -+, thereafter
o limit.
Ti"e Deposit Acco%nt
'ny individual ?a single adult or two adults >ointly$ can open an account.
+roup 'ccounts, Institutional 'ccounts and *isc. account not permissible.
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Trust, -egimental Fund or 0elfare Fund not permissible to invest.
1 ear, & ear, 3 ear and 5 ear Time %eposit can be opened.
In case of premature closure of 1 year, & ear, 3 ear or 5 ear account on or
after 1.1&.&11, if the deposit is withdrawn after @ months but before the expiry of
one year from the date of deposit, simple interest at the rate applicable to from time to
time to post office savings account shall be payable.
In case of premature closure of & year, 3 year or 5 year account on or after
1.1&.&11, if the deposit is withdrawn after the expiry of one year from the date of
deposit, interest on such deposits shall be calculated at the rate, which shall be one per
cent less than the rate specified for a period of deposit of 1 year, & year or 3 years as
mentioned in the concerned table given under -ule 2 of (ost office Time %eposit
-ules.
-ate of interest " 6.8, 6.8, 6.8, 6.58 compounded uarterly for
1,&,3 5 years T% account respectively w.e.f.1B1B&1.
The investment in the case of 5 years T% ualify for the benefit of /ection
69 of the Income Tax 'ct, 17@1 from 1..&2.
T!pe of Acco%nt Mini"%" Deposit Ma,i"%" Deposit
1,&,3 5 ear T% I-.&B" and in multiples
of I-. &B" thereafter
o limit.
(ost ffice /avings )an! " The safest investment
/ave today"/mile tomorrow
(ay %ay is your /avings %ay
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+eneral of (ost ffices, *r. F.-. 4ogg in 1661 as a welfare scheme for the
benefit of (ostal employees and later extended to the employees of Telegraph
department in 1666. In 167, (AI extended insurance cover to female
employees of ( T %epartment at a time when no other insurance company
covered female lives. It is the oldest Aife insurer in this country.
In the beginning, the upper limit of life insurance was only -s B" which
has now increased to -s 1 lacs ?-upees Ten Aacs$ for all schemes combined "
ndowment 'ssurance and 0hole Aife 'ssurance. ver the years, (AI has
grown substantially from a few hundred policies in 166 to &,63,3& policies
as on 31.3.&1. It now covers employees of 9entral and /tate +overnments,
9entral and /tate (ublic /ector Cnderta!ings, Cniversities, +overnment aided
ducational institutions, ationali#ed )an!s, Aocal bodies etc. (AI also
extends the facility of insurance to the officers and staff of the %efence
services and (ara"*ilitary forces. 'part from single insurance policies, (ostal
Aife Insurance also manages a +roup Insurance scheme for the xtra
%epartmental mployees ?+ramin %a! /eva!s$ of the %epartment of (osts.
(AI is an exempted insurer under /ection 116 ?c$ of the Insurance 'ct of 1736.
It is also exempted under /ection ?d$ of AI9 'ct, 175@.
* -*ITT'9 /-DI9/
Mone! Ode(This is a domestic money transfer facility through post office. *oney
send through money order is paid at the door"step of the payee and this service is
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available in all post offices . *aximum amount which can be remitted through a
single money order is -s.5B". -emitter can pay the amount in cash or cheue at the
boo!ing office and the charges for the service is 58 of the value of money to be
transmitted. -emitter gets ac!nowledgement signed by the payee.there is a provision
for sending short communication also along with the money order.
Electonic Mone! Ode :eMO5(Introduced on 1.1.&6. e* system aims to
simplify the transmission process of money orders by ensuring uic! and secure
electronic transmission. Time ta!en for Transmission is very less amount is paid
within a day of boo!ing . the amount of money order is paid in cash at the door step of
the payee. Facility for remitting money from one to one, one to many and many to one
is available under this service. e* can be boo!ed at authori#ed (Ms, but paid
through all delivery (s in the country. commission for e* is same as applicable to
money order. The e*s can be trac!ed through Indiapost website.
