Home > District > Small Savings
P.A to collector [Small Savings]
Third Floor,District Collectorate
Nagapattinam 611 003
[4365]-252500-211
District Collectorate
[91]-[4365]-252500

TourismBoat on FishingPlays a Key Economy for the District even though Agriculture and Fishing are the Major ones. Shrines, Places of Hindu Faith, Mosques forms the Spritual Tourism for the district. Annual Festivals and functions marks glory of the Year. Heritages like Tarangam padi Fort, Poompuhar speaks of the rich civilization of this land.  


One Agriculture Fieldof the major economies of the District, Agriculture contributes a higher share of Rice Production in the State. We have raised so many important agricultural crop in our District. Rice, Groundnut, Pulses, Gingelly, Sugarcane and Cotton.  

Small Savings

iNTRODUCTION

SMALL SAVINGS form an important component of the resources mobilisation effort of the State Government, Small Savings play a vital role in financing STATES PLAN, House hold Savings’ however small they may be, are channelised towards nation building activities

  1. Small Savings constitute a major resource to execute welfare activities of the Government.
  2. The Directorate of Small Savings is mainly concerned with the promotion of various Small Savings Schemes formulated by Government of India. Small Savings Schemes are implemented through the Department of Posts, and 15 year Public Provident Fund Scheme is implemented through Head Post offices as well as Banks.
  3. 50% of the net collections under Small Savings is returned to the State by the Government of India as long term-soft loan. The long repayment schedule makes it an excellent resource of the State for investment in improvement /development of infrastructure like Roads, Drinking water, Sewerage, Hospitals, Schools etc. In order to increase the resources, the State Government is taking all efforts to mobilise Savings.
  4. In the present financial market,where a large number of private financial companies have disappeared, Small Savings offer the best and safest avenue of investment of household savings. Small Savings scrips are guaranteed by Government and thus completely secure.
OBJECTIVES
  1. To play a predominant role in inculcating the habit of Savings & Thrift among the General Public, Students, Employees in all Government & Private establishments.
  2. To implement Small Savings Schemes through Post offices and Banks.
  3. To mobilise Household Savings in the State for investment in infrastructure projects in the state.
  4. To appoint Small Savings agents both in urban and rural areas & to monitor their performance.
  5. To disseminate information about Small Savings to the nook and corner of the State through various media and to create awareness among the people.
  6. To implement & monitor special schemes of the Government of Tamilnadu like Incentive & Award schemes for Investors, Agents, Local bodies, Students, Institutions etc.To mobilise Household Savings in the State for investment in infrastructure projects in the state.
  7. To appoint Small Savings agents both in urban and rural areas & to monitor their performance.
  8. To disseminate information about Small Savings to the nook and corner of the State through various media and to create awareness among the people.
  9. To implement & monitor special schemes of the Government of Tamilnadu like Incentive & Award schemes for Investors, Agents, Local bodies, Students, Institutions etc.
DEPOSITS

Deposits are accepted in the Head / Sub / Branch Post Offices. In respect of PPF, deposits can be made in Nationalized banks in Addition to SBI. In addition to the individuals, Registered Trusts, Welfare Associations can also deposit and avail the coupon and incentive for the selected schemes.

APPOINTMENT OF AGENTS

Agents are appointed by the Personal Assistant [Small Savings] to the Collector and Block Development Officers for MPKBY and SAS respectively. For the appointment of MPKBY agents the educational qualification for ladies is 8th std pass for both [married / unmarried]. Further all the unemployed persons, Retired Teachers etc., can get appointment as SAS agents by the Block Development Officers concerned.

COMMISSION AND INCENTIVE TO THE AGENTS

MPKBY Agents can earn 4% of the deposit amount as commission before remittance of RD deposit in to Post Offices. In addition to this 2% of the deposit amount is paid as agents incentive by Collectorate. SAS Agents can earn 1% of the deposit amount as commission from the Post Offices and 1% from the Collectorate.

SALIENT FEATURES
  • Interest
  • Bonus
  • Tax Benefits
  • Assured Returns
SPECIAL R.D. CAMPAIGN BY COLLECTOR

Special R.D. Campaigns are being conducted by the District Collector from January 2003 onwards in the villages of this district. So far 127 villages have been covered and a total sum of Rs.8,74,705/- has been collected from the public by way of opening 13,917 new R.D. Accounts.

PLAN OF ACTION TO ACHIEVE THE "GOAL"
  1. SMALL SAVINGS - VAN PUBLICITY AND DOOR TO DOOR CAMPAIGN AMONG RURAL FOLKS

    The panchayat Union Commissioners, Tahsildars, Municipal Commissioners and Executive Officers of Town Panchayats conduct special campaign and open new RD A/c s in each household. The Panchayat Union Commissioners are instructed to conduct intensive campaign in all the villages under their control with the help of Extension officers [small Savings]. Special Van Campaign is launched by this District Administration to cover 431 villages, Panchayats and other areas.

  2. PROMOTION OF MODEL VILLAGES in DISTRICT

    To promote savings in rural areas 100 "Model Villages "have been enlisted. Block Development Officers are instructed to form 5 groups in a block comprising Extn., officers [Small Savings, Adidravida Welfare, Panchayat, Corporation, Social Welfare].

  3. FOCUSING ‘POMIS’ - SCHEME TO RETIRING PERSONS

    Retiring persons list have been called from all the Heads of Depts. and District Collector’s appeal is simultaneously sent to the ‘Retiring Persons’, to tap the resources under Post Office Monthly Income Scheme.

