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. With an objective to leverage the strength of the postal network and skills Department of Posts had started retailing mutual funds and bonds.
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, Kolkata 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. At present select schemes of Principal, SBI, UTI, Franklin Templeton and Reliance Mutual Fund are retailed through designated post offices in the country.
1. At each designated post office one counter (AMFI qualified personnel) 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 counters accept the application forms as per the cut off time prescribed by the AMCs for accepting the applications for their schemes in the particular post office.
Assistant Director General (Corporate Banking), Department
of Posts, Room No. 322, Dak Bhawan, Parliament Street, New Delhi-110001.
Phone No. 011-23096102, Fax No. 011-23096108 e-mail – email@example.com