Lok Sabha Question No. 3746 (UNSTARRED), answered on 2019-12-11
Subject: Deposit Schemes by Post Offices
Ministry: COMMUNICATIONS
Asked by: Dhanush M Kumar, Soyam Babu Rao, Ganesan Selvam

## GOVERNMENT OF INDIA MINISTRY OF COMMUNICATIONS DEPARTMENT OF POSTS

## LOK  SABHA UNSTARRED QUESTION NO. 3746 TO BE ANSWERED ON 11 TH   DECEMBER, 2019

## DEPOSIT SCHEMES BY POST OFFICES

## 3746.   SHRI DHANUSH M. KUMAR: SHRI SOYAM BAPU RAO: SHRI SELVAM G.:

Will the Minister of COMMUNICATIONS be pleased to state:

- (a) the details of various deposit schemes offered by post office to its investors and the criteria fixed by the Government to determine the rate of interest of these schemes;
- (b) whether the quantum of amount invested by investors has declined in these deposit schemes in the last three years and if so, the details thereof and the reasons therefor and the corrective steps taken by the Government in this regard;
- (c) whether a large amount of unclaimed fund is lying in saving bank account of post offices and if so, the quantum of the unclaimed amount in various schemes, schemes-wise and State/ UT-wise;
- (d) whether  the  Department  of  Posts  is  facing  difficulties  in  resolving  the  said  issue  due  to unavailability  of  nominees  of  the  said  accounts,  non-verification  of  nominees  and  various  other reasons and if so, the details thereof and the policy framed, if any, in this regard; and
- (e) the other steps taken by the Government to improve the functioning of Department of Posts for the benefit of people?

## ANSWER

MINISTER OF STATE FOR COMMUNICATIONS, HUMAN RESOURCE DEVELOPMENT AND ELECTRONICS & INFORMATION TECHNOLOGY (SHRI SANJAY DHOTRE)

- (a)       Sir, The details of various deposit schemes offered by Post Office to its investors are as under.
- (i) Post Office Savings Account.
- (ii) National Savings Recurring Deposit Account.
- (iii) National Savings Time Deposit Account.
- (iv) Public Provident Fund Account
- (v)  National Savings Monthly Income Account

- (vi) Senior Citizen Savings Scheme
- (vii) Sukanya Samriddhi Account
- (viii) Kisan Vikas Patra
- (ix)   National Savings Certificate (VIII issue)

Interest on Small Savings Schemes is fixed with reference to secondary market yields on Central Government securities of comparable maturities. Besides this, spread on selected schemes is also given by the Central Government on interest rates decided on the basis of this formula.

(b) No, Sir. The money deposited/invested in Post Office Savings Schemes during the last three financial years is as under.

|   Sl. No. | Financial Year   | Amount Deposited/Invested (in Crores)   |
|-----------|------------------|-----------------------------------------|
|         1 | 2016-2017        | 4,26,849.53                             |
|         2 | 2017-2018        | 4,90,076.70                             |
|         3 | 2018-2019        | 5,53,211.58                             |

(c) The  details  of  amount  lying  unclaimed  in  various  schemes,  scheme-wise  &  Circle-wise,  is attached as Annexure A.

(d)    No, Sir.    The Government (Ministry of Finance,Department of Economic Affairs) has framed the policy for handling the unclaimed amount and has notified Senior Citizen Welfare Fund Rules, 2016. Action has been taken accordingly and the details of such accounts have also been published on the  India Post website (www.indiapost.gov.in).

(e)       In  order to  improve the  functioning of Department for the benefit of people, Core Banking Solution (CBS) has been implemented in 23760 Post Offices and 996 ATMs have also been installed. Our ATM cards are inter-operable with the banks. Further, intra-operable Net-Banking and Mobile Banking facilities  have  been  launched  in  Core  Banking  Post  Offices  for  Post  Office  Saving  Bank customers. With this facility, a Post Office Saving Bank customer can be able to view balances, view transaction  details,  open  new  Recurring  Deposit  (RD)/  Time  Deposit  (TD)  accounts,  close  RD/TD Accounts, make PPF deposits, transfer fund to another Post Office Savings Account and lodge stop cheque requests etc, online. Further, for enhanced security & protection, the Department is replacing old magnetic stripe ATM cards with chip based ATM cards.

## Annexure referred to in reply of para (c) of Lok Sabha Unstarred Question No. 3746 to be answered on 11 th  December, 2019 regarding Deposit Schemes by Post Offices Unclaimed Amount, Scheme-wise/Circle-wise as on 30/09/2019, as extracted from Core

