Post Office savings account — My story
Hello there. This morning I was on my way home from the post office (India Post). A bright Monday sunny morning and the post office is situated at a distance of three kilometers from my residence. I usually prefer walking all the way since I am in no hurry. It just struck me to present a small piece of writing to share, here with every one.
Been quite a while since India post launched this unique scheme aimed at savings and providing the existing and prospective customers a unique platform that offers various benefits. Post offices in India lie directly under the Ministry of communications-Department of posts. There is a margin of difference in holding a regular savings bank account and a post office savings account. Banks in India are either private banks or Government run, that are all regulated by Reserve Bank of India. So Post offices have a different working strategy when it comes to savings and other schemes.
Okay, I will not elongate more on this aspect. So I have a regular bank savings account, with a government bank and often it becomes difficult to maintain the desired balance in the account and if not, then there are charges slapped for not maintaining sufficient funds. I always had this huge concern and trust me it became increasingly difficult to maintain funds at times. Now, this was some three years ago when I went to post office to hand over a package for speed post.
I discovered there that they even have a savings option under regular savings account category. I spoke to the staff at the counter and asked me for relevant identification documents. The next day I approached the counter, submitted them along with a passport size photograph of mine and I was good to go. I made an initial deposit of two hundred rupees against five hundred (if you want to avail a cheque book facility). I was given my very first post office savings account passbook. I was as happy as a kid. For some reason this option gave me a freedom and encouragement to save more. Now, every time one makes a deposit, the minimum amount is fifty rupees. It used to be ten rupees earlier but once I tried to deposit ten rupees and the staff politely told me that the value has been amended to fifty as a minimum value. I was like -okay, cool and happy.
A bank account is mandatory and it is out of necessity that one needs it. Banks do not give me that flexibility and this is my personal opinion. Even though the post offices are rapidly upgrading in terms of digitalizing and extending services, I feel that the good old post office is like a good friend of mine. What ever money I make out of my art works- be it small or big, I ensure I transfer them to my post office savings account. Now in par with regular banks, post offices in India have already gone way ahead with the aim of providing internet based banking services with a debit card as well. I will apply for one soon, but many a times I feel I just do not need it since I have no intention to withdraw money. The minimum balance to be maintained in a post office savings account is five hundred rupees. This five hundred policy was introduced some two years ago if I remember correctly. There is a nomination facility as well.
I am able to add more funds to my post office account when compared to bank. Even as a kid, I got attracted to those red post box every time I saw one. In villages far and wide across India, post offices and post man have played an indispensable role when it comes to delivering letters, money orders, telegrams and packages. Post offices are like a life line and they still are. People now are more aware and literate to know about money and how to save it. Regular bank accounts were made accessible to rural areas some time back after huge positive reforms, but then the post office has its own charm. The good old British era buildings that still house the red banners and insignia of India Post is worth watching and that trust has existed and will exist.
Post offices here offer various schemes besides a regular savings account option. There is a dedicated postal life insurance scheme, savings scheme for girl child up to a certain age, other maturity schemes for senior citizens and working professionals. I was surprised to see that people were heavily opting for these schemes. No less than a regular bank. I agree that majority of our post office buildings are from British era but the technology and service that they offer is no less than a swanky high end private banks in India.
I feel obliged when I am going to my bank. But I feel elated when I go to the post office. So far I have managed to save a good amount. and have no intention to withdraw. So, shortly my passbook is going to get exhausted so have apply for a new one. Happy again. You know, some things are better the way they are without any technology.
