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Savings Account

· Interest earned is Tax Scheme Post Office Savings Account .0% per Minimum INR 20/annum on for opening.          Recurring Deposit Account Time Deposit Account Monthly Income Scheme (MIS) Account Public Provident Fund Account National Savings Certificates (NSC) Senior Citizen Savings Scheme (SCSS) Account FAQ on Banking KYC Norms Negative List for Divisional Offices Negative List Home» Financial Services» Post Office Savings Schemes Post Office Savings Schemes Minimum Amount Interest for opening of payable. · Cheque facility can be taken in an existing account also. account and Rates. individual/ joint accounts.and for this purpose minimum balance of INR 500/-in an account is to be maintained. retained 4. · Cheque facility available if an account is opened with INR 500/. · Minimum balance to be maintained in a non-cheque facility account is INR 50/-. maximum balance Periodicity that can be etc. Salient features including Tax Rebate · Account can be opened by cash only.

· One account can be opened in one post office · Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.per year either in single or joint account for 2012-13.000/.in Joint account up to 2011-12 and up to INR 10. · Joint account can be opened by two or three adults. · At least one transaction of deposit or withdrawal in .Free up to INR 3500/. · Account can be transferred from one post office to another.per year in single and INR 7000/. · Nomination facility is available at the time of opening and also after opening of account.

53.5-Year Post Office Recurring Deposit Account From 1. Minor after attaining majority has to apply for conversion of the account in his name. · Nomination facility is available at the time of opening and also after opening of account.3% per annum (quarterly compounded) On maturity INR 10/account fetches INR 744. · Account can be transferred from one post office to another.2013. three financial years is necessary to keep the account active. Minimum INR 10/per month or any amount in multiples of INR 5/-. · Account can be opened in the name of . · Account can be opened by cash/cheque and in case of cheque the date of deposit shall be date of presentation of cheque. interest rates are as follows:8. · Any number of accounts can be opened in any post office. · Single account can be converted into Joint and Vice Versa. No maximum limit. Can be continued for another 5 years on year to year basis.4.

· Joint account can be opened by two adults. After 4 regular defaults. · If subsequent deposit is not made up to the prescribed day.minor and a minor of 10 years and above age can open and operate the account. · Subsequent deposit can be made up to 15thday of next month if account is opened up to 15th of a calendar month and up to last working day of next month if account is opened between 16th day and last working day of a calendar month. a default fee is charged for each default. the account becomes discontinued and can be revived in two months but if the same is not revived within .

Interest Minimum INR 200/. No by individual.· Account payable and in multiple may be opened annually but thereof. 50/denomination in case of death of depositor subject to fulfillment of certain conditions.2013. · Account quarterly. · One withdrawal upto 50% of the balance allowed after one year. · There is rebate on advance deposit of at least 6 installments. · Single account can be converted into Joint and Vice Versa. calculated maximum limit.4. Accounts restricted to that of INR. can be opened From by cash/cheque 1. · Minor after attaining majority has to apply for conversion of the account in his name. and in case of interest rates cheque the date .Post Office Time Deposit Account this period. no further deposit can be made. Full maturity value allowed on R.D.

20% 3yr.are as follows:Period Rate 1yr.30% 5yr. · Single account can be converted into Joint and Vice Versa.A/c 8. · Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.A/c 8. · Account can be transferred from one post office to another.20% 2yr. account shall be date of opening of account.A/c 8.40% of realization of cheque in Govt.A/c 8. · Any number of accounts can be opened in any post office. · Nomination facility is available at the time of opening and also after opening of account. · Joint account can be opened by two adults. · Minor after attaining majority has to apply for conversion of .

· 2. 1961 from 1. The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act. the account in his name.4.3 & 5 year account can be closed after 1 year at discount. · Nomination facility is available at the time of opening and also after opening of account. Maximum investment limit is INR 4.4.5 lakh in MIS (including his share in joint accounts) For calculation of share of an individual in joint account. each joint holder have equal share in each joint account.Post Office Monthly Income Account Scheme From 1.2007.2013. Account can also be closed after six months but before one year with interest @post office savings account. · Account can be opened by cash/cheque and in case of cheque the date of realization of cheque in Govt. An individual can invest maximum INR 4. account shall be date of opening of account. interest rates are as follows:8. · Account can be transferred from .5 lakhs in single account and INR 9 lakhs in joint account.40% per annum payable monthly. · Account may be opened by individual. In multiples of INR 1500/-.

one post office to another. · Joint account can be opened by two or three adults. · Maturity period is 5 years . · Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account. · Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts. · Minor after attaining majority has to apply for conversion of the account in his name. · All joint account holders have equal share in each joint account. · Single account can be converted into Joint and Vice Versa.