## Banking Solution (CBS)

| PRODUCT                                                                | National Savings Monthly Income Account   | National Savings Time Deposit Account   | National Savings Recurring Deposit Account   | Senior Citizen Savings Scheme   | Kisan Vikas Patra   | National Savings Certificates   | Public Provident Fund Schemes   | Post Office Savings Account &Misc. Schemes   |
|------------------------------------------------------------------------|-------------------------------------------|-----------------------------------------|----------------------------------------------|---------------------------------|---------------------|---------------------------------|---------------------------------|----------------------------------------------|
| Name of the Circle*                                                    | Amount (in lakhs)                         | Amount (in lakhs)                       | Amount (in lakhs)                            | Amount (in lakhs)               | Amount (in lakhs)   | Amount (in lakhs)               | Amount (in lakhs)               | Amount (in lakhs)                            |
| Andhra Pradesh                                                         | 4,253.47                                  | 1,494.92                                | 2,643.03                                     | 63.04                           | 9,329.95            | 11,033.43                       | 501.57                          | 2.94                                         |
| APS (Army Postal Service)                                              | 3.62                                      | 74.51                                   | 334.26                                       | 0                               | 518.25              | 80.51                           | 37.88                           | 0                                            |
| Assam                                                                  | 1,893.46                                  | 1,322.76                                | 1,462.11                                     | 7.76                            | 7,449.20            | 6,429.22                        | 723.14                          | 38.32                                        |
| Bihar                                                                  | 3,557.28                                  | 9,490.69                                | 1,499.30                                     | 47.20                           | 7,862.30            | 4,682.51                        | 860.45                          | 0.10                                         |
| Chhattisgarh                                                           | 1,233.88                                  | 338.82                                  | 1,501.95                                     | 20.90                           | 2931.85             | 2,162.09                        | 269.30                          | 0.08                                         |
| Delhi                                                                  | 66,204.08                                 | 8,911.81                                | 19,154.48                                    | 3,605.08                        | 26,759.69           | 16,675.65                       | 7,106.20                        | 2.07                                         |
| Gujarat (including Dadra &Nagar Haveli, Daman &Diu)                    | 13,712.76                                 | 5,835.46                                | 3,767.33                                     | 308.90                          | 29,579.73           | 15,781.85                       | 2,927.14                        | 7.06                                         |
| Haryana                                                                | 15,252.60                                 | 13,700.08                               | 9,548.64                                     | 501.98                          | 4,897.65            | 2,717.83                        | 969.47                          | 6.36                                         |
| Himachal Pradesh                                                       | 2,048.83                                  | 3,877.15                                | 1,297.13                                     | 10.50                           | 2,610.31            | 1,024.45                        | 70.31                           | 1.13                                         |
| Jammu &Kashmir (including Laddakh)                                     | 540.62                                    | 4,326.28                                | 511.83                                       | 25.50                           | 2,960.64            | 971.68                          | 34.32                           | 0                                            |
| Jharkhand                                                              | 4,981.34                                  | 5,264.43                                | 1,291.86                                     | 50.00                           | 5,342.95            | 3,988.67                        | 2,346.51                        | 0                                            |
| Karnataka                                                              | 1,935.19                                  | 505.15                                  | 1,694.89                                     | 81.99                           | 9,200.32            | 20,961.35                       | 1,184.42                        | 18.20                                        |
| Kerala (including Lakshdweep)                                          | 3,599.90                                  | 2,031.12                                | 6,247.26                                     | 45.40                           | 7,957.31            | 11,735.81                       | 326.40                          | 1.80                                         |
| Madhya Pradesh                                                         | 7,485.43                                  | 2,772.32                                | 3,488.45                                     | 194.97                          | 10,073.03           | 7,232.17                        | 835.44                          | 9.47                                         |
| Maharashtra ( including Goa)                                           | 23,526.99                                 | 6,373.06                                | 8,490.04                                     | 722.53                          | 22,096.68           | 27,326.18                       | 3,948.45                        | 36.53                                        |
| North East ( including Arunachal Pradesh, Manipur, Meghalaya, Mizoram, | 1,067.46                                  | 417.40                                  | 1,319.92                                     | 2.50                            | 1,998.26            | 906.69                          | 56.83                           | 0                                            |
| Nagaland &Tripura) Odisha                                              | ,5994.31                                  | 2,449.62                                | 1,902.52                                     | 192.24                          | 3,619.25            | 5,622.64                        | 282.82                          | 0.85                                         |
| Punjab (including Chandigarh)                                          | 21,690.53                                 | 31,176.00                               | 30,292.31                                    | 383.79                          | 23,492.51           | 9,449.97                        | 2,871.63                        | 8.04                                         |
| Rajasthan                                                              | 4,145.34                                  | 2,954.80                                | 7,371.50                                     | 73.75                           | 16,258.58           | 15,914.98                       | 2,857.34                        | 0.36                                         |
| Tamilnadu (including Puducherry)                                       | 11,554.47                                 | 7,255.02                                | 14,516.19                                    | 936.73                          | 12,713.85           | 14,420.70                       | 2035.93                         | 30.75                                        |
| Telangana                                                              | 6,407.17                                  | 2,485.97                                | 2,887.14                                     | 332.23                          | 4,898.21            | 6,806.59                        | 295.19                          | 0.26                                         |
| Uttarakhand                                                            | 5,032.58                                  | 2,966.06                                | 3,916.72                                     | 78.99                           | 3,853.14            | 2,539.74                        | 213.38                          | 12.07                                        |
| Uttar Pradesh                                                          | 7,984.20                                  | 20,756.69                               | 7,964.35                                     | 475.59                          | 43,660.73           | 27,099.89                       | 2,747.60                        | 4.79                                         |
| West Bengal ( including Andaman &Nicobar Icelands and Sikkim)          | 90,439.68                                 | 25,788.14                               | 10,424.30                                    | 496.07                          | 44,351.55           | 27,612.56                       | 3,136.95                        | 9.32                                         |
| Grand Total                                                            | 3,04,545.20                               | 1,62,568.30                             | 1,43,527.51                                  | 8,657.64                        | 3,04,415.98         | 2,43,177.20                     | 36,638.67                       | 190.53                                       |

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