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Distribution
of Mutual Funds and Securities:
The Post Office has traditionally
been a distributor of financial services, from money orders to
banking services. The Post Office Savings Bank is the largest retail
bank in the country, operating from over 1,50,000 branches. In the
last financial year alone, the POSB collections stood at Rs. 200,000
crores. Over the years the Post Office has also added to its
distribution network and today, apart from its physical locations
spread over the length and breadth of the country, it also boasts of
a dedicated VSAT network connecting over 1200 post offices via
satellite. These post offices are evenly distributed throughout
almost all the districts of the country. Further additions are
planned in the current financial year, but already the Post Office
enjoys a reach unparalleled by any other institution or bank in the
country - a fact that makes it an extremely exciting distribution
network. Keeping this in mind, a sustained training effort is also
underway to ensure behavioural and financial skill
upgradation.
On 22nd January 2001, India Post in partnership with
IDBI-Principal, launched a scheme for distribution of mutual funds
through post offices. A pilot project was started from the four
cities of Delhi, Mumbai, Kolkatta and Patna. Thereafter from
15th June 2001 onwards, the scheme was extended to
cover
post offices in all major capital and other cities all across
the country. From July 2001 onwards, the scheme was also extended to
include distribution of Prudential ICICI and SBI Mutual Funds. The
funds of the last two organizations are currently distributed from
42 post offices at Bangalore, Chandigarh, Chennai, Delhi and
Mumbai.
You can also purchase ICICI Safety
Bonds and RBI Govt Relief Bonds through the Post Office, while IDBI
FlexiBonds will be added to the portfolio very shortly.
Easy steps for investing through the Post Office:
1. At each
designated post office one counter has been earmarked (usually on a
non-exclusive basis) to
receive the Mutual Fund
applications;
2. An investor
can approach the designated post office counters or the concerned
postmaster for applic-
ation forms and literature on the
tyoes of fund schemes available through the post office;
3. Thereafter
he can hand the application forms duly filled along with requisite
amount in the form of a
demand draft/cheque to the counter
staff. No cash will be accepted;
4. The Postal
Assistant at the counter checks the form to see that it is complete
and is accompanied by
the payment. He will then stamp the
attached receipt and return it to the investor;
5. The
counters accept the application forms from 1000 to 1500 hrs.
only;
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