4.11.Senior Citizen Savings Scheme From 1. No bonus is payable on the deposits made on or after 1.12. · An individual of the Age of 60 years or more may .1000/- from 1.12. · Interest can be drawn through auto credit into savings account standing at same post office.2011. through PDCs or ECS.2011.2011. (Discount means deduction from the deposit. · Can be prematurely encashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. interest rates are as follows:- There shall be only one deposit in the account in multiple of INR.07 and up to 30.) A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.2013.12.

· Maturity period is 5 years. · In case of . to the condition 30th June. or under VRS interest shall be can also open payable on account subject 31st March. · Account can be opened by cash for the amount below INR 1 lakh and for INR 1 Lakh and above by cheque only. · A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife).20% per maximum not open the annum. exceeding INR 15 account. one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits. 30th that the account Sept and 31st is opened within December. · An the date of individual of the deposit of 31st age of 55 years March/30th or more but less Sept/31st than 60 years December in who has retired the first on instance & superannuation thereafter. payable from lakh.9.

· Nomination facility is available at the time of opening and also after opening of account. · 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 by adding balance in all accounts. the date of realization of cheque in Govt. account shall be date of opening of account. · Interest can be drawn through auto credit into savings account standing at same post office.cheque. through PDCs or Money . · Joint account can be opened with spouse only and first depositor in Joint account is the investor.

In such cases. · After maturity.Order.5% interest & after 2 years 1% interest (Discount means deduction from the deposit.).000/p. · Premature closure is allowed after one year on deduction of 1. · TDS is deducted at source on interest if the interest amount is more than INR 10. the account can be extended for further three years within one year of the maturity by giving application in prescribed format.a. Investment under this scheme qualifies for the benefit of . account can be closed at any time after expiry of one year of extension without any deduction.

70% per annum (compounded yearly). 1. · An individual can open account with INR 5/.in a financial year. · The subscriber can open another account in the name of minors but subject to maximum .000/.in a financial year and maximum INR 1. · Account can be opened by cash/cheque and In case of cheque.00.2007. Minimum INR.2013. Section 80C of the Income Tax Act. 500/Maximum INR. · Nomination facility is available at the time of opening and also after opening of account. Account can be transferred from one post office to another. the date of realization of cheque in Govt.000/· Joint account cannot be opened.4.4.15 year Public Provident Fund Account From 1. account shall be date of opening of account. Deposits can be made in lump-sum or in 12 installments.00.but has to deposit minimum of INR 500/. 1961 from 1. interest rates are as follows:8.

· Maturity value can be retained without extension and without further deposits also.. · Premature closure is not allowed before 15 years. · Deposits qualify for deduction from income under Sec. · Interest is completely taxfree. 80C of IT Act. · Withdrawal is permissible every year from 7th financial year from the year of opening account. · Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on. . No attachment under court decree order.investment limit by adding balance in all accounts. · Loan facility available from 3rd financial year.

INR deemed to be 100/.2013.5% 1000/-.80% Act. be purchased 8.000/-.4.2011 From 1.  Disclaimer  Sitemap  e-Mail  Related Links  India Portal  Contact Us  Tenders  RTI  Employee Corner  Opportunities 5 Years National Savings Certificate (VIII Issue) 10 Years National Savings Certificate (IX Issue)  Holidays  Forms This website belongs to Department of Posts.limit available in holder type denominations of certificate can INR. 80C of IT Act.grows to · Deposits INR 151. himself or on six monthly but behalf of a payable at minor or by a maturity. compounded · The interest six monthly but accruing payable at annually but maturity. minor. 10. Government of India Last Updated on 14th October 2013 .62 qualify for tax after 5 years. rebate under Sec.Kisan Vikas Patra National Savings Certificates (NSC) Discontinued from 01.grows to reinvested INR 236. 500/-. INR.No maximum · A single are as follows:. 80C of IT 8.60 under Section after 10 years. Ministry of Communications & Information Technology. Minimum INR.& by. an adult for compounded INR. 100/-.12. 100/. interest rates 100/. 5000/.

