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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.
Easy
steps for investing through the Post Office:
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.
List
of Post Offices distributing Mutual Funds and Bonds.
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Mutual
Funds