Date:31/10/2008 URL: http://www.thehindu.com/2008/10/31/stories/2008103161921000.htm

Tamil Nadu - Chennai

Tamil Nadu tops in postal savings

Special Correspondent

Anbazhagan attributes the success to the involvement of women agents

— Photo: M. Karunakaran

BIG ACHIEVER: Finance Minister K. Anbazhagan hands over the first prize to P. Usha for mobilising Rs. 2.41 crore under the post office recurring deposit scheme, in Chennai on Thursday. (From left) Rahman Khan, vice-chairman, State Advisory Board for National Savings; and Information Minister Parithi Illamvazuthi are in the picture.

CHENNAI: Tamil Nadu has the largest number of postal savings accounts in the country, thanks to the involvement of women agents, Finance Minister K. Anbazhagan said on Thursday.

At a function organised here to mark the World Thrift Day, Mr. Anbazhagan gave away the State-level Best Mahila Pradhan Kshetriya Bachat Yojna Agent Award for 2007-2008 to P. Usha for mobilising Rs. 2.41 crore under the post office recurring deposit. He said it was a good opportunity for women to become agents to spread the saving habit among the public. Though women in rural areas were not aware of how to operate bank accounts, they had deposited their hard-earned money in post offices for the betterment of their families, he said.

Mr. Anbazhagan called for a change in the mindset of the people to avoid unnecessary expenses and urged the younger generation not to borrow either to meet their daily needs or lead a life of luxury.

Rahman Khan, vice-chairman, State Advisory Board for National Savings, stressed the importance of savings and cautioned the people against investing in private financial institutions, anticipating higher returns.

Information Minister Parithi Illamvazhuthi said the people should save their money like bees and protect it like ants. “Your savings will go a long way towards implementing huge projects.”

K. Ramachandran, Postmaster-General, Tamil Nadu Circle, said people had invested in stock markets to get more returns in short term. Though the interest rates offered by the Postal Department were less than those of banks and financial institutions, the investment was safe. Mr. Anbazhagan gave away the State-level Best Pay Roll Savings Scheme Group Leaders Award for 2007-2008 to V. Pichai of Namakkal, R. Balakrishnan of Villupuram and P. Ponnaiah of Nagerkoil. R. Maheshwari, U. Pavya and N. Karthiga bagged the first three prizes in the essay writing competition.