Question : ADDING OF INTEREST ON DEPOSITS IN SAVING BANK ACCOUNTS

(a) whether the Government have taken positive steps to push up the number of depositors in various post offices of the country and to encourage deposits in savings bank in the post offices;

(b) if so, the details thereof;

(c) whether in the absence of a provision for adding interests on deposits in the same post office in which the account is kept the passbooks of the depositors sent to the superintendent of posts remains pending there for years;

(d) if so, whether the Government propose to provide for adding interest in the passbook in the same post office in which the account is kept ; and

(e) if so, the details thereof ?

THE MINISTER OF STATE FOR IN THE MINISTRY OF COMMUNICATIONS AND INFORMATION TECHNOLOGY (SHRI TAPAN SIKADAR)

(a) & (b) Yes, Sir. Steps are taken by the Union and State Governments for continued and enhanced mobilization of resources by promoting small saving schemes throughout the country through advertisements in electronic as well as print media and carrying out publicity campaigns. Investments of the small investors are safeguarded by offering implicit guarantee, attractive returns, tax benefits, liquidity and accessibility in regard to the small savings schemes.

(c) to (e) No, Sir. As per the extent instructions on the subject all Post Offices of and above the Lower Selection Grade are authorized to post interest in passbooks of their account holders in respect of savings accounts, National Savings Scheme, 1987, National Savings Scheme, 1992, Monthly Income Account Scheme and Time Deposit Schemes based upon interest statements provided to them by their respective account offices. Only smaller Post Offices are required to send passbooks of their account holders for interest posting to their respective account offices.