OBJECTIVE:

The main objective of Small Savings Department is to motivate the savings habit of the people so that the savings can be utilised for developing infrastructure facilities in the State. This department plays a vital role in inculcating the savings habit among the public.

2. TYPES OF SMALL SAVINGS SCHEME:

The following Small Savings scrips are available for investment in the small savings schemes:

I. Kisan Vikas Patra -- Investment doubles in 8 years and 7 months

II. I.T. REBATE SCHEMES
    b) National Savings Certificate - VIII issue
    c) 15 years Public Provident Fund

III. Post Office Monthly Income Scheme -- 8% interest payable monthly– 6 years maturity.-payment of  10% Bonus withdrawn w.e.f  13.02.06

IV. Post Office Recurring Deposit - This is household savings scheme. as desired by any employee, they  can also enrol themselves under the scheme by deduction at source (Pay Roll Savings Scheme) 

V. Term Deposits - Deposits can be made for one year, two year, three year and five years period.

VI  Senior citizen savings scheme- 9% Interest payable quarterly. 5 Years maturiy.

VII. Post Office Savings Account – As per the Amendment to the Government Savings Banks Act,1873 and Government Savings Certificate Act 1959 only individuals can invest in  Small Savings Scheme w.e.f. 13.05.05..

VIII. Deposit Scheme for Retiring Government employees – the scheme was withdrawn with effect from  10.07.04.

3. INFORMATION TO PUBLIC:

a) Interactive Voice Response System (IVRS) has been installed at Directorate of Small Savings, Chennai  Collectorate at Madurai , Trichy, Kancheeputram, Tirunelveli, Salem ,Erode  vellore and Coimbatore. This helps public to access information about the agents operation in their residential areas and nearest post offices.

b) Information about the Small Savings Scheme are given in various publicity measures like broadcast in telecast in Doordarshan/ private channels, printing and distribution of phamplets, campaign throughout the State in both urban and rural areas,  distribution of stickers,  danglers, and important public view places, hoardings, conducting dramas in villages, Exbhition etc.,

c) Web-site on small savings viz., http://www.tnsmallsavings.com/ has been created and displayed on the internet.

d) Public notice board has been installed in all Collectorates of districts and also at Chennai Corporation displaying scheme information.

4. PUBLIC CONTACT FOR INVESTMENT:

Public can contact the nearest post office or agents operating in their residential area or Personal Assistants to Collectors (Small Savings) in the districts to get guidance regarding investment of their deposits.

5. AGENTS NET-WORK:

Eligibility to become Small Savings Agents:

i) Educational qualification – X th Standard Pass.

ii) Age -- 18 years.

Types of Agents:

i) Standardised Agency System (SAS) (Men & Women)

ii) Mahila Pradhan Kshetria Bachat Yojana (MPKBY) (Women only)

iii) Public Provident Fund (Men & Women)

Appointing Authority for Agents :

Schemes operated by the Agents:

Agents' Appointment Procedure:

a) Application forms are available with the respective appointing authority

b) The Agents are appointed on contract basis initially for three years and renewal after that period, depends upon their performance.

6. PAYMENT OF AGENTS' INCENTIVE:

Agents are paid remuneration in the form of incentive at the following rates by both Governement Of India and State Government on the basis of gross Small Savings Collections:

7. AGENTS' INCENTIVE PAYMENT PROCEDURE:

i) SAS/MPKBY Agents can deduct their commission across the counters and pay the balance amount in the post office.

ii) PPF agents  get the commission from the Post Offices/Banks.

iii) State Government incentive is paid by PA to Collectors in the respective districts and by the Deputy Director, Corporation of Chennai, in respect of Chennai on production of commission paid certificate issued by respective Post Offices. PPF Agents will get their incentive on production of commission paid certificate issued by the Post Offices/ Banks.

TAMIL NADU RAFFLE DEPARTMENT :The sale of Raffles  was banned from   08.01.03.