A special camp for investors, for opening accounts under the small savings schemes, was organised by the Vellore division of Department of Posts, at Belliappa Hall on Monday.
Over 110 small investors utilised the opportunity to start investing through Post Office Savings Schemes, and senior citizens were briefed about various schemes by the Department of Posts, available for them.
The benefits
Post Office Savings Accounts offer a guaranteed 4.0% per annum interest on individual/joint accounts. Senior Citizen Savings Scheme (SCSS) offers 8.6% per annum on the investment. An individual aged 60 years or more may open the account. An individual aged 55 years or more, but less than 60 years, who has retired on superannuation or under the VRS can also open an account, on the condition that it is opened within one month of receipt of retirement benefits and the amount should not exceed the amount of retirement benefits.
Another facility offered by the India Postal Payments Bank offers payment gateway services to customers, and is slowly getting popularised in rural areas too, said officials of the Department.