account not permissible. Regimental Fund or Welfare Fund not permissible to invest. Defaults can be paid within two months. which shall be one per cent less than the rate specified for a period of deposit of 1 year. 3 year or 5 year account on or after 01. 8. other Accounts like Security Deposit account & Official Capacity account are not permissible Rate of interest 4% per annum Recurring Deposit Account          Any individual (a single adult or two adults jointly) can open an account.2013 with monthly deposit of INR. simple interest at the rate applicable to from time to time to post office savings account shall be payable. 1.shall be INR.Savings Account     Any individual can open an account.thereafter No limit. if the deposit is withdrawn after 6 months but before the expiry of one year from the date of deposit.2007. 3 Year and 5 Year Time Deposit can be opened.and in multiples of INR.and in multiples of INR.4. Part withdrawal facility available. 5/Individual Account Interest Calculator thereafter No limit. Four defaults are allowed. 8. Type of Account Minimum Deposit INR. 1 Year. if the deposit is withdrawn after the expiry of one year from the date of deposit.20%. 10/. Cheque facility available. 2 Year.10/.744.2.12. Trust.12.200/. In case of premature closure of 1 year.8. Premature closure allowed after three years. Rate of interest 8.3 & 5 Year TD 200/. Institutional Account.4. Group Account. 8.20%. 2 Year.2011.3 & 5 years TD account respectively.2011. Maximum Deposit .30%. interest on such deposits shall be calculated at the rate. The investment in the case of 5 years TD qualify for the benefit of Section 80C of the Income Tax Act.40% compounded quarterly for 1. 2 year or 3 years as mentioned in    the concerned table given under Rule 7 of Post office Time Deposit Rules. Type of Account Minimum Deposit INR.30% Maturity value of a 5 Years RD account opened on or after 1. Pay Roll Savings Scheme is also available for employees of various Establishments. Rate of interest . Maximum Deposit Time Deposit Account      Any individual (a single adult or two adults jointly) can open an account. Institutional Accounts and Misc. In case of premature closure of 2 year. Group Accounts. Advance Deposits earn rebate. 3 Year or 5 Year account on or after 01. 1961 from 1.2.53.

Certificates can be kept as collateral security to get loan from banks.00.00.70%) per annum.2011. Non-Resident Indians (NRIs) are not eligible. 1.12.2011 and balances at credit of the subscriber in the existing PPF account shall bear interest at the rate of eight point seven per cent (8.4. Type of Account Single Joint Minimum limit INR 1500/INR 1500/Maximum limit INR 4.Monthly Income Scheme (MIS) Account       Safe & sure way to get a regular monthly income. if you open a saving bank account and give a request for automatic transfer of Monthly Income Scheme interest to Recurring Deposit through Saving Bank account.Five Years.e.a. 151.000/. Maturity Period . Free from court attachment.in a financial year Minimum limit Maximum limit    account on his behalf or on behalf of minor of whom he is the guardian) National Savings Certificates (NSC) NSC VIII Issue         Scheme specially designed for Government employees. Loan facility available from 3rd financial year upto 5th financial year.62 after 5 years. . No maximum limit for investment.000 per annum qualifies for IT Rebate under section 80 C of IT Act. However.100/. 500/.per annum qualifies for IT Rebate under section 80C of Income Tax Act. Interest Calculator Monthly Income Scheme Rules Public Provident Fund Account      Ideal investment option for both salaried as well as self employed classes. Maturity value of a certificate of INR.50%.purchased on or after 1. Rate of interest 8. The rate of interest charged on loan taken by the subscriber of a PPF account on or after 01. No Tax deduction at source. Type of Account Public Provident Fund(Individual INR. Specially suited for retired employees/ Senior Citizens or any one with high sum for investment. No Bonus on Maturity w. Investment up to INR 1. 01.2012 shall be INR.12.f.40%. An individual cannot invest on behalf of HUF (Hindu Undivided Family) or Association of persons. Trust and HUF cannot invest. Auto credit facility to SB Account.2011 shall be 2% p.00. shall continue to be charged on the loans already taken or taken up to 30. Businessmen and other salaried classes who are Income Tax assesses.000/.a. Investment up to INR.in a financial year INR. The rate of interest on the subscriptions made to the fund on or after 01. Withdrawal permitted from 6th financial year.11. the rate of interest of 1% p.2011. Rate of interest 8.12. 1.5 lakhs INR 9 lakhs Above scheme operates automatically.