Instant Mone! Ode :iMO5(India (ost provides instant *oney rder service,
which is Instant, /afe, -eliable 9onvenient. 'mount from -s.1B" to -s.5B"
can be remitted through designated i* (ost ffices. It is an instant web based
money transfer service. -emitter has to fill"up prescribed form should produce
valid photo identity. *oney rder 9ommission varies based on the amount of
remittance. There are 33 standard messages for selection by the remitter. (ayee has to
visit the post office, fill up the prescribed form and produce the identity proof to
receive the money. 'mount recieved can also be credited to the savings ban! account
of the payee.
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get their interest automatically transferred and credited into their accounts on due
dates at designated )an! of their choice. 9urrently the service is available in the
%epartment of (osts 15 -)I locations and &1 /)I locations.
MUTUA1 FUNDS(
The (ost ffice has traditionally been a distributor of financial services, from money
orders to ban!ing services. The (ost ffice /avings )an! is the largest retail ban! in
the country, operating from over 1,5, branches. 0ith an ob>ective to leverage the
strength of the postal networ! and s!ills %epartment of (osts had started retailing
mutual funds and bonds.
n &&nd January &1, India (ost in partnership with I%)I"(rincipal, launched a
scheme for distribution of mutual funds through post offices. ' pilot pro>ect was
started from the four cities of %elhi, *umbai, Kol!ata and (atna. Thereafter from
15th June &1 onwards, the scheme was extended to cover post offices in all ma>or
capital and other cities all across the country. 't present select schemes of (rincipal,
/)I, CTI, Fran!lin Templeton and -eliance *utual Fund are retailed through
designated post offices in the country.
Foe, Sevices4igh growth Indian economy coupled with globalisation has resulted in thousands of
Indians going abroad for travel, studies and business. /imultaneously, there is a huge
inflow of foreign tourists visiting India on vocation and business. This has resulted in
the need for a reliable and uality service provider for purchase and sale of Foreign
xchange.
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ach one of them reuires reliable, affordable and convenient Forex services. 't
many places, there is no )an! or other facilities to avail foreign exchange. India (ost,
with a networ! of more than 155, post offices, is best poised to offer Forex
services in an efficient and economical manner. ow India (ost, in association with
4%F9 )an!, provides Forex services through select (ost ffices across India. 4%F9
)an! is one of the leading providers of Forex services and through this association,
India (ost brings to the customers a range of Forex services in a professional and
efficient manner.
Retail SevicesThrough its vast networ! of (ost ffices across the country, India (ost offers the
facility to collect consumer bills for service industries li!e telephone B electricity B
mobile phone users etc for +overnment and private organi#ations through -etail (ost.
(ost ffices also sell forms for public bodies across counter of (ost ffice. )esides
this, facility of reservation of -ailway Tic!ets through computeri#ed passenger
reservation system terminals has been commenced from 2.1.&2 in selected (ost
ffices. -etail (ost leverages the vast networ! of (ost ffices for sale of products
across the counter on behalf of other organi#ations. It pro>ects India (ost as a =ne
/top /olution (rovider= for various utility services and it is in a position to offer the
retail services to the customers of any agency. /ome of the agency services that -etail
(ost offers are as followsority ?23.3 per cent$ of investors of
both semi"urban and urban areas were very much willing to invest in small savings
schemes in future provided they have more for savings.
6avini and At$"a :&9995 found that social considerations, tax benefits, and
provision for old age were the reasons cited for saving in urban areas, whereas to
provide for old age was the main reason in rural areas. 'mong the post office
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schemes, Indira Di!as (atra ?ID($, KD( and (ost ffice -ecurring %eposit 'ccount
?(-%$ were the most popular, in both urban and rural areas
So"as%ndaa" :&99>5has found that ban! deposits and chit funds were the best
!nown modes of savings among investors and the least !nown modes were Cnit Trust
of India ?CTI$ schemes and plantation schemes. 'ttitudes of investors were highly
positive and showed their intention to save for better future. early two"thirds of the
investors were satisfied with their savings. )oth income and expenses of a family
influenced the level of satisfaction over savings. ' large proportion of investors were
concerned about their children=s well"being. 'mong the dissatisfied investors,
ma>ority were of the opinion that cost of living was too high. The most common mode
of investment was ban! deposits. 4owever, a shift was noticed from ban! deposits to
other forms of investment. 'lmost all the investors had invested in gold and silver.
