SMALL SAVINGS
Small Savings have assumed an important role in generating internal
resources for the State as 100% of Small Savings net collection is
available to State Govt. From Govt. of India in shape of loan assistance
on soft term basis. In the current year's Budget estimate, a sum of
Rs.1000/- crores has been projected as receipt of loan assistance against
Small Saving collection. According the Govt. in Finance Deptt. have fixed
the target for motilisation of Small Savings collection .
Types of work
- Issue of Small Savings lottery coupons to the depositors against deposit of Rs.1000/-in post Office in different scheme i.e. K.V.P./ P.O.M.I.S/ N.S.C/ P.P.F/ P.O.R.D and S.C.S.S.
- Appointment of Small Savings Agent under M.P.K.B.Y AND S.A.S
Small Savings State Lottery
Govt. of Orissa have introduced lottery scheme for investment in K.V.P. NSC VII Issue. P.O..R.D. and P.P.F. & S.C.S.S accounts. Till now “AA” series has been completed and “AB” series lottery coupons are issued to the investors now .
The amount collected in
different schemes during “AA” series lottery are given below.
K.V.P.
-
Rs.3,66,33,000/-
M.I.S.
-
Rs.3,13,22,000/-
N.S.C.
-
Rs. 16,63,000/-
P.O.R.D.
-
Rs.1,43,31,000/-
S.C.S.S
-
Rs. 10,50,000/-
Total
Rs. 8,49,99,000/-
Small
Savings Agent
121 numbers of S.A.S. Agents
are now working in the district to promote small Savings collection in
urban as well as rural areas. There are also 84 (eighty four) MPKBY
(ladies agents working in the district)
Target
and Achievement
|
Year |
Target
fixed for Nayagarh district |
Achievement
made |
Percentage |
|
2003-04 |
13
crores |
Rs.
13.85 crores |
107% |
|
2004-05 |
16
crores |
Rs.16.43
crores |
103% |
|
2005-06 |
18
crores |
Rs.17.33
crores |
96.27% |
Distribution
of Prize money.
|
Year |
Funds
placed |
Prize
distribution |
Balance
for payment |
|
2003-04(W) |
Rs.30,000/- |
Rs.30,000/- |
Nil |
|
2004-05(Y) |
Rs.50,000/- |
Rs.50,000/- |
Nil |
|
2005-06(Z) |
Rs.60,000/- |
Rs.
60,000/- |
Nil |
Different Small Savings Scheme at a Glance
|
Sl
No |
Name
of the Scheme |
Rate
of Interest |
Maturity
Period |
Minimum
Deposit |
Other
facitilities |
|
1 |
Post
Office Savings Bank Account |
3.5%
Per annum |
|
Mini
Rs 50/-Max Individuals
Rs 1,00,000/-Jointely Rs 2,00,000/- |
Cheque
facility available Interest exmpt from Income Tax |
|
2 |
recurring
Deposit Account |
Rs
10/- account fetches Rs.728.90 on maturity |
5
years Account can be continued for another term |
Rs.
10/- or multiple of Rs.5/- |
Insurance
benefit covered upto Rs. 50/- denomination. Oremature encashment
availabe after 3 years. |
|
3 |
Term
Deposit 1
year Account 2
year Account 3
Year Account 5
Year Account |
6.25% 6.50% 7.25% 7.50% |
|
Rs
50/- Maximum No limit |
Interest
payble annualy but calculated quartely |
|
4 |
Public
Provident Fund account |
8%
per annum compunded quartely |
15
years |
Minimum
Rs 500/- Maximum Rs 70,000/- in a financial Year |
Interest
exempted from Incom Tax. Withdrawl is permissable from 7th
financial year |
|
5 |
Post
Office Monthly Income Scheme |
8%
per annum interest Payble monthly |
6
years |
Minimum
Rs 1000/- Maximum Limit Individual Rs 3 Lakhs Jointly Rs 6 Lakhs |
|
|
6 |
Kissan
Vikas Patra |
Money
doubles in 8 year 7 Months |
8
years 7 months |
Rs
100/- Maximum No limit |
Premature
facility available after completion of two & half years |
|
7 |
National
Savings Certificate VIII issue |
8
% per annum Interest Compunded half-yearly |
6
Years |
Rs
100/- Maximum- No Limit |
Income
Tax rebate available under section 80L & 88 Premature
facility available after completition of three years. |
|
8 |
Deposit
Scheme for Retiring Govt. Employess & Public Sector
Employees |
7%
per annum payble half yearly on 30 th june and 31st December |
3years |
Rs
1000/- or multiple thereof Maximum not exceeding the total
retirement benefits. |
Account
can be opened in SBI or Selected Nationalised Banks. |