The individual may open one or more account in the multiple of INR. Minimum INR. A single holder type certificate can be purchased by an adult for himself or on behalf of a minor or to a minor.80%. 5000/.& INR. Hogg in 1881 as a welfare scheme for the benefit of Postal . 100/-. Who has attained age of 60 years or above on the date of opening of the account. 1. Post Maturity Interest at the rate applicable to the deposits under Post Office Savings Accounts from time to time is admissible for the period beyond maturity. After 2 years but before date of maturity on deduction of 1% of the deposit. Interest can be automatically credited to savings account provided both the accounts stand in the same post office.4. 100/. INR.      3.20% per annum from the date of deposit on quarterly basis. Who has attained the age 55 years or more but less than 60 years and has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement. No age limit for the retired personnel of Defence services provided they fulfill other specified conditions.On retirement it will fetch you monthly pension as the NSC matures. It was essentially a scheme of State Insurance mooted by the then Director General of Post Offices. 236. Maturity value of a certificate of INR. 10.grows to INR 234. Premature closure of account is permitted 1.5 % (approx.35 after 10 years. Invest in MIS / SCSS and transfer interest into RD account through SB account through written request and earn a combined interest of 10. Mr.).No maximum limit available in denominations of INR. Monthly Income Scheme (MIS) and Senior Citizen Saving Scheme (SCSS) are the best for Senior Citizens who desire monthly/quarterly interest. No withdrawal shall be permitted before the expiry of a period of five years from the date of opening of the account. Senior Citizen Savings Scheme (SCSS) Account   A new avenue of investment and return for Senior Citizen. The depositor may extend the account for a further period of 3 years. The account may be opened by an individual.R. the account shall be closed and deposit refunded without any deduction along with interest. Interest @ 9. This is the safest investment option for the Senior Citizens.2012 shall be INR. the Queen Empress of India. 1000/-. The account may be opened in individual capacity or jointly with spouse.15 lakh. Rate of interest 8.60 after 10 years. 2. subject to a maximum limit of INR. 2.1000/-. 1961 from 1.000/.        PoPostal Life Insurance (PLI) was introduced on 1st February 1884 with the express approval of the Secretary of State (for India) to Her Majesty. F. The investment under this scheme qualify for the benefit of Section 80C of the Income Tax Act. Non-resident Indians (NRIs) and Hindu Undivided Family (HUF) are not eligible to open an account. After one year but before 2 years on deduction of 1 ½ % of the deposit. In case of death of the depositor before maturity. Interest rounded off to the nearest multiple of rupee one. Premature closure allowed after three years.purchased on or after 1.2007.      NSC IX Issue No maximum limit for investment.4. Buy National Savings Certificates (NSCs) every month for Five years – Re-invest on maturity and relax . 100/.100/. 500/-. Nomination facility is available in the Scheme.

