Small Savings Department
Introduction
Ludhiana district has been standing first in the entire state of Punjab in terms of gross of Highest collections under Small Savings.Break up of gross and net collections for last three years is as under:
| Year |
Gross Collections
(in crores) |
Net Collections
(in crores) |
|---|---|---|
| 2009-10 | 1753.76 | 363.99 |
| 2010-11 | 1974.89 | 321.44 |
| 2012-13 | 1508.50 | 12.50 |
Nearly 2000 small savings’ agents are making efforts to mobilize collections under various small saving schemes throughout the district Ludhiana. Following small savings schemes have been offered by Government of India to the public for investment :-
Various Small Saving At a Glance:
(A) Tax Saving Schemes
| NAME OF THE SCHEME | PERIOD | Rate of INTEREST* |
|---|---|---|
| Public Provident Fund Account | 15 Years | 8.8% tax free interest.Tax rebate u/s 80c. |
| NSC 8th issue certificate | 5 Years | 8.6% ( Rs. 10000/- becomes 15235/-) Tax rebate u/s 80c |
| NSC 9th issue certificate | 10 Years | 8.9% (Rs. 10000/- becomes Rs. 23887/-) Tax rebate u/s 80c |
| Senior Citizens Savings Scheme | 5 Years | 9.3% payable quarterly. Income tax rebate u/s 80c |
| 5 Year Time Deposit Account | 5 Years | 8.5% interest calculated quarterly. Tax rebate u/s 80c |
Other Attractive Schemes
| Monthly Income scheme | 5 Years | 8.5% Payable Monthly |
| Time Deposit Accounts | One years | 8.2% |
| Time Deposit Accounts | Two years | 8.3% |
| Time Deposit Accounts | Three years
|
8.4% |
| Post Office Recurring Deposit Account | 5 Years | 8.4% |
| Post office Savings bank A/c | -- | 4% |
Contribution to the development of the state
State of Panjab gets 100% of net collections under small savings from Govt. Of India as funds for development of the State.
Appointment of Agents
With a view to mobilize more collections agents are appointed under three categories SAS, MPKBY and PPF from the uncovered area. Applications are submitted at Small savings’ Office, Bachat Bhawan, District Administrative complex, Ludhiana and agencies are issued on completion of formalities.
