The Senior Citizen Savings Scheme of post offices could well turn out to be one of the biggest grossers of all time in the history of Indian Postal department.
Department of Posts launched the 9 per cent interest bearing scheme on August 2004. Postal department has collected more than Rs 1,500 crore (Rs 15 billion) from SCSS in just 40 days.
The chief postmaster general (West Bengal circle), P K Chatterji, said the West Bengal circle is in the top bracket in collection from SCSS.
It collected more than Rs 100 crore (Rs 1 billion) from the scheme. "WB collected around Rs 50 crore (Rs 500 million) from the scheme in just 28 days, out of Rs 580 crore (Rs 5.80 billion) collected all over the country. The scheme is an instant hit with small investors," said Chatterji.
West Bengal circle is hoping to achieve highest ever Rs 22,000 gross deposit in small saving in 2004-05 because of SCSS.
The West Bengal circle of DOP had gross deposit of Rs 17,616 crore (Rs 176.16 billion) and a net deposit of Rs 8,477 crore (Rs 84.77 billion) in small savings schemes in 2003-04.
"In the first four months of this fiscal, the gross deposit has already been almost Rs 5,758 crore (Rs 57.58 billion) and net deposits Rs 2,754 crore (Rs 27.54 billion). Now there are 1.98 crore (Rs 19.8 million) small savings account in West Bengal circle," he said.
To make post office savings more attractive, the department is planning to increase penetration of electronic clearance system (ECS).
ECS has been introduced in Kolkata in 14 post offices. The depositors can opt for transfer of monthly interest to their savings account through ECS.
"The department will introduce ECS in 20 more post offices in Kolkata. All the 22 head post offices here would be fully computerised within this fiscal," he promised.
The CPMG pointed out that postal life insurance was also performing well in West Bengal with Rs 281 crore (Rs 2.81 billion) of business in 2003-04 compared to only Rs 78 crore (Rs 780 million) in 2002-03.