Proposal of Post Bank and details of financial services offered by the Post Office

Ministry of Communications & Information Technology

14-August, 2013

Department of Posts has proposed to set up a Post Bank of India. This will be an independent entity, separate from the current operations of Small savings Schemes being carried out by the Department on behalf of Ministry of Finance. The Department of Posts has accordingly submitted an application to the RBI on 28.06.2013 seeking a banking license subject to necessary Cabinet approvals.

The details of financial services offered by the Post offices at present are as below:-

(1)  Small Savings Schemes of Government of India (on behalf of Ministry of Finance)

(i)   Post Office Savings Account

(ii)  Post Office Time Deposit Account

(iii) Post Office Recurring Deposit Account

(iv) Post Office Monthly Income Account

(v)  Senior Citizens Savings Scheme Account

(vi) Public Provident Fund Account

(vii) National Savings Certificates (VIII)  and (IX) issue

(2)   Money Remittances

(i)   Money Order-Domestic

(ii)  Instant Money Order- Domestic (through selected post offices)

(iii) Western Union Money Remittances –International Inward (through selected post offices)

(iv) MoneyGram Money Remittances –International Inward (through selected post offices)

(v)  Money Order Videsh- International Inward and Outward (through selected post offices)

(vi) Electronic International Money Order Service-Inward (through selected post offices)

This information was given by Dr. Smt. Killi Kruparani, Minister of State for Communications and Information Technology in a written reply to a question in the Lok Sabha today.

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