|National Savings Department|
The Post Office Savings Bank is the biggest bank in the country with a network of about 160000 branches, most of which are situated in the rural area with a history dating back to 1880s. It is a major instrument available to the Government to mobilise savings.
In the beginning the object of the Post Office Savings Bank was to encourage the habit of thrift among the common man but this concept has undergone a radical change during the last three decades. From the restrictive objective of providing a facility to the public to deposit their small savings, the post office savings bank has become a medium to mobilizing large resources running into hundreds of crores every year for plan projects. As a result of the change in the role, the expectations of the performance of the POSB have gone up very much both in the minds of those concerned with small savings and the general public. It has also been established that approximately 30% of the total collections on small savings in the country are drawn from the rural population. It shows how well and deeply the POSB has penetrated the farthest and the isolated villages of India. The POSB is now a major instrument available to the government for mopping up savings both in rural and urban areas.
Objectives in a Nutshell
1.Popularization of schemes under POSB.
2.To inculcate the habit of savings among public especially among the rural population.
3.Appoint agents under MPKBY, SAS and PPF and create self-employment opportunities among educated youth of Kerala.4.Implement the development schemes introduced by the State Government every year utilizing the funds of National Savings.
State Government periodically declares lucky prize schemes and special cash incentives to investors. Special schemes with public participation were periodically launched and the money so mobilized was used for the overall developmental activities of the State.
National Savings Department has Head Office at Thiruvananthapuram and District Offices in all the 14 Districts in the State.
Savings Bank Account | Recurring Deposit | Post Office Time Deposit | National Savings Certificate | Kisan Vikas Pathra | Monthly Income Scheme | Public Provident Fund | Senior Citizens' Savings Scheme | Special Schemes | Agents' Welfare Scheme | Agents' Pension Scheme