Mutual Funds

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 around 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 and UTI Mutual Fund products.

You can also purchase ICICI Safety Bonds and RBI Govt Relief Bonds through selected Post Offices, while IDBI FlexiBonds will be added to the portfolio very shortly.

What are the 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 application forms and literature on the types 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;

In which Post Office one can avail this facility in Assam ?

One can invest in Mutual Fund through all the 19 Head Post Offices of Assam Potal Circle. Apart from this, in the following Sub Post Offices also this facility is available :

1. Assam Sachivalay SO
2. Dispur SO
3. Maligaon SO
4. Noonmati SO
5. Ulubari SO
6. Goalpara SO
7. Duliajan SO

This list will be extended very shortly.