Small savings collection targeted at Rs 700 crore in FY 14

Small savings collection in Odisha has been targeted at Rs 700 crore for 2013-14. If achieved, this will be a growth of 37.25 per cent over small savings worth Rs 510 crore collected in last fiscal against a targeted Rs 600 crore.

Khurda district is expected to contribute most to the small savings collections at Rs 85 crore followed by Cuttack and Ganjam districts at Rs 70 crore and Rs 63 crore respectively.

Other districts that have been targeted to contribute substantially in terms of small savings include Jharsuguda (Rs 42 crore), Bolangir (Rs 40 crore), Sundergarh (Rs 35 crore), Balasore (Rs 34 crore), Koraput (Rs 30 crore) and Keonjhar (Rs 28 crore).

Economically backward districts of the state like Gajapati, Malkangiri, Boudh, Rayagada and Nabarangpur figure lower down the order. The target for these districts has been pegged at less than Rs 10 crore each.

Small savings usually come from people from lower middle class and poor segments of the society who park their money mostly in post office deposits. These savings are credited to National Small Savings Fund (NSSF).

Usually, the poor states contribute the most to small savings. The highest collection is from West Bengal which is to the tune of over Rs 30,000 crore every year.