FREE GIFT COUPON PRIZE SCHEME

For Every Investment of Rs.5,000/- made from 1.12.2002 to 31.3.2003 on Kisan Vikas Patra, Post Office Monthly Income Scheme, 15 Year Public Provident Fund, National Saving Certificate, 3 Years and 5 Years Time Deposit and in Post Office Recurring Deposit from 1.4.2002 to 31.3.2003, one Free Gift Coupon will be issued in the Panchayat Union Office by the Extension Officer [SS]. 1st Prize Rs.3 lakhs worth Post Office Monthly Income Certificate or a Car. 282 Attractive Prices for one series.

INVESTORS INCENTIVE SCHEME

For investment of Rs.10,000/- and above made from 1.1.2003 to 31.3.2003 on Kisan Vikas Patra, Post Office Monthly Income Scheme, 15 Year Public Provident Fund, National Savings Certificate, 3 Years and 5 Years Time Deposit and in Post Office Recurring Deposit 1% incentive is paid by Collectorate [Small Savings Section], Nagapattinam. In respect of PORD 2% of incentive is paid for the accumulation of Rs.5,000/- and above in a single account made from 1.4.2002 to 31.3.2003.

General Information

Small Savings Agents play vital role in Small Savings collection. At present there are 3 kinds of Agencies.

  1. Standardised Agency System, (SAS)
  2. Mahila Pradhan Kshetriya Bachat Yojana, (MPKBY)
  3. Agents (Public Provident Fund) , (PPF)
  1. Standardised Agency System

    These agents canvass deposits in Small Savings scrips like National Savings Certificate VIII issue (NSC- VIII issue), Post office Time Deposit (POTD), Post Office Monthly Income Scheme – (POMIS), SCSS). All Collectors, P.A.(SS &R) to Collectors, BDOs, Thasildars etc. in respect of Districts and Dy. Director of Small Savings, Corporation of Chennai in respect of Chennai city are the appointing authority of SAS agents. At present there are 7507 numbers of SAS agents in Tamilnadu.

  2. Public Provident Fund

    These agents canvass deposits only in Public Provident Fund Scheme. The District Collectors and P.A. ( SS & R) to Collectors, Deputy Directors of Small Savings, Corporation of Chennai are the appointing authority of PPF agent in Tamilnadu. At present there are 545 numbers of PPF agents in Tamilnadu

    SAS Agents are appointed by BDOs,PO(SS) to Collector and district Collectors concerned.In respect of Chennai City,the Assistant Director of Small Savings in Small savings wing,Chennai Corporation is appointing the SAS agents.
  3. Mahila Pradhan Kshetriya Bachat Yojana

    These agents canvass deposits in Post Office Recurring Deposits Scheme (PORD). Only women are eligible to become MPKBY agent. All Collectors, in respect of Districts and Dy. Director of Small Savings, Corporation of Chennai in respect of Chennai city are the appointing authority of MPKBY agents. At present there are 23082 numbers of MPKBY agents in Tamilnadu

    Note
    The GOI commn. is being paid at the respective post office and incentive is payable by Commissioner Corporation of Chennai in the Chennai city and the collectors within respective districts.

scheme Details
S.No. Name of the Scheme Benefits Limit of Investment [Rs.] Maturity Period
MinimumMaximum
1 Post Office Monthly Income Scheme 8% Interest + 10% Bonus Tax benefit U/S 80L 1000 Single Account Rs.3.00 lakhs Joint Account Rs.6.00 lakhs 6 years [10% bonus [i.e.] Rs.500/- for investment of Rs.5000/-] To be opened in any Post Office
2 Kisan Vikas Patra Doubles in 8 years 7 months Can be pledged as security Can be encashed after 2 ½ years 100 No Limit 8 years 7 months [Pre-maturely en cashed after 2 ½ years] To be opened in any Post Office
3 National Savings Certificates  VIII  Issue 8% Compound Interest Income Tax rebate U/S 88 & 80L Tax benefits to Deposit and interest 100 No Limit 6 years [Rs.100/- grows to Rs.160.10 on maturity] To be opened in any Post Office
4 15 years Public Provident Fund 8% Compound Interest Income Tax rebate U.S. 88/10 Interest fully exempted from tax 500 Rs.70,000/- per annum 15 years To be opened in H.P.O. [or] SBI [or] Nationalized Banks
5 5 Year Post Office Recurring Deposit [PORD] Compound Interest Free Insurance upto Rs.50/- Tax Benefits under section 80L Can be continued upto 10 years 10 No Limit Rs.10/- deposit per month. The maturity value will be Rs.728.90 at the end of 5 years
6 Post Office Time Deposit [POTD]   1 year 2 years 3 years 5 years Tax benefits under section 80 L Interest payable annually Can be pledged as security 50 No Limit
1 year
6.25%
2 years
6.50%
3 years
7.25%
5 years
7.50%
7 Deposit Scheme for Retired / Retiring Govt. Employees / Public Sector Employees 8% Interest Interest Payable  Half Yearly Interest fully exempted from Tax Premature encashment permitted 1000 Entire retirement benefits to be deposited within 3 months 3 years
8 Post Office Savings Account [POSA] 3.5% Single / Joint Accounts 3% Public Accounts 2% Other Accounts 20 Single Account Rs.1.00 lakh Joint Account Rs.2.00 lakhs Can be opened in any Post Office