news details |
|
|
| Increased rate of interest on Post Office Savings | | |  EARLY TIMES REPORT
Jammu, Nov 30: Chief Postmaster General announced changes in Post Office Savings Bank Interests.
Department of Posts has increased the rate of interest on Post Office Savings Bank scheme from existing 3.5% to 4%.
The new rate of interest will come into effect from 01.12.2011.
This was disclosed by Chief Postmaster General, J&K John Samuel while addressing a Press Conference here today.
The rates on Time Deposit Accounts have been revised that include 1 year 7.7, 2 years 7.8, 3 years 8.0, 5 years 8.3 with rate of interest per annum quarterly compounded.
Post Office has introduced a new scheme 10 year National Savings certificate and this provides 8.7% interest.
He also informed that maximum limit of subscription in PPF in a financial year has been increased from Rs. 70,000/- to Rs. 1 lakh and rate of interest has been increased from 8% to 8.6%.
John Samuel further told that rate of interest on MIS (Monthly Income Scheme) w.e.f. 01.12.2011 will be 8.2% per annum.
The maturity period of MIS Account will be 5 years. However, the sale of Kisan Vikas Patras (KVP) will be discontinued from 30.11.2011.
The Chief Postmaster General, said that the new rates will be applicable to existing as well as new customers and further urged the people of the state to avail the higher interest rates offered by the Department of Posts by opening new accounts in the Post Office.
The Chief Postmaster General announced that J&K Postal Circle will be taking the initiative for financial inclusion. Under the scheme every household in J&K will be encouraged to have the account either at the Post Office or at the bank.
This will be major boon to the people living in the rural and hilly areas. J&K has got about 1800 Post Offices spread across every village and town and the Post Office will an idle place for the people to have their SB accounts.
The minim amount for opening the savings bank Post Office account is Rs. 50/-. In the next 3 months a major campaign will be conducted for increase the number of savings accounts under Post Office savings scheme.
John Samuel, Chief Postmaster General said that "with the increase in the interest rates in Post Office savings bank schemes, Post Office is the attractive proposition for investors. Customers will be given cheque facility" further CPMG declared that Post Office will be going for ATMs in major towns in the next year.
In Jammu city ATMs will be installed at Jammu Tawi Head Post Office Mubarak Mandi and Gandhi Nagar Head Post Office.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
