Saving Surge: Analyzing the Growth of Postal Saving Schemes in India and Punjab State of India

Savings in post offices are regarded safest because of traditional faith and regular returns. People specially from rural areas are more associated with these schemes because of easy accessibility. Post office saving schemes are generating significant amount of funds from small investors with its different schemes as postal department has launched core banking solutions to improve the operational efficiency of saving plans. Over the years, post office schemes attracted large number of investors to make investment in different saving plans. The present paper intends to evaluate the growth of various saving schemes offered by Post Office Saving Bank in India and Punjab along with percentage contribution of Punjab in it. An analysis of accessible data on number of accounts is presented using compounded annual growth rate and percentage analysis. Secondary data of last eight years i.e., from year 2015-16 to 2022-23 is extracted from annual reports of postal department. Growth measurement of data reveals maximum growth in number of accounts of Sukanya Samriddhi Account in India and Punjab. The study revealed that other saving schemes experienced either lower or negative growth, while Punjab Circle accounted for only four percent of the total number of accounts under different saving schemes. The study suggests that post offices should work on strategic marketing promotional tools to improve the growth of saving plans.