Savings services

Small savings postal services extended to rural post offices

Small savings postal services have now been extended to rural post offices to help people avoid long commutes to access these programs.

According to a press release, postal savings banks only operated at main post offices, sub-offices and urban post offices. However, people in rural areas struggled to get to post offices in towns during the lockdown. There are nearly three crores of small postal savings accounts. The facility would help rural residents open new accounts.

Previously, rural post offices offered postal savings accounts, recurring deposits, term deposits, and Sukanya Samriddhi account programs. With the new directive, they would be allowed to offer other services such as a public provident fund, a monthly income scheme, a national savings certificate, a kisan vikas patra and savings schemes for the elderly.

The payment system activated by Aadhaar, which facilitates the withdrawal of cash from any bank account linked to Aadhaar through letter carriers, has received good patronage among rural residents.

Almost 1,739 crore in domestic remittances have so far been made through India Post payment banking transactions in the state, the statement added.

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