the policy will be treated as Whole Life Assurance. It now covers employees of Central and State Governments. Proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for loan. In the beginning.2010. 5. 3. . Whole Life Assurance (SURAKSHA) Convertible Whole Life Assurance (SUVIDHA) Endowment Assurance (SANTOSH) Anticipated Endowment Assurance (SUMANGAL) Joint Life Assurance (YUGAL SURAKSHA) Scheme for Physically handicapped persons Children Policy WHOLE LIFE ASSURANCE: This is a scheme where the assured amount with accrued bonus is payable to the assignee. the proponent is given an assurance to the extent of the Sum Assured and accrued bonus till he/she attains the pre-determined age of maturity. PLI has grown substantially from a few hundred policies in 1884 to 42. Age on the date of conversion must not exceed 55 years. Postal Life Insurance also manages a Group Insurance scheme for the Extra Departmental Employees (Gramin Dak Sevaks) of the Department of Posts. The minimum Sum Assured is Rs 20. ENDOWMENT ASSURANCE: Under this scheme. The policy is not eligible for bonus if surrendered or assigned for loan before completion of 5 years. Proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for loan. Apart from single insurance policies. Loan facility is available and policy can also be surrendered after completion of three years. 2. the upper limit of life insurance was only Rs 4000/. Government aided Educational institutions.000 and the maximum Sum Assured is Rs 10 lacs. the assignee. The policy can also be surrendered after completion of three years. 6.employees and later extended to the employees of Telegraph department in 1888. Loan facility is available. The minimum Sum Assured is Rs 20. PLI is an exempted insurer under Section 118 (c) of the Insurance Act of 1938. 1956. The policy is not eligible for bonus if surrendered or assigned for loan before completion of 5 years.000 and the maximum Sum Assured is Rs 10 lacs. PLI also extends the facility of insurance to the officers and staff of the Defence services and Para-Military forces.03. CONVERTIBLE WHOLE LIFE ASSURANCE: The features of this scheme are more or less same as Endowment assurance. Over the years. Nationalized Banks.83. In case of unexpected death of the insurant. It is the oldest Life insurer in this country. Universities. If option for conversion is not exercised within 6 years. Central and State Public Sector Undertakings. In 1894. Minimum Age at entry is 19 years and the maximum Age at entry is 55 years. 4.Endowment Assurance and Whole Life Assurance. It is also exempted under Section 44 (d) of LIC Act. The policy is not eligible for bonus if surrendered or assigned for loan before completion of 5 years. The minimum age at entry is 19 years and the maximum Age at entry is 55 years. nominee or the legal heir after death of the insurant. Proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for loan. Proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for loan. PLI offers 7 (Seven) types of plans: 1. Policy can be converted into Endowment Assurance after five years.which has now increased to Rs 10 lacs (Rupees Ten Lacs) for all schemes combined . The policy can be converted into an Endowment Assurance Policy after completion of one year and before 57 years of age of the insurant. PLI extended insurance cover to female employees of P & T Department at a time when no other insurance company covered female lives. nominee or the legal heir is paid the full Sum Assured together with the accrued bonus. The policy is not eligible for bonus if surrendered or assigned for loan before completion of 5 years. 7. Loan facility is available after completion of four years and policy can also be surrendered after completion of three years.302 policies as on 31. Local bodies etc.

20. For the non-medical policy of any category (except AEA and Joint Life Assurance for which Medical Examination is compulsory). Such payments will not be taken into consideration in the event of unexpected death of the insurant and the full sum assured with accrued bonus is payable to the assignee or legal heir.30. Convertible Whole Assurance.and so on. 16 years (20%) and 20 years (40% and the accrued bonus). LIMITS OF SUM ASSURED IN POSTAL LIFE INSURANCE: Any person who is eligible to the benefit of Post Office Life Insurance Fund under Rule 6.ANTICIPATED ENDOWMENT ASSURANCE: It is a Money Back Policy with maximum Sum Assured of Rs 5 lacs.000/-. SCHEME FOR PHYSICALLY HANDICAPPED PERSONS: The maximum limit of Insurance for Physically Handicapped persons in PLI is the same as others and he/she can take any one of the plans. may effect an insurance-Whole Life Assurance.00. Rs. Endowment Assurance. All other features are same as an Endowment policy. Best suited to those who need periodical returns. Depending upon the nature and extent of handicap. Maximum two children in family will be eligible to take children policy.Rs.15 years term and 20 years term. JOINT LIFE ASSURRANCE: It is a joint-life Endowment Assurance in which one of the spouses should be eligible for PLI policies. 20.000 in each class but not more than an aggregate of Rs.e. For the 20 years term policy.000/.000/-) in respect of one class/all classes of insurance policy (s) taken together.000/-. 10. Life insurance coverage is provided to both the spouses to the extent of sum assured with accrued bonus with only one premium. 12 years (20%). Two types of policies are available . Children between the age of 5 and 20 years are eligible and maximum sum assured is Rs 1 lakh or equivalent to the sum assured of the main policy holder which ever is less.000/.after minimum limit of Rs. For the 15 years term policy.20. On the death of the child/children. The main policy holder should not have attained the age of 45 years. Medical examination is compulsory under this scheme in order to determine the exact nature and extent of their handicap and its bearing on the life being insured. Anticipated Endowment Assurance and Yugal Suraksha Policy or all of them on his life for a sum not less than Rs. The salient features of this scheme are as under:-      The Scheme is envisaged to provide Insurance cover to the children of PLI/RPLI policy holders. 9 years (20%). The value of policy shall be taken in multiples of Rs. Twenty Lac (Rs. CHILDREN POLICY The Department has introduced Children Policy under PLI/RPLI. 12 years (20%) and 15 years (40% and the accrued bonus). the benefits are paid after 8 years (20%). the maximum Sum Assured is Rs 1 lac. . the benefits are paid after 6 years (20%).000/. full sum assured with the accrued bonus shall be payable to the main policy holder. with effect form 20th Jan 2006. No premium is required to be paid on the children policy on the death of the main policy holder and full sum assured with the accrued bonus shall be paid to the child after the completion of the term of the children policy. Rs. 20.i. 50. Survival benefit is paid to the insurant periodically. All the above schemes have compulsory medical examination. normal or a slightly higher premium is charged.

