Department of Posts has proposed to set up a Post Bank of India. This will be an independent entity, separate from the current operations of Small savings Schemes being carried out by the Department on behalf of Ministry of Finance. The Department of Posts has accordingly submitted an application to the RBI on 28.06.2013 seeking a banking license subject to necessary Cabinet approvals.
The details of financial services offered by the Post offices at present are as below:-
(1) Small Savings Schemes of Government of India (on behalf of Ministry of Finance)
(i) Post Office Savings Account
(ii) Post Office Time Deposit Account
(iii) Post Office Recurring Deposit Account
(iv) Post Office Monthly Income Account
(v) Senior Citizens Savings Scheme Account
(vi) Public Provident Fund Account
(vii) National Savings Certificates (VIII) and (IX) issue
The details of financial services offered by the Post offices at present are as below:-
(1) Small Savings Schemes of Government of India (on behalf of Ministry of Finance)
(i) Post Office Savings Account
(ii) Post Office Time Deposit Account
(iii) Post Office Recurring Deposit Account
(iv) Post Office Monthly Income Account
(v) Senior Citizens Savings Scheme Account
(vi) Public Provident Fund Account
(vii) National Savings Certificates (VIII) and (IX) issue