POSTAL SERVICE IN INDIA

SUBMITTED TO : Rohit Dahia SUBMITTED BY: Anjali Kulshrestha

Contents :Indian Postal Services Governance and organization History Postal service Non postal Service Other Finance Service

Postal Services In India

Largest postal network Provide banking facility in rural area. Provide financial Services

Governance And organization

I. The postal service comes under the Department of Posts which is a part of the Ministry of Communications and Information Technology

II. India has been divided into 22 postal circles III. There is a special Circle called the Base Circle to cater to the postal services of the Armed Forces of India.

HISTORY
I. In 1688, the first post office of the Company Post was established at Bombay/Madras. II. The system was reorganized and the service opened to the general public by Warren Hastings, the first governor general of Bengal

III. A Postmaster General was appointed and metal tickets or tokens were issued to pay for the postal charges

IV. Adhesive stamps were introduced on 1 October 1854 on all India basis.

POSTAL SERVICES
Different types of postal services are : 1. 2. 3. 4. 5. 6. 7. International Registered Post Speed Post Logistics Post Parcels Business Post Media Post Direct Post

Non-postal services
Different Non-Postal Services are : 1. 2. 3. 4. Postal Life Insurance ePayment Instant Money Order Service (iMO) International Money Transfer

Financial Services
The post office has also traditionally served as a financial institution for millions of people in rural India. Currently these are some of the activities being supported: 1. 2. 3. 4. 5. 6. 7. Saving Account Recurring Account Monthly Income Deposit Account Time Fixed Deposit Account National Saving Certificate Public Provident Fund Kisan Vikas Patra

Savings Account
Similar to a saving account in a bank. Save those fund you want to liquidate fully.

Suited for those areas where the reach of banks are very limited.

Recurring Deposit Account

Systemic way of saving account.
Deposit a fix amount after a fix period. Maturity period of the account is 5 years.

Monthly Income Account

Invest a lump sum and earn interest on monthly basis Account can be opened by single person or by 2-3 persons jointly.

Period of maturity is 6 years.

Time Deposit Account

Just like Bank fixed deposit account. Deposit lump sum for a fix period. Interest is calculated on Quarterly Compound basis and payable Annually. Rate of interest varies according to period of deposit. Rate of interest is decided by the Central Government.

National Saving Certificate

It combines adequate return with high safety.

Maturity of a certificate is 6 years.

There is no maximum limit of purchase of the certificate.

Public Provident Fund

It is saving cum Tax Saving instrument.
It serves as a retirement planning tool.

The account can be opened by a individual.

Rate of Interest is calculated by Central Government.

Kisan Vikas Patra

It is a saving instruments.
Provide interest income similar to bonds.

There is no limit of purchase.

No income tax benefit is available under the Kisan Vikas Patra.

THANK YOU