The Indian post office provides a golden opportunity to the senior citizens. The post office also provides several deposit avenues for investors, commonly known as Post office saving schemes. Such kinds of schemes were introduced to provide investment avenues and inculcate savings discipline among Indians from across economic classes. Now the senior citizens can open an account for several post office savings schemes such as Public Provident Fund, Kisan Vikas Patra, Monthly Income Scheme, National Savings Certificate, and senior citizens savings schemes at all post department branches located in the rural areas. The post office savings schemes are backed by the central Government. So, they are mainly considered as risk-free investment options to park your funds safely.
Every three months the Ministry of Finance updates the interest rates of the Post office saving scheme. One another advantage of the postal savings scheme is it requires Minimal documentation and simple application procedures offered by the post office provide you with easy enrolment to any of the saving schemes. The Majority of the post office saving schemes are long term investments which can run up to 15 years. The long-term tenure schemes, such as with Postal Provident Fund (PPF), allows an investor to accumulate sizeable fund over time. So they can be considered as effective plans for financial security as well as retirement benefits. These kinds of Postal investments are designed to cover investors from every corner of the country and across different economic strata. Another highly acknowledged feature of the Post office saving scheme is Tax efficiency.
On last Friday through an official statement proposed by the Ministry of Communications declared that “ In order to strengthen their networks and postal operations in rural areas and provide the facility of small savings scheme to the vast majority in villages, and the Department of postal has now extended all small savings schemes up to the Branch Post Office level. As per the records of the Ministry, as many as 1,31,113 Branch Post Offices are functioning in the rural areas. Normally these branches are providing functions like facilities of the letter, Speed post, Parcel services, Electronic Money Order, Rural Postal Life Insurance, Post Office Savings Account, Recurring Deposit, Time Deposit, and Sukanya Samriddhi Account Schemes. As per the new order declared by the Ministry of Communications, branch offices can provide various schemes to the Senior Citizens also. As a part of the new decision, the people living in the villages will be able to get the same Post Office Savings Bank facilities which people in urban areas have been availing. And the Ministry added that they will be able to deposit their savings into these popular schemes through the post office in their village itself and also mentioned that this is another step taken by the Department to empower Rural India by bringing out all the post office savings schemes to their doorsteps.