1995. As on 31. 6.103 RPLI policies. the policy shall have facility for making it paid up provided the premia are paid continuously for 5 years. Whole Life Assurance ( GRAMA SURAKSHA) Convertible Whole Life Assurance (GRAMA SUVIDHA) Endowment Assurance ( GRAMA SANTOSH) Anticipated Endowment Assurance (GRAMA SUMANGAL) GRAM PRIYA Scheme for Physically handicapped persons . The Committee had observed: “ The Committee understands that Rural Branch Postmasters who enjoy a position of trust in the community have the capacity to canvass life insurance business within their respective areas…. However.3. The prime objective of the scheme is to provide insurance cover to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population. Rural Postal Life Insurance (RPLI) came into being as a sequel to the recommendations of the Official Committee for Reforms in the Insurance Sector (Malhotra Committee). 5. The Committee had observed in 1993 that only 22% of the insurable population in this country had been insured. No Medical examination of the Child is necessary. burnt/torn/mutilation. life insurance funds accounted for only 10% of the gross household savings. the child should be healthy on the day of proposal and the risk shall start from the date of acceptance of proposal.25. Conversion from Whole Life Assurance to Endowment Assurance and from Endowment Assurance to other Endowment Assurance as per rules. Assignment of Policy to any Financial Institution for taking loan. 4. No loan shall be admissible on Children Policy. However. PLI is the only insurer in the Indian Life Insurance market today. Policy lapses after 6 unpaid premiums if it remained in force for less than 3 years and after 12 unpaid premiums if it remained in force for more than 3 years. Revival of his/her lapsed policy. we have 99. The policy shall attract bonus at the rate applicable to Endowment Policy.03. The POIF Rules amended from time to time shall be applicable to Children Policy. 3..   Main policy holder shall be responsible for payments for the Children Policy. A PLI/RPLI policy holder also gets following facilities :       Change of nomination.2010. provided the policy has completed 3 years in case of Endowment Assurance and 4 years in case of Whole Life Assurance. The facility of assignment is also available. The insurant can take loan by pledging his/her policy to Heads of the Circle/Region on behalf of President of India. mainly because of the vast network of Post Offices in the rural areas and low cost of operations.” The Government accepted the recommendations of Malhotra Committee and allowed Postal Life Insurance to extend its coverage to the rural areas to transact life insurance business with effect from 24. RPLI offers following types of plans: 1. Issue of Duplicate Policy Bond in case of the original Policy Bond is lost. which gives the highest return (bonus) with the lowest premium charged for any product in the market. 2.

