Small Savings Department
Introduction
Ludhiana district has been standing first in the entire state of Punjab in terms of Highest collections under Small Savings for last 20 years. Break up of gross and net collections for last three years is as under:
| Year |
Gross Collections
(in crores) |
Net Collections
(in crores) |
|---|---|---|
| 2001-02 | 747.67 | 403.08 |
| 2002-03 | 989.18 | 523.08 |
| 2003-04 | 1252.36 | 576.88 |
| 2004-05 | 1485.11 | 721.43 |
| 2005-06 | 1646.37 | 622.55 |
Nearly 2500 Small Savings agents under various agencies are making efforts to mobilize collections throughout the district of Ludhiana. Following Small Savings Schemes have been offered by Govt. of India to the public for investment and these suits different strata of society:
Various Small Saving At Glance:
TAX FREE SCHEMES:
| NAME OF THE SCHEME | PERIOD | Rate of INTEREST |
|---|---|---|
| Public Provident Fund Account | 15 Years | 8% tax free interest income tax rebate u/s 80c. |
| N.S.C. VIII –issue certificate | 6 Years | Rs. 10,000 investment fetches to Rs. 16,010 on maturity. Income tax rebate U/S 80c |
| Senior Citizen Saving Account | 5 Years | 9% payable quarterly income tax rebate U/S 80 C |
| 5 year time deposit account | 5 Years | 7.50% interest calculated quarterly income tax rebate U/S 80 C |
Other Attractive Schemes
| Kisan Vikas Patra | 8 Years 7 Months | Money Doubles |
| Time Deposit Accounts | One year
|
6.25% (Interest Payable yearly
but calculated quarterly) |
| Time Deposit Accounts | Two year
|
6.50% (Interest Payable yearly
but calculated quarterly) |
| Time Deposit Accounts | Three year
|
7.25% (Interest Payable yearly
but calculated quarterly) |
| Monthly income scheme account | 6 Years | 8% payable monthly 5% bonus on maturity |
| Recurring Deposit Account | 5 Years | Rs.100 denomination Accounts fetches Rs.7289/-
on maturity after 5 years |
| Post Office Savings Account | -- | 3.5% tax free interest |
Contribution to the Development of the State
State of Punjab gets 100% of net collections under Small Savings from Govt.of India as funds for development of the State.
Attraction for Investors- Lucky coupon Scheme.
State Govt. Through Directors of Small Saving Punjab ,has launched lucky coupon scheme for investors by offering very attractive prizes. Under the scheme coupons are given to investors by offering attractive prizes. There are given to investors on investment in small saving scheme (except post saving accounts ) in multiple of Rs.5000/- and on investment of 25000, at a time one additional Coupon is also given to investor. Present lucky scheme is from 01-04-2009 to 31-03-2010. Draw of lots is held after the close of scheme generally presided over by Hon’ble Finance Minister of Punjab. These draw is held in fully public view to gain confidence of the public. Details of latest 36th lucky coupon scheme is as under:
| First prize | 1 | Mercedes car (petrol) |
| Second prize | 2 | Swift car (petrol) |
| Third prize | 3 | Alto car (petrol) |
| 4th prize | 50 | Motor cycle |
| 5th prize | 100 | Frost free double door refrigerator(minimum-250 ltrs) |
| 6th prize | 200 | Semi automatic washing machine (minimum-6kgs) |
| 7th prize | 2000 | Soft satrolly(minimum 20”) |
| 8th prize | 5000 | Ceiling fan 1200mm |
| 9th prize | 10000 | Fry Pan with lid(non stick coating) |
| 10th prize | 50000 | C.F.L.(minimum 18 watts) |
Appointment of Agents
With a view to mobilize more collections agents are appointed under three categories SAS, MPKBY and PPF from the uncovered areas. Applications are submitted at the office of Deputy Director, Small Savingss, Bachat Bhawan, Mini Secretariate, Ludhianaand agieies are issued on completion of formalities.
