POST OFFICE SAVINGS: AN ALTERNATE INVESTMENT AVENUE FOR THE RISK-AVERSE INVESTOR
Setting aside money in post office deposits are generally
considered by many to be an extremely traditional way of saving cash.
However,
over the last few years, post offices in India are more or less operating like
any other commercial bank offering a wide range of savings, deposits and
long-term investment plans to retail investors.
Besides the regular savings and recurring deposits,
investors can choose from the multiple risk–free options that post offices
offer, right from term deposits for the salaried class to senior citizens
looking to receive moderate returns on their life savings.Let’s take a look at some of the post office offerings,
features, and benefits to investors.
Posting in IP Cadre in Berhampur Region
The following Postal Assistants came out successful in Limited Departmental Competitive Examination for promotion to the cadre of Inspector Posts for the year 2015-16 held on 22nd & 23rd October, 2016 vide Department of Posts (DE Section) Letter No.A-34013/05/2016-DE dated 21-06-2017 and allotted to Berhampur Region vide Circle Office Memo No.ST/20-9/2017 dated 30-06-2017 are posted as mentioned below vide RO, Berhampur Memo No.ST/11-20/2017 Ch-II dated 05-07-2017:-
Sl. No.
|
Name
|
Division
|
Place of Posting
|
1
|
Lingaraj Pradhan
|
Berhampur
|
IP, Umerkote Sub-Divison under Koraput
Division
|
2
|
Sukesh Sahu
|
Aska
|
IP, Boudh
Sub-Division under Phulbani Division
|
3
|
Rajibendra Panda
|
Koraput
|
IP, Nuapada Sub Division under Kalahandi
Division
|
4
|
Amaresh Pattnaik
|
Aska
|
IP, Kesinga Sub
Division under Kalahandi Division
|
5
|
Bijay Nayak
|
Puri
|
IP, Parlakhemundi East Sub-Division, under
Berhampur Division
|
Aadhaar Card Needs Corrections ? Head to Your Nearest Post Office ! Here’s What You Can Do.
Aadhaar holders can now get their UID numbers corrected
or updated through post offices.
Entering into an Memorandum of Understanding (MOU) with
India post, the Unique Identification Authority of India (UIDAI) has propelled
this facility under which updates about Aadhaar can be accessed at post
offices.
For the post-enabled application of change request, you
will need to download the update/correction form. Data like name, address,
mobile phone number, gender and date of birth can be modified.You can make a
maximum of four change requests with your Aadhaar.
At the inaugural event at Bengaluru GPO on Friday, Pronab
Mohanty, who is UIDAI’s deputy director general said the Authority was done
with most of the enrolments in the country and will now focus on its
upgradation.
Updates for
Aadhaar at post offices will help common man as the spread of the post offices
is good, which do have suitable IT infrastructure as well.With the largest
postal network in the world, the new provision enabled by UIDAI will help in
reaching out to Aadhaar holders across the country which has around 1,39,182
post offices in the rural areas.
Constitution of the Committee to review the Cadre restructuring orders of Postal Group-c employees
No.25-04/2012-PE-I
Government of
India
Ministry of
Communications & IT
Department of
Posts
(PE-I Section)
Dak Bhawan, Sansad
Marg
New Delhi-110 001
Dated: 16th June,
2017
Sub: Constitution
of the Committee to review the Cadre restructuring orders of Postal Group-c
employees
Approval of the Competent Authority is hereby conveyed for the
constitution of a Committee consisting of the following
members to examine the issues arising out of implementation of Cadre
restructuring orders of Postal Group-C employees issued vide this office
letter of even number dated 27.05.2016.
Name
|
Designation
|
1. Shri
Charles Lobo, CPMG Karnataka Circle
|
Chairman
|
2. Ms. Smrit
Sharan, DDG (Establishment)
|
Member
|
3. Shrri
JT Venkateswarlu, PMG, Mails & BD, Chennai
|
Member
|
4. Shri
Ganeshan V Sawaleshwarkar , PMG , Pune Region.
|
Member
|
2. The
Committee will submit its report /recommendations with in 2 months from the
date of its constitution.
