Small Savings Schemes: Investing through agent? Your money may be lost - Check full list of dos and don'ts

Small Savings Schemes: Who doesn't want to become rich to secure a financially stable future! And, to secure a wealthy life, we invest in various savings schemes but at times due to agents who turn out to be fraudsters, we end up losing our hard-earned money. So, to save customers' hard-earned money,National Savings Institute has suggested some Dos and Don'ts for investors while investing through an agent. Here is the FULL LIST:- 

-Establish identity of Authorised Agents by checking his Certificate of Authority and date of validity of the agency

-Fill in the application form yourself. However, help/guidance of the agent may be availed

-Always insist for Authorised Receipt duly completed by the agent while handing over money/instruments and documents to the agent for opening an account or making deposit

- These receipt books are supplied by Government to the agents (Authorised Agents Receipt Books and ASLAAS – 5 cards for MPBKY agents)

- Preserve counterfoils of the ASLAAS 5 cards till maturity of the account

-If an agent declines or avoids issue of receipt book/ASLAAS card, do not entertain him/her and report the matter to the Postal/District Authorities

- Ensure receipt of passbook from the agent within 10 days from the date of investment. In case of non-receipt of passbook from the agent within 10 days from the date of Investment, lodge a complaint with either Appointing Authority; Regional Director, National Savings Institute; Concerned Post Master.

- Invariably verify the correctness of the amount, date, stamp, signature etc. mentioned in the Passbook from the concerned Post Office from time to time

-Do not hand over the cash to any unauthorised person or issue a cheque in favour of an agent

- For investment over and above ₹10,000; issue only an account payee cheque drawn in favour of concerned Post Master

- Do not fill/sign the withdrawal form before maturity

An account for any of the National Small Savings Schemes can be opened and money can be deposited by himself/herself by visiting the Post Office/Bank Branch in person.

Facility of making online deposit is also available for certain schemes in Banks such as E-Kisan Vikas Patra, Public Provident Fund and Sukanya Samridhi Account.

National Savings Institute

National Savings Institute works under Department of Economic Affairs, Ministry of Finance, Government of India.

The Institute is entrusted with the task of mobilization of savings in National Savings Schemes of Government of India, operated through Post Offices and designated Banks throughout the country.

For promotion and mobilization of savings, the Institute undertakes various activities which include national-level publicity of the schemes, collection and collation of data, printing of savings instruments from India Security Press, Nasik and supply to Circle Stamp Depots of Department of Posts, imparting training to officials / officers of Department of Posts, Banks, State Governments and various agents, liaison and coordination with the State Governments / Banks/Department of Posts / Extension Agencies, redressal of investors’ grievances, International Cooperation and providing policy inputs to the Ministry of Finance on matters relating to National Savings.