A PLI/RPLI policy holder may also get following facilities :-       Change of nomination. Remitter gets acknowledgement signed by the payee.The salient features of the Whole Life.3 lac. Revival of his/her lapsed policy. burnt or torn/mutilated. Policy lapses after 6 unpaid premia if it remained in force for less than 3 years and after 12 unpaid premia if it remained in force for more than 3 years.000/-. The insurant can take loan by pledging his/her policy to Heads of the Circle on behalf of President of India. the maximum limit of Sum Assured is Rs.25. Endowment. Money Order Electronic Money Order Instant Money Order MO Videsh International Money Transfer Service Electronic Clearance Services (ECS) Money gram International Money Transfer are the remittance services offered by India Post. The remittance services of India Post are available for both domestic and international locations. Remitter can pay the amount in cash or cheque at the booking office and the charges for the service is 5% of the value of money to be transmitted. The facility of assignment is also available.there is a provision for sending short communication also along with the money order. Conversion from Whole Life Assurance to Endowment Assurance and from Endowment Assurance to other Endowment Assurance as per rules. Assignment of Policy to any Financial Institution for taking loan. India Post has introduced web-enabled remittances to offer faster services.        . PLI is the only insurer in the Indian Life Insurance market today which gives the highest return (bonus) with the lowest premium charged for any product in the market. and maximum age is 35 years. Money Remittance Services Remittances are a growing and an important area for India Post. Money send through money order is paid at the door-step of the payee and this service is available in all post offices . All the schemes have compulsory medical examination. In case of Non-standard age proof for Rural PLI policies. Money Order: This is a domestic money transfer facility through post office. For the non-medical policies. India Post offers various remittance services to meet the demands of various sections of the society. Convertible Whole Life and Anticipated Endowment Schemes of RPLI are same as the corresponding schemes of PLI except that the minimum Sum Assured is Rs. the maximum age limit is 45 years. Maximum amount which can be remitted through a single money order is Rs.10.000 and the maximum Sum Assured is Rs. Issue of Duplicate Policy Bond in case the original Policy Bond is lost. The maximum age limit of entry is 55 years in case of Whole Life and Endowment Assurance but 45 years in case of other plans. provided the policy has completed 3 years in case of Endowment Assurance and 4 years in case of Whole Life Assurance.5000/-.

Mumbai. At each designated post office one counter (AMFI qualified personnel) has been earmarked (usually on a nonexclusive basis) to receive the Mutual Fund applications. ECS is offered by India Post in c/w payment of monthly interest in Monthly Income Scheme. depositors of MIS accounts get their interest automatically transferred and credited into their accounts on due dates at designated Bank of their choice. Easy steps for investing through the Post Office: 1. Electronic Clearance Service (ECS): ECS scheme provides alternative method for bulk payment. Facility for remitting money from one to one. There are 33 standard messages for selection by the remitter. Money can be received from 195 countries through identified post offices. It is a quick and easy way of transferring personal remittance from abroad to beneficiaries in India.50.50000/.can be remitted through designated iMO Post Offices. Recipient to provide sufficient information to establish his identity and proof of residence. MO Videsh: This is an international remittance service offered by Indiapost to most foreign destinations. The commission for MO Videsh vary with the amount to be transferred. It is an instant web based money transfer service. International Money Transfer Service: Indiapost is also offering inward international money transfer through collaboration with western union money transfer and Money gram. Reliable & Convenient. The scheme was introduced on 9th August 2003. On 22nd January 2001.2008. A pilot project was started from the four cities of Delhi. Franklin Templeton and Reliance Mutual Fund are retailed through designated post offices in the country. India Post in partnership with IDBI-Principal. Thereafter from 15th June 2001 onwards. the amount of money order is paid in cash at the door step of the payee. Amount from Rs. Currently the service is available in the Department of Posts 15 RBI locations and 21 SBI locations. Payee has to visit the post office. With an objective to leverage the strength of the postal network and skills Department of Posts had started retailing mutual funds and bonds. Safe. The Post Office Savings Bank is the largest retail bank in the country. Amount recieved can also be credited to the savings bank account of the payee. fill up the prescribed form and produce the identity proof to receive the money. which is Instant. At present select schemes of Principal. The facility for receipt of WUMT is available in 7212 Post Offices and money gram facility is available in 500 post offices. UTI.in cash and more than that in cheque or credited to savings accounts in PO. Amount upto Rs. commission for eMO is same as applicable to money order. but paid through all deli very POs in the country. Kolkata and Patna.Electronic Money Order (eMO): Introduced on 10. The eMOs can be tracked through Indiapost website. Mutual Funds Distribution of Mutual Funds and Securities: The Post Office has traditionally been a distributor of financial services. Outward remittance is payable to beneficiaries by crediting the payment to the bank account of beneficieries in the destination countries. fast & reliable. . operating from over 1. 12 transactions can be received by a single beneficiary in a calendar year. Each outward remittance shall not exceed 5000 USD & maximum 12 outward remittances are allowed in a year. launched a scheme for distribution of mutual funds through post offices. Money Order Commission varies based on the amount of remittance.10.000 branches.to Rs.50000/. payment of interest/salary/pension/dividend. Under ECS. the scheme was extended to cover post offices in all major capital and other cities all across the country. Recipients can receive money in minutes after the remitter remits money. Remitter has to fill-up prescribed form & should produce valid photo identity. from money orders to banking services. one to many and many to one is available under this service. The service is safe. SBI. Instant Money Order (iMO): India Post provides instant Money Order service. eMO system aims to simplify the transmission process of money orders by ensuring quick and secure electronic transmission. A maximum of 2500 USD can be recieved at a time. Time taken for Transmission is very less & amount is paid within a day of booking . This facility is available in all computerized post offices.1000/. eMO can be booked at authorized PO‟s.