'mong several parameters in investing, safety of money was considered to be the
most important element. ext, the investors expected regular return from their
investments.
National Co%ncil of Applied Econo"ic Reseac$ :NCAER5 :&90&5
=Crban /aving /urvey= noticed that irrespective of occupation followed and
educational level and age attained, households in each group thought saving for the
future was desirable. It was found that desire to ma!e provision for emergencies was a
very important motive for saving and importance was given next to =saving for old
age=. 'mong motives for saving, provision for emergencies, old age, and purchase of
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appeal and it provides an opportunity for ordinary men, women, and even children to
par! their savings. It reaches a large number of people and covers a wide range of
areas. /he also suggested that efforts should be ta!en to simplify the procedure of
small savings schemes to suit the needs of illiterate and socially downtrodden people.
Further, she suggested an increase in the rate of interest of small savings schemes to
meet the challenges of commercial ban!s.
?a!aa"an :&9>85has stated that instead of issuing special bonds for unearthing
blac! money the +overnment of India can encourage investment of blac! money in
various small savings schemes. 4e further stressed the need to draft the assistance of
voluntary agencies at the school and college level for further mobili#ation of savings.
Aan.asa"i :&99)5has observed that more and more dependence on mobili#ation
of resources through small savings will ensure and promote self"reliance. 4e
concluded that the 9entral government should give proper assistance and
encouragement to the small savings agencies, which will be useful not only in
mobili#ation of funds but also for the economic development.
T$e st%d! b! M%3$i :&9>95has revealed that /9 has been one of the most
popular tax savings instruments in this country. 4e has stated that contractors and
others who have to provide security while bidding for contracts find it extremely
convenient to buy /9 and pledge these to the appropriate authorities while earning
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1& per cent per annum on the pledged securities. 4e also stated that the ma>or
attraction of /9 is its simplicity. ven the average investor does not have to scratch
his head to understand the schemes
Refeences
'rangasami, '., ?177&$, =' study of small savings schemes in Tamil adu with
special reference to *adras %istrict during 1761"6& to 177"71=, unpublished thesis,
Cniversity of *adras, Tamilnadu, India.
+avini, 'ugustine, A., and (rashanth 'thma, ?1777$, =/mall /aving /chemes of (ost
ffice eed to )e Known *ore=, /outhern conomist, 32?&$, February 15, pp. 13"
1.
Jayaraman, -., ?1762$, ' study of small savings schemes in orth 'rcot %istrict=,
172@"6@, unpublished thesis, Cniversity of *adras, Tamilnadu, India.
Karthi!eyan, )., ?&1$, =/mall Investors= (erception on (ost ffice /mall /avings
/chemes=, unpublished thesis, *adras Cniversity, Tamilnadu, India.
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*u!hi, *.%., ?1767$, =/9s< ' saving grace=, )usiness 0orld, @"17 %ecember, 1767,
pp. 12"1&.
9'-, ?17@1$, =/avings in India=, ew %elhi. /)I"9'-, ?&$, =/urvey of
Indian Investor=, *umbai.
/omasundaram, D.K., ?1776$, =' /tudy on /avings and Investment (attern of /alaried
9lass in 9oimbatore district=, unpublished thesis, )harathiyar Cniversity, 9oimbatore,
Tamilnadu.
Tamil!odi, '.(.(., ?1763$, =/mall /avings /chemes in Tamil adu< ' Trend /tudy
?172"6$=, unpublished thesis, Cniversity of *adras, Tamilnadu.