Monday, August 4, 2014

Small Saving Schemes for the benefit of all including Weaker Sections of Society

The Small Savings Schemes that are currently in operation in the country are: Post Office Savings Account, Post Office Time Deposits (1,2,3 & 5 years), Post Office Recurring Deposits, Post Office Monthly Income Account, Senior Citizens Savings Scheme, National Savings Certificate (VIII-Issue), National Savings Certificate (IX-Issue) and Public Provident Fund.

The above accounts can be opened by a person who has attained the age of majority and is of sound mind, except the Senior Citizens Savings Scheme which can be opened by a retired person who has attained the age of 55 years or 60 years on the date of opening of account. The accounts can be opened by an individual and the guardians on behalf of minor also.

Benefits of small savings schemes are equally available to all persons which include weaker sections of the society.

With the objective of facilitating payment of various Government benefits transferred under different schemes of Central and State Government, a new category of savings account called ‘Basic Savings Account’ was notified. An individual adult and also a guardian of any minor, including people from the weaker sections, whose names are registered for any Government Welfare Scheme, may avail benefits from the said schemes. They can open Basic Saving Account, without depositing any amount, in any post office for the said purpose.

This information was given by the Minister of State for Finance, Smt. Nirmala Sitharaman in written reply to a question in Lok Sabha today.


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