Role:
The main role Small Savings Department is to create awareness among the people and encourage citizens to invest in Small Savings Scripts for their own benefits and benefit of the State.
Organisation:
The Office of Assistant Director of Small Savings is functioning under the control of Commissioner, Corporation of Chennai District, with Field officers/District Saving Officers / and complimentary Staff. SAS /MPKBY /PPF-agents are also working under this establishment.
Objectives:
- To bring awareness among the people and to invest in small savings scrip
- Appointment of standardised agency System (SAS) Mahila pradhan Kshetriya Bachat Yojana (MPKBY) Public Provident Fund (PPF) Agent and Renewal of SAS /MPKBY/PPF Agents.
- Undertake Promotional activities like street campaigns, Publicity through pamphlets and through short films
- Redressal of grievances of investors and agents and to generate Employment to the unemployed youth and other sections of the society
- Settlement of Agents Incentive at 0.5% for SAS/MPKBY Agents
Agents Commission :
The Agent gets commission from the Central government on the Small
Savings deposits mobilized by them.The Commission is calculated on the fixed percentage as indicated below.
| Name of the Agency |
Name of the Schemes |
% of commission (Central Govt.) |
| SAS Agency |
One year, Two Year, Three year, and year Time Deposit (POTD) Kisan Vikas Patra (KVP) National Savings Certificate VIII Issue (NSC) Post Office Monthly Income Scheme (POMS) Senior Citizen’s Savings Scheme. |
1.00
0.50 |
| MPKBY Agency |
Post Office Recurring Deposit Scheme (PORD) |
4.00 |
| PPF Agency |
Public Provident Fund Scheme (PPF) |
1.00 |
The Agent is also given incentive from the State Government based on the commission received from post offices and as per the rates determined by the State Government from time to time.
Achievement:
The achievement of target in Chennai District in the last few years are as follows.
Rs. in Crores
|
| Year |
Target Rs. |
Gross Collection Rs. |
Net Collection Rs. |
| 2000-01 |
336.00 |
823.36 |
329.00 |
| 2001-02 |
425.00 |
1023.57 |
466.46 |
| 2002-03 |
510.00 |
1368.65 |
824.91 |
| 2003-04 |
850.00 |
1869.37 |
1052.67 |
| 2004-05 |
1300.00 |
3171.46 |
1844.96 |
| 2005-06 |
1550.00 |
3477.78 |
1798.64 |
| 2006-07 |
1800.00 |
2983.48* |
963.00* |
| 2007-08 |
1800.00 |
11986.39 |
66.07 |
| 2008-09 |
1800.00 |
1935.44 |
31.36 |
| 2009-10 |
1800.00 |
2401.03 |
213.79 |
| 2010-11 |
1800.00 |
1900.45 |
112.35 |
| |
|
* Provisional Figure |
|
|
Salient Features Of Small Savings Schemes:
| Sl.No |
Name of the Scheme |
Benefits |
Limit of Investment |
Maturity Period |
| |
|
|
Minimum |
Maximum |
|
| 1 |
Post Office Monthly Income Scheme (POMIS) |
8 % 5% Bonus on maturity |
Rs.1500/- |
Single Account Rs.4.50 lakhs Joint Account Rs.9.00 lakhs |
6 Years |
| 2 |
Kisan Vikas Patra |
Double in 8 years 7 months. |
Rs.100/- |
No limit |
8 Years 7 months (Pre-maturity closure after 2 Years and 6 months) |
| 3 |
National Savings Certificate -VIII issue (NSC) |
8 % Compound Interest I.T. Rebate U/S 80-C |
Rs.100/- |
No limit |
6 Years ( Rs.100/- grows to Rs.160.10 on maturity) can be opened in any Post Office. |
| 4 |
15 Years Public Provident Fund |
8 % Compound Interest I.T. Rebate U/S 80-C |
Rs.500/- |
Rs.70000/- per annum |
15 Years can be opened on HPO or SBI or Nationalised Banks |
| 5 |
5 Year Post Office Recurring Deposit (PORD) |
Compound Interest Free insurance up to Rs.50/- Can be continued upto 10 Years |
Rs.10/- |
No limit |
Rs. 100/ deposits per month will be Rs.728.90 at the end of 5 years. |
| 6 |
Post Office Time Deposit (POTD) One Year TD Two Year TD Three Year TD Five Year TD |
6.25 % 6.50 % 7.25 % 7.50 % (I.T. Rebate U/S 80-C |
Rs.200/- Rs.200/- Rs.200/- Rs.200/- |
No limit No limit No limit No limit |
1 Year 2 Years 3 Years 5 Years |
| 7 |
Senior Citizen Savings Scheme |
9 % Interest Payable quarterly Nomination facility available I.T. Rebate U/S 80-C |
Rs.1000/- |
Rs.15 Lakhs |
5 Years Can be opened in any Post Office doing Savings Bank Work / All Public Sector Banks operating PPF Scheme |
| 8 |
Post Office Savings Account (POSA) |
3.5 % Single / Joint Account |
Rs.50/- |
Single Account Rs.1 Lakh Joint Account Rs.2 Lakhs |
Can be opened in any Post Office |
Loan Against Collection:
The State Government receives soft loan assistance to the extent of 100 percent of the net collection made every month from the Central Government. The loan amount utilized for improvement and development projects of the Tamil Nadu State.
Contact Us:
For appointment and renewal of SAS/MPKBY/PPF Agents and redressal of investors and Agents grievances, Assistant Director of Small Savings, Small Savings Wing of Corporation of Chennai may be contacted in person or over Phone 28581666 |