National Savings Institute:- works under Department of Economic Affairs, Ministry of Finance, Government of India. The
Institute is entrusted with the task of mobilization of savings in
National Savings Schemes of Government of India, operated through Post
Offices and selected branches of Banks throughout the country. For
promotion and mobilization of savings, the Institute undertakes various
activities which include national-level publicity of the schemes,
collection and collation of data, printing of savings instruments from
India Security Press, Nasik and supply to Circle Stamp Depots of
Department of Posts, imparting training to officials / officers of
Department of Posts, Banks, State Governments and various agents,
liaison and coordination with the State Governments / Banks/ Department
of Posts / Extension Agencies, redressal of investors’ grievances,
International Cooperation and providing policy inputs to the Ministry of
Finance on matters relating to National Savings.
VISION:
Economically strong and financially self-reliant Indian society with ‘regular savings – a way of life’.
MISSION:
Mobilization
of Savings by inculcation of habit of thrift among the masses and to
provide avenues for safe and convenient investment to the small savers.
OBJECTIVES:
- To
create awareness about importance of savings and popularize National
Savings Schemes for financial inclusion and mobilization of resources
for financing developmental plans of the State and Central Government.
- To
provide savings instruments to all sections of the society as per their
saving potential and need to attain individual financial self
sufficiency.
- Development of skill and motivation of the Sales and Service Delivery Personnel.
- To
ensure all time availability and maintenance of optimal stock of
savings certificates, AAR Books, CTS Cheque Books, ASLAAS-5 Cards with
post offices and appointing authorities of agents.
- To check and ensure compliance of AML/CFT norms, under the PML Act, 2002, applicable on National Savings Schemes.
- Redressal of investors’ grievances and queries.
Functions
1. Organizing outreach campaigns for creating awareness about savings and promote financial inclusion.
2. All India publicity of National Savings Schemes involving audio-visual and print media.
3. Collection and collation of data regarding performance of the schemes.
4. Collection of investors feed back on the schemes.
5. Preparation
of policy input report for designing and restructuring of the National
Savings Schemes and submission to the Ministry of Finance.
6. International cooperation in the field of mobilization of savings, with World Savings Banks Institute and its Member countries..
7. Organising training programmes for personnel of State Govt./Banks/Post Offices and authorized agents.
8. Monitoring of printing and supply of savings certificates and CTS Cheque Books by the ISP, Nasik.
9. Monitoring of printing and supply of ASLAAS-5 Cards and Authorized Agents’ Receipt Books by the Government of India Presses.
10. Payment of printing charges to ISP Nasik and Govt. of India Presses.
11. Inspection
of Post Offices for ensuring compliance of AML/CFT norms under the PML
Act 2002, applicable on National Savings Schemes.
12. Coordination
with State Directorates of Small Savings, Deptt. of Posts, Banks and
authorized agents and redressal of investors’ grievances and queries.
Progress of National Savings
National
Savings Schemes of Government of India provide complete security of
investment, offer attractive rate of interest and are available to the
investors through about 1,56,000 Branches of Post Office Savings Bank
and the facility to save in 15 Year Public Provident Fund and Senior
Citizen’s Savings Scheme is also available with selected branches of
State Bank of India and its associated banks, other nationalized banks
and some private banks. The schemes are very popular among the masses due to their attractive features. Gross
collections in National Savings Schemes during the year 2012-13 were
Rs. 1,96,721.19 crore, excluding collections made in Public Provident
Fund and Senior Citizen’s Savings Scheme by the banks.
National Small Savings Fund
All
deposits received under National Savings Schemes are credited to the
National Small Savings Fund (NSSF) – a public account established w.e.f.
1.4.1999. All withdrawals by the depositors are made out of the accumulations in the fund. The
balance in the fund is invested in special securities of the State and
Central Governments as per the norms decided by the Central Govt. from
time to time. With effect from 1.12.2011, minimum 50 % of the net collections in a State or Union Territory with legislature are being invested in special securities issued by the concerned State or Union Territory Governments. The remaining fund is invested in Central Government securities or lent to other Union / State Governments or in securities issued by infrastructure companies or agencies fully owned by the Central Government.
Extension agencies
To
facilitate the work of popularization of National Savings Schemes and
securing investment from the public, authorized agents are appointed by
the State Governments. Mahila
Pradhan Kshetriya Bachat yojana Agency is meant for women agents only
who canvas and secure deposits under 5 Year Recurring Deposit account
and Standardised Agency System agents promote and secure investment for
other savings schemes. To make savings easy and automatic for salaried people, Pay Roll Savings Group are formed in public and private sector establishments to save regularly and directly from their salaries. Extra Departmental Branch Post Masters help mobilizing savings in rural areas. To inculcate the habit of thrift among the students, School Savings Banks called ‘Sanchayikas’ are established in schools. National Savings Institute provides support by way of training, guidance and motivation to these extension agencies.
By.India Development Foundation
