Finding Peace With Post Office Savings

Last year, Kopila Thapa opened up a savings account in post office for her son studying in eighth standard in one of the government-funded schools of Darjeeling. She has been depositing Rs 500 every month. She delivers cow milk everyday to her customers’ doorstep, while her husband works in a nearby tea garden factory. Together, they earn a decent income to sustain the family of four. She has also been investing a recurring deposit of Rs2,000 every month with the post office small savings scheme whose maturity will end in 2022. She learnt about the prospects of small savings with post office from one of her customers. Post office small savings schemes are popular among these depositors as it suits their risk-free and relatively high rate of interest earning needs. In fact, small savings account holders form a large part of depositors having per capita income of around Rs1.26 lakh....