Small Savings set to fetch higher returns

There is finally some good news for individuals in a season of duty hikes and provident fund rate cut. The government is raising interest rate on small savings schemes such asNational Savings Certificate (NSC) and post office deposits by 20-50 basis points.

The new rates will, however, be applicable on investments that you make from April 1 and not on those that you park over the next 10 days to meet your tax saving requirements.

As a result, NSC and public provident fund (PPF), which is a voluntary deposit as opposed to employee provident fund, will earn you 8.8-8.9% instead of 8.6% a year. The shorter tenure deposits, such as term deposits in post offices, are expected to fetch you more than the longer tenure products such as PPF or the 10-year NSC. Savings bank accounts in post offices will, however, not see any change as the 4% return is in line with what most banks pay at present.

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Project arrow Still in News

There is no proposal for expansion of Postal Circles. However, modernization of Post Offices in all Postal Circles is underway.

The Government has initiated a project called “Project Arrow” for modernization of Postal Circles across the country. The project envisages upgradation of post offices in urban and rural areas both in terms of upgrading and enhancing the quality of service in ‘core areas’ and improving their ‘look and feel’. The project aims at creating a conducive and friendly work environment both for the staff and the customers visiting the Post Offices, providing connectivity, and improving the service quality levels in the core business areas.

The Government has also approved a proposal for IT modernization of all Post Offices of Department of Posts.

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Insurance Companies Mandated to Take Prior Approval of IRDA of their Products Before Launching

The insurance companies are mandated to take prior approval from the Insurance Regulatory and Development Authority (IRDA) of the product before launching.

As per File and Use Guidelines, the insurance companies are required to launch products after allowing for 60 days for non-life and 30 days for life for clearance by the IRDA. Several times, however, the full details of the product, which are required in order to assess the product, are not furnished and consequently there is delay.

The time lag for this process depends on the complexity of the product, the price, features, benefits and terms and conditions of the product.

The shortest and longest time taken for product approval (from date of receipt to date of clearance) is in the ranges of 2 days to 1708 days, with an average time-lag of 109 days for the life insurance products, 103 days for the general insurance products excluding health insurance products and 176 days for health insurance products, as informed by IRDA.

Being a service industry, the popularity of insurance industry depends on the quality of service rendered by the company in terms of innovative products and speedy settlement of claims. The quality of service may be hampered if the products are not properly worded, under/excess priced and doesn’t meet the needs of the customer. IRDA has informed that need-based and reasonably priced insurance products by the insurance companies would increase the popularity of the industry.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Rajya Sabha today. 

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पीपीएफ और पोस्ट ऑफिस डिपॉजिट पर ज्यादा रिटर्न

नई दिल्ली।। ईपीएफ की ब्याज दर में कटौती और बजट में सर्विस टैक्स बढ़ने के बाद मिडिल क्लास के लिए खुशखबरी है। सरकार छोटी बचत योजनाओं जैसे नैशनल सेविंग्स सर्टिफिकेट (एनएससी) और पोस्ट ऑफिस डिपॉजिट पर मिलने वाले इंटरेस्ट रेट में बढ़ोतरी करने जा रही है। यह बढ़ोतरी अगले ही महीने यानी 1 अप्रैल से लागू हो जाएगी। 

एनएससी और पोस्ट ऑफिस डिपॉजिट पर मिलने वाले ब्याज में सरकार 20 से 50 बेसिस पॉइंट की बढो़तरी करने जा रही है। 100 बेसिस पॉइंट 1 पर्सेंट के बराबर होता है। ऐसे में 50 बेसिस पॉइंट का मतलब हुआ आधा पर्सेंट। ईपीएफ रेट में कटौती और कई दूसरों शुल्कों में बढ़ोतरी के ऐलान के बाद सरकार का यह कदम राहत की सांस देगा। ब्याज दरों में यह बढ़ोतरी 1 अप्रैल से लागू होगी और साथ ही यह बढ़ोतरी केवल उन्हीं निवेशों पर लागू होगी जो कि 1 अप्रैल से किए जाएंगे। यानी, यदि आप चाहें कि इसी महीने (मार्च) के बचे हुए दिनों में ये निवेश कर डालेंगे और टैक्स भी सेव कर लेंगे तो यह संभव नहीं होगा। 

बेसिस पॉइंट में बढो़तरी के बाद एनएससी और पीपीएफ पर निवेशकों को सालाना 8.8 से 8.9 पर्सेंट का इंटरेस्ट मिलेगा, जो कि पहले 8.6 पर्सेंट था। ईपीएफ में बजट से ठीक पहले सवा पर्सेंट की कटौती की गई है यानी जहां पहले सालाना आप 9.5 पर्सेंट ब्याज पाते थे, वहीं अब इस पर आपको 8.25 पर्सेंट ही ब्याज मिलेगा। ईपीएफ और पीपीएफ में एक बड़ा फर्क यह है कि पीपीएफ ऐच्छिक स्कीम है, जबकि ईपीएफ नौकरी में रहते हुए आपको कटवाना ही पड़ता है। ऐसे में पीपीएफ से मिलने वाले ब्याज का लाभ कितना उठा पाएंगे, यह इस बात पर निर्भर करता है कि आप पीपीएफ में निवेश करते हैं या नहीं, और करते हैं तो कितना।

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A New Update on Meghdoot 7.0 Released

Introduction:

Due to the revision of NPS tariff, required changes in Point of Sale and e-Payment modules have been done to incorporate the revised tariff and hence this release

Pre-requisites:

Update-1 to Meghdoot 7.0 Released on 05.12.2011

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Problem with Sanchay post 6.6.1

(Q) Transactions in BPL accounts cannot be done in sb form no 1309 i.e sb deposit?
Solution: Use the form number 1310 ECS-Debits and Credits

(Q) While accepting RD bulk acceptance (i.e for opening new acccount) a error comes?

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Incentive to Mailoverseers for procuring RPLI Business.

DIRECTORATE OF POSTAL LIFE INSURANCE

Department of Posts, Ministry of Communications &

Information Technology, Government of India

Chanakyapuri Post Office Complex, New Delhi -110 021.

No.30-1/2010-LI                                                                     Dated : 21-02-2012.

To

Ms. Karuna Pillai,

Chief Postmaster-General,

Andhra Pradesh Circle,

Hyderabad-500 001.

Madam,

            This is regarding clarification on the following item proposed for discussion in the JCM.

Item : Incentive to Mailoverseers for procuring RPLI Business.

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DECENTRALISATION OF PLI/RPLI

Directorate of Postal Insurance

Department of Posts, Ministry of Communications

Information Technology, Government of India

Chanakyapuri Post Office Complex, New Delhi-110 021

No. 30-1/2010-LI Dated 27.01.2012

To

1.          Col. Kamlesh Chandra,

Chief Postmaster General,

Uttar Pradesh Circle,

Lucknow-226001

2.         All CPMsG.

Respected Sir,

Kindly refer to letter no. 08/15/2011-SR dated 16.01.2012 from SR Section Department of Posts enclosing minutes of the meeting taken by Secretary(Posts)/Postal Staff Board with the Postal Joint Council of Action on 10.01.2012 and 12.01.2012.

It is requested to kindly take necessary action with regards to Para 7 of the minutes.

Sd/-

(R. Santhakumar)

Dy. Divisional Manager

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