DISTRICT SMALL SAVING OFFICE, Kendrapara

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DISTRICT SMALL SAVING OFFICE

Kendrapara became a revenue District with effect from 01-04-1993. Prior to formation of the District, Kendrapara Subdivision was striving for achievement of Small Saving Collection remaining under the administrative control of Cuttack District. Since 1993, Finance Department has been giving specific target for achievement under Small savings Collection. The District target is showing upward trend from year to year basing upon the achievement made. The year-wise target and achievement is given below from the Financial year 1997-98 to 2006-07.

Financial year	Target	Achievement	Percentage of achievement
1997-98	8 Crore	5,33,73,726.00	66.71
1998-99	6 Crore	11,58,74,622.00	193.12
1999-2000	13 Crore	14,48,88,667.00	111.45
2000-01	16 Crore	20,06,77,838.00	125.42
2001-02	20 Crore	12,26,77,084.00	61.33
2002-03	13 Crore	17,04,76,406.00	131.13
2003-04	21 Crore	29,43,91,599.00	140.18
2004-05	34 Crore	41,59,04,398.00	122.32
2005-06	46 Crore	44,63,94,460.00	97.04
2006-07	50 Crore	14,43,64,310.00 (up to 08/06)

DATA REGARDING DEPOSIT AND WITHDRAWAL

Deposit and withdrawal of money from the Financial year 1997-98 to 2005-06 are shown below.

Financial year	Gross Deposit	Gross Withdrawal	Net Balance	Percentage of Collection
1997-98	32,34,69,267.00	27,00,94,641.00	5,33,73,726.00	66.71
1998-99	34,83,99,759.00	23,25,25,141.00	11,58,74,622.00	193.12
1999-2000	45,66,83,506.00	31,17,94,839.00	14,48,88,667.00	111.45
2000-01	58,47,27,863.00	38,40,50,025.00	20,06,77,838.00	125.42
2001-02	51,72,72,961.00	39,45,95,977.00	12,26,77,084.00	61.33
2002-03	62,05,74,384.00	45,00,97,978.00	17,04,76,406.00	131.13
2003-04	80,99,85,970.00	51,55,94,371.00	29,43,91,599.00	140.18
2004-05	79,74,20,320.00	38,15,15,832.00	41,59,04,398.00	122.32
2005-06	99,41,25,396.00	54,77,30,936.00	44,63,94,460.00	97.04
2006-07	38,73,25,973.00	24,29,61,663.00	14,43,64,310.00 (up to 08/06)

TENDENCY INDICATORS FOR DIFFERENT SCHEMES

Monthly Income Scheme ( M.I.S.) became much more popular among the investors because of its attractive bonus facility and payment of monthly interest. But this bonus facility has been withdrawn with effect from 13-02-2006. Since then, the scheme has lost its lustre and polularity. Monthly recurring Deposit Scheme provides life risk benefit. It has become much more popular among the postal Investors and agents. It extends facility to the Women folk for mobilising collection and earning commission at 4 %.

OTHER NECESSARY INFORMATION

268 post offices are now operating in the District including H.P.O.s, Sub-Post Office and B.O.s. All accounts are transferrable from one post office to another on the option of Investors. The deposit made in the post office is not attachable by any court against any decree. Secrecy of deposit is also mantained strictly in the Post office. Agency facility is attracting the unemployed youth to mobilise collection and earn their livelihood. 145 agents under Mahila Pradhan Khetriya Bachat Yojana ( M.P.K.B.Y.) and 137 agents under Standardised Agency System (S.A.S.) are working in this District as on 31-08-2006. Nomination and transfer facilities are available in all schemes, Small Saving incentive draw is held twice a year. First draw is held in the month of August and the other in the month of February. Those who invest a minimum of Rs. 1000.00 in Kissan Vikash Patra, National Savings Certificate, VIII issue, Post office monthly income Scheme, Post office recurring deposit Scheme, Public Provident fund, Senior Citizen saving Scheme in Orissa are eligible to get incentive coupons free of cost from office of the Collector/Sub-Collector/B.D.O. concerned. In each draw, 3526 prizes amounting to Rs. 53 lakhs are awarded to the lucky prize winners.

DATA REGARDING DIFFERENT SAVING SCHEMES

Different Small Savings Schemes in operation, its salient features and rate of interest are depicted below.

Sl.No.	Name of the Scheme	Rate of Interest	Maturity Period	Minimum deposit	Other facilities
1	Post Office Saving Bank Account	5% per Annum		Minimum Rs. 50.00 Maximum Limit : Individual : Rs. 1,00,000.00 Jointly : Rs. 2,00,000.00	Cheque facility available. Interest exempt from Income Tax.
2	Recurring Deposit Account	Rs. 10/- Account fetches Rs.728.00 on maturity.	5 year account can be contnued for another term	Rs. 10/- or multiple of Rs. 5/-	Insurance benefit covered up to Rs.50/- denomination. Premature encashment available 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 %		Minimum Rs. 200/- Maximum : no Limit	Interest payable annually but calculated quarterly.
4	Public Provident Fund Account	8 % per annum compounded quarterly.	15 years	Minimum Rs.500/- Maximum Rs.70,000/- in a financial year.	Interest exempted from Income tax. Withdrawal is permissible from 7th financial year.
5	Post Office Monthly income Scheme	8 % per Annum. Interest payable monthly.	6 years	Minimum Rs. 1000/- Maximum Limit. Individual : 3 lakh Joint : 6 lakh
6	Kissan Vikas Patra	Money doubles in 8 years and 7 months.	8 years and 7 months	Minimum : Rs. 100/- Maximum : No limit	Premature encashment available after completion of two & half years.
7	National Savings Certificate VIII Issue.	8 % per Annum. Interest Compounded half yearly.	6 years	Minimum : Rs.100/- Maximum : No limit	Income tax rebate available.

Source :DISTRICT SMALL SAVING OFFICE ,Kendrapara