POST OFFICE NATIONAL SAVING CERTIFICATE 1000 RUPEE INDI

POST OFFICE NATIONAL SAVINGS CERTIFICATE 1000 RUPEE INDIA

SIZE: 172 x 81mm,

SMALL SAVINGS.

The movement for small savings was started in 1946. Its object then was to counteract the evil effects of inflation which was the aftermath of the post-war period. The object, however, underwent a change when the Planning Commission later on relied on this movement to finance its expenditure on capital schemes of the five Year Plans. Since the Sino-Indian War, the Small Savings Drive was looked upon as an instrument for building up the defence of the Nation.

The Small Savings Schemes include the following categories: -

(1) Post-office Savings,

(2) 12-Year National Defence Certificates,

(3) 10-Year Defence Deposit Certificates,

(4) 15-year Annuity Certificates,

(5) Cumulative Time Deposits, and

(6) Prize Bonds.

Post Office Savings Banks.-Of all these schemes, the Post Office Savings Deposit is the most common scheme. The Post Office Savings Banks are the important sources for collection of small savings from people especially of limited means. They are also useful to people in the rural areas where there is an absence of an alternate agency. The savings banks deposits earn interest at the rate of Rs. 4 per annum. Balances in these banks can he kept up to Rs. 25,000 in case of individual accounts and up to Rs. 50,000 in case of joint accounts. By 1966-67 there were in this district 225 post-offices doing savings banks'

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