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| Savings schemes collections up 5% in northern region in FY09 |
| Press Trust of India / Chandigarh Jun 11, 2009, 14:56 IST |
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National Savings schemes like Public Provident Fund, Monthly Income Scheme have again caught the fancy of investors with total collections under various savings schemes in the northern region showing a growth rate of 5.13 per cent in 2008-09, after a gap of two years.
Significantly, the positive trend in saving collections continued even in the first month of 2009-10 with growth in mobilisations under these schemes remaining in the range of 25 per cent to as high as 65 per cent in April 2009.
The gross collections of savings in north, including Punjab, Himachal Pradesh, Haryana, Jammu and Kashmir and Chandigarh grew to Rs 16,872.66 crore in 2008-09 compared with collections of Rs 16,049.29 crore in 2007-08, posting a growth rate of 5.13 per cent, as per data provided by National Saving Institute, the Ministry of Finance.
Notably, the growth in gross collections under saving schemes was visible after a span of almost two fiscals in northern region.
The total collections under saving schemes turned negative in 2006-07 when the collections shrunk by 2.80 per cent to Rs 18,322.22 crore which again fell to Rs 16,049.29 crore in 2007-08, recording negative growth of 12 per cent.
"Majority of people had started withdrawing money from savings schemes and investing in equity market and mutual fund schemes which was also a reason in shrinkage of collections," National Savings Institute Regional Director Rajiv Sagar said.
"But now the scene is changing while considering the positive trend in collections as people are now again putting in their money into saving schemes," he said, adding that Senior Citizens Savings Scheme and Public Provident Fund have been most popular schemes amongst people as it ensured higher rates of returns.
Punjab, which has a lion's share in total collections, witnessed 2.2 per cent growth in savings collections to Rs 8,043.08 crore in 2008-09 while Haryana posted growth of 5.7 per cent in the same period. Chandigarh recorded highest growth of 13.82 per cent at Rs 440.10 crore, as per the data.
The total collections jumped by 31 per cent to Rs 1,400.21 crore in four states and one Union Territory in April this year.
There are several National Savings Schemes of Ministry of Finance such as Senior Citizens Savings Schemes, Kisan Vikas Patra, Monthly Income Scheme, Recurring Deposit, National Savings Certificate, Post Office Time Deposit and Public Provident Fund.
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