3.
Further, it is to mention that the orders of Cadre restructuring issued vide
this office letter of even no. dated 27.05.2016 will remain in force till
further orders.
4. The
relevant material is enclosed herewith
Sd/-
(Tarun Mittal)
Assistant Director General (PE-I)
To
1. Shri Charles Lobo, CPMG Karnataka Circle
2. Ms. Smrit Sharan, DDG (Establishment)
3. Shrri JT Venkateswarlu, PMG, Mails & BD, Chennai
4. Shri Ganeshan V Sawaleshwarkar , PMG , Pune Region.
Copy for
information to:
1. PPS to
Secretary (P)
2. PPS to Member
Marketing & BD/Member (Planning)/
Member
(Technology)/Member (P)/Member (Operations)/Member (PLI)
WITH INTEREST RATES ON BANK DEPOSITS FALLING, HERE’S WHERE YOU CAN INVEST FOR HIGHER RETURNS
While bank fixed
deposit rates are trending down, interest rates of small savings scheme
continue to remain high. Small savings rates are reset by the government every
quarter depending on the bond yield. Though bond yields have declined almost
65-100 basis points since April 2016, the government has not reduced the rates
of small savings to the same extent.
Small savings is
one of the most preferred investment options for risk-averse investors and many
people depend on these instruments to generate income. As the interest rates
are reset every quarter, the next round will be in March and the new rates will
be applicable from April.
Public Provident Fund
Public Provident
Fund (PPF) remains the most preferred option for individuals. The current
interest rate of PPF is 8%. In fact, rate on bank fixed deposit with matching
tenure is around 6.5%. A resident Indian can open a PPF account and the
subscriber can even open another account in the name of minors, but the maximum
investment limit will be R1.5 lakh by adding balance in all accounts.
With Falling
Interest Rates On Bank Deposits, Here's Where You Can Invest For Higher Returns
Deposits made
under PPF qualify for deduction from income under Section 80C of the I-T Act,
where the ceiling is R1.5 lakh a year. The PPF account matures after 15 years
and can be renewed every 5 years thereafter. Analysts say individuals should
invest in PPF as it builds a tax-free retirement corpus.
The government has
also relaxed the norms for premature withdrawal of the PPF account deposit for
reasons such as higher education or treatment of serious ailments. The
premature withdrawal will, however, be allowed only after the subscriber’s
deposit scheme account has completed five years.
In fact, PPF is
meant for those people who do not have any investment plans for their
retirement like self employed and professionals as compared with the salaried
class who contribute to Employees’ Provident Fund. Non-residents, however,
cannot open a new account, but can continue their existing accounts till its
maturity, without extensions. While premature closure of account is not
allowed, one can withdraw money every year from seventh financial year from the
year of opening the account.
Sukanya Samriddhi Account
Sukanya Samriddhi
Account (SSA) enables parents of girl child to build a corpus for her education
and marriage expenses. The account can be opened with a minimum deposit of
R1,000, after which the guardian can deposit any amount in multiples of R100.
The upper limit of deposit in a financial year is R1.5 lakh. Like PPF, an
individual who invests in SSA will get tax deduction at the time of investment
every year and even the returns generated will be tax-free. The current
interest rate on SSA is 8.5%.
Post office deposits and NSC
The current rate
of one-year post office term deposit rate is 7%. Similarly, the five-year post
office term deposit rate is 7.8%. In contrast, the rate on bank fixed deposit
with matching tenure is 6.5%. The three-year post office deposit rate is 7.3%.
The five-year fixed deposit will fetch 7.9% as against 8.5% at present.
However, the interest amount earned is taxable according to the individual’s
income tax slab.
The interest rate
on five-year National Savings Certificate (NSC) is 8%. An individual can invest
as minimum as R00 and there is no maximum limit for investment under NSCs. One
can use NSCs as collateral to get loans.
Source- The Financial Express
Source- The Financial Express
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