the electronic Money Orders payable at Post Office counters will be delivered the same day at main Post Offices. The agreement stipulates that a single Money Order issued by Emirates Post for payment in India shall not exceed 2. it is in a position to provide a service that is unmatched by private operators. and those exceeding INR 50. Mumbai. Forex Services High growth Indian economy coupled with globalisation has resulted in thousands of Indians going abroad for travel. Through this system. the long-felt need of Indian expatriates for a cost-effective electronic Money Order facility will be fulfilled. In India. They can either have the money delivered to the addressee‟s residence. studies and business.000 and upto INR 50. or ask the addressee to collect the money from any authorized Post Office in India. Customers sending money to India through Emirates Post Offices will have two options. Residents in UAE. As India Post‟s network encompasses the length and breadth of the country. The latter option is likely to be offered in phase-II. It also states that only 12 Money Orders addressed to one beneficiary will be allowed in a calendar year. Outside the IFS network. the amount can be collected the same day at Emirates Post Offices. Amounts upto INR 20.2.000 will be payable by cheque. 2008 by Director General of India Post IMG Khan and Chief Executive Officer of Emirates Post Ibrahim Karam Ali Bin Karam.000 will be paid at payee‟s address through Postman in cash. Amounts more than INR 20.500 US Dollars or its equivalent. The counters accept the application forms as per the cut off time prescribed by the AMCs for accepting the applications for their schemes in the particular post office. If the money is sent from India to the UAE. Electronic International Money Order Service International Money remittance between people of India and the UAE will become easier after India Post and Emirates Post. An agreement facilitating the system was signed in Dubai on 2nd January. there is a huge inflow of foreign tourists visiting India on vocation and . Kolkata and Kerala covering around 97 Head Post Offices and over 2400 Sub Post Offices. 3. No cash will be accepted.000 will be paid in cash across the Post Office counter. delivery will be within two days through the IFS network. In the case of Money Orders payable at addresses destination. Chennai. In the initial phase the service will be offered from UAE to India through all Head Post Offices in Delhi. UAE signed an agreement to launch „Electronic International Money Orders‟ through the postal network. Simultaneously. 4. using secure International Financial System (IFS) of the UPU (Universal Postal Union) from February. especially migrant workers can now transfer money speedily on very economical rates to any location under these Post Offices through India Post and these locations will be extended throughout the country soon covering the largest Postal network in the world. 2008. Thereafter he can hand the application forms duly filled along with requisite amount in the form of a demand draft/cheque to the counter staff. delivery will take place within five days. An investor can approach the designated post office counters or the concerned postmaster for application forms and literature on the types of fund schemes available through the post office.

Now India Post. Forex services are subject to regulations of Reserve Bank of India.business. through the vast distribution network of India Post. there is no Bank or other facilities to avail foreign exchange. in association with HDFC Bank. India Post brings to the customers a range of Forex services in a professional and efficient manner. affordable and convenient Forex services. Products & Services: Given below is the range of Forex services Following offered from Post office counters. is best poised to offer Forex services in an efficient and economical manner.000 post offices. Each one of them requires reliable. Foreign Currency Notes Scope Buying and selling Buying and selling Selling Selling Selling . Service Foreign currency notes (FCN) Travellers Cheques (TC) Store Value card (SVC) Arrangement for Demand Drafts (DD) Arrangement for Telegraphic/ wire transfers (TT/ WT) 1. provides Forex services through select Post Offices across India. HDFC Bank is one of the leading providers of Forex services and through this association. where banks and exchange companies do not offer foreign exchange service or do not have the presence. Goals and objectives: To make Forex services available across India as a „reliable and affordable product‟ for the custo mers at a competitive price. To provide convenience to the customers by making Forex services available at a large number of locations covering urban as well as rural areas. India Post. At many places. with a network of more than 155. This has resulted in the need for a reliable and quality service provider for purchase and sale of Foreign Exchange.