New Delhi: Agents play a significant role in making the Post Office small savings schemes accessible to the public. According to a report, 2,66,414 women agents under the Regional Savings Scheme and Standardised Agency System are engaged in operating these small savings schemes. You might be wondering what benefits these agents receive.
They are provided with a commission for connecting people to these schemes. The Government of India pays commission to a large number of agents. With the government’s focus shifting towards digital transactions, the government reviewed the commission on investments in small savings schemes in 2011. Union Minister of State for Finance Pankaj Chaudhary provided this information in the Lok Sabha on December 15.
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Pankaj Chaudhary Shares Important Information
Union Minister of State for Finance Pankaj Chaudhary shared important information regarding Post Office schemes in the Lok Sabha. He said that currently, 2,66,414 women agents under the Regional Savings Scheme and Standardised Agency System are working in post offices across the country to operate small savings schemes.
He said that the commission on investments in this scheme was reviewed, taking into account, among other things, the Government of India’s shift in focus towards digital transactions.
In response to a question, he stated that more than six lakh small savings agents are working across the country to operate Post Office schemes. He was asked to provide details if the commission on investments in these schemes had been eliminated or reduced after 2011.
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Commission Varies by Scheme
Agents of small savings schemes in the Post Office receive different commissions depending on the scheme. Agents receive a 4 per cent commission on 5-year Recurring Deposits. A 0 per cent commission is given on Kisan Vikas Patra, National Savings Certificate, Post Office Monthly Income Account, and Post Office Time Deposits.
No commission is given on Public Provident Fund, Sukanya Samriddhi Account Scheme, and Senior Citizen Savings Scheme. According to a report, before 2011, agents were given a percentage commission on PPF and SCSS accounts. In 2010-11, the total commission paid to MPKBY and SAS agents amounted to ₹2324.15 crore. In 2023-24, the commission paid to these agents was ₹4149.