Twenty percent increase in deposits expected by Postal department
Posted on: 26/Sep/2018 12:53:10 PM
Postal department expects a rise up in the deposits by 20 percent as the interest rates hiked up to 0.4% for postal savings scheme. This increase in the deposits will reflect the reality in the next three months assures the sources of Postal Department.
Several customers postponed their investment till October after the official announcement of the interest hike for postal savings scheme. Postal department officials have also asked the customers to wait till October 1 when the newly announced interest finds the position in the savings.
Five-year senior citizens saving scheme, ‘Selvamagal Semippu Thittam’, monthly income scheme and national savings certificate are the three beneficial saving schemes of Postal department where the increase of 0.4 percent interest rates comes into action. Normally the rates are hiked up to 0.2 percent for the deposit schemes but now the updated interest rate lead to the retaining of the investments by majority of customers.
Public provident funds also comes into the category of increased interest rates up to 8.7 percent for some schemes. Postal department expects more customers to adopt the ‘Selvamagal Semippu Thittam’ with the initial deposit reduced from Rs 1000 to Rs 250 with interest rate of 8.5 percent.
The officials expects an increase in the deposits by 20-30 percent from the month of October. The deposit schemes contribute for about 50 percent of the income for the postal department. On an estimated average Postal department earns Rs 1050 crore in both Tamil Nadu and Puducherry every year said the reports from the government body.
More customers will choose recurring deposit schemes and other short term deposit schemes for the investment period between October and November. There is also an expectation to increase the incentive provided to the postal agents and request for incentive from State Government that can largely improve the employee flourishment in the savings scheme section of Postal department.
