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Saturday, August 15, 2009

Post Office Savings Bank Week; February 21-26, 1987. (1987-2)

The Pakistan Post Off ice is celebrating the Post Office Savings Bank Week from 21 February to 26 February 1987 to promote the virtue of thrift and to project the advantages of savings both for the Individual and the nation.

During the Week a large variety of functions are being held throughout the country as indicated below:

  1. Public meetings addressed by VIPs at all principal towns.
  2. Distribution of prizes and souvenirs to selected categories of depositors and the postal savings staff responsible for distinctive achievements.
  3. Lectures at educational institutions, factories and big commercial organisations to explain the salient features of the Post Office Savings Bank


Historically, the Post Office Savings Bank is the oldest savings institution in Pakistan. It was formally established in the sub-continent under the Government Savings Bank Act, 1873. The Post Office Cash Certificates Act, 1917 and Post Office National Savings Ordinance, 1944 completed the process by prescribing other functions of Savings Bank in the Post Office.
The object of Government in establishing the Post Office Savings Bank is to inculcate the habit of thrift among the masses and to divert the small and idle savings of the low-income groups towards national reconstruction. Its target is not the opulent, the industrialist or the capitalist. It attracts the attention of the toiling people belonging to lower or middle classes. Their savings come from hard-earned income. This is why the Government has fixed considerably higher rates of profits on all investments in the Post Office. Savings Bank.
The Post Office Savings Bank is not only the oldest but the largest savings organtsation in the country operating through more than 12000 post offices. It brings the service to the home of millions even at the remotest hamlet in the impervious hills and dreary deserts.
Similarly, the Post Office Savings Bank is the safest. Depositors\' money is guaranteed under the Government Savings Bank Act, 1973. Each account is checked and audited by four separate agencies each year. Operations are supervised by four tiers of administration. It is generally free from the incidence of loss, fraud or misappropriation. Depositor\'s money is treated as a sacred trust and not wasted on air-conditioned or carpeted offices. It is most economically maintained and consequently offers highest profits. All profits are exempt from income-tax.
The rules and procedures of the Post Office Savings Bank are simple and easy to follow even by an illiterate villager. The Bank offers a variety of Savings Schemes as briefly shown below:

  1. ORDINARY ACCOUNT
    If can be opened with a minimum deposit of Rs. 2.00 without any maximum limit, earning a profit of 10%.
  2. KHAS DEPOSIT ACCOUNT
    It is a fixed account for 3 years, fetching profit at 15% for the first 30 months and 17% for the last sixth months. Profit is payable after every six months. Withdrawals can be made any time during the fixed period.
  3. MISCELLANEOUS ACCOUNTS
    The Post Office Savings Bank offers several other types Of accounts, like joint accounts, public accounts, security deposit accounts, each devised for particular requirements of fr~dividuals and corporate bodies.
  4. DEFENCE SAVINGS CERTIFICATES
    Available in ten denominations, these are issued for ten years but are encashable after three months of purchase. The certificates earn an average profit of 32.6%.
  5. KHAS DEPOSIT CERTIFICATES
    These are issued for three years and earn profit at the rate of 15% for first 30 months and 17% for the last six months. Profit is payable after every six months. Can be encashed any time during the fixed period.
  6. NATIONAL DEPOSIT CERTIFICATES
    These are issued for seven years but are encashable after initial period of three months. The average profit amounts to 23%.
  7. PRIZE BONDS
    The Post Office Savings Bank also deals in prize bonds of Rs. 10.00 denominations. Prizes of various values are offered on these bonds.

The funds collected by the Post Office Savings Bank are utilised by the Government for social and economic development in the country. Whatever is, therefore, given to the depositors is not \'interest\' but veritable profit on their voluntary assistance to ameliorate the lot of the masses.
The volume of deposits in Post Office Savings Bank has been steadily increasing. On average the Bank collects Rs. 2500 million annually in about 1.5 million accounts. This reflects the deep confidence of the common man in the Post Office Savings Bank and in fact is its most precious asset.
To commemorate the Post Office Savings Bank Week 2 1-26 February 1987, Pakistan PQSt Office is issuing on February 21, 1987 a set of 4 commemorative postage stamps in block of Rs. 5/-denomination each.