Tuesday, April 3, 2012

Postal services in JK State awesome : Samuel

Dear Comrades,

Srinagar, April 03 (Scoop News) -   Chief Postmaster General, J&K.  John Samuel, that Department of Posts Samuel today announced that there has been 21 percent growth in Post Office Savings Bank business as compared to the last financial year indications that Post Office is on its path of recovery. He thanked the people of Jammu and Kashmir for their overwhelming support to the postal services. Department has also set a target of 25 percent growth during the current financial year.

John was speaking at a Press Conference in Srinagar today.He said that Department of Posts with network of 1,55,000 Post Offices is the largest retail Bank in India. Considering its trust and network, the people are investing in various schemes of Posts Offices. He was speaking at a Press Conference today. 

            It was informed that from the current financial year, interest from Post Office Savings Bank Account upto Rs. l0000 has been exempted from Income Tax. This is a major benefit to the Post Office customers. Taking into this account, the Post Office Savings Bank Schemes have become attractive to the common man. With computerization, the payment of interest to the customers has been made very easy.  John Samuel informed that the interest for 2011-12 has already been credited to the Accounts of all the customers by April 01, 2012. This makes the Post Office savings account very convenient to the people.

            Referring to the Senior Citizen Savings Scheme as the most attractive scheme offered by the Post Office,  Samuel informed that it gives an interest rate of 9.3 percent per annum. Under this scheme, Senior Citizen can invest upto Rs.15 lakh for a period of 5 years and the interest under this scheme is also eligible for tax concession under Section 80-C of Income Tax Act.  Samuel said that people of 60 years and above are eligible to open the account under Senior Citizen Scheme. Maturity period is five years. Premature closure is allowed after one year. A depositor may operate more than one account in individual capacity or jointly with spouse. Account can be transferred from one post office to another. Any number of accounts can be opened in any post office subject to maximum investment limit of Rs. 15 lakhs.

            Regarding the Public Provident Fund Scheme which offers interest of 8.8 percent, deposits qualify for deduction from income under Section 80-C of Income Tax Act. The main attraction is that the interest is completely tax-free. Withdrawal is permissible every year. The Department has also various attractive schemes like Time Deposit, Recurring Deposit, Amount Fixed Deposit and Savings Bank Account to cater to the needs of various customers besides Department of Posts has also introduced 10 year National Savings scheme during this year. It offers 8.9 percent interest and the interest is exempt under Section 80-C of Income Tax Act.

            Referring the cheque book facility at Post Office,  John Samuel said that the Department is providing cheque books to all the customers who are having deposit of Rs. 500 and above. Customers desiring the cheque book facility may approach the Post Office to them. With the provision of cheque books, customers can operate Post Office Savings Account like any bank account. The Department has been taking steps to computerize all the Post Offices during this year. 

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