Posts
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-inr-small.gif)
Mumbai: National Savings Certificates and Kisan Vikas Patras are two of the commonest investment instruments in India. If you, too, have invested in these, then there's some good news for you.
The postal department has been running a pilot project in Mumbai to electronically credit NSC and KVP details in an investor's demat account instead of issuing physical certificates. The department may soon extend this facility to other metros. When that happens, the pain of visiting post offices will be over as NSCs and KVPs will be then credited in demat accounts just like shares.
Thirty-five major post offices in the region (Mumbai, Thane and Navi Mumbai) are authorised to offer NSCs and KVPs in this manner.
The post offices, however, have not pushed through the online option with investors as a demat account itself has been a relatively new concept till some time ago. But, thanks to the keen interest of small investors in the stock market, demat accounts have become almost as common as savings bank accounts. So, post offices in Mumbai are now urging investors to opt for NSCs and KVPs to be delivered to the demat accounts.
Senior officials at the GPO, Mumbai, said they had given a detailed presentation on the scheme to the
ministry in Delhi. "The ministry officials are keen on expanding the scheme in other big cities where demat accounts are common. Hopefully, customers will prefer the electronic credit in demat,'' a senior GPO official said.
There are several advantages of getting NSCs and KVPs credited in the demat form. It ensures that investors do not lose sleep over protecting the paper certificates from inclement weather, theft or mutilation; the post office only needs to convey the NSC or KVP details to the National Securities Depository Limited, which creates a demat account and displays the investment amount, the maturity value and date online.
The demat form, needless to say, makes visits to post offices totally redundant. The time that you save is also crucial, say GPO officials; it now takes at least 10 days to issue NSCs and KVPs if the investor has paid by cheque (the usual mode of payment).
COURIER SERVICE
Post offices in the Mumbai region are pushing for doorstep pick-up of letters and documents that you want to courier. "But this facility is being extended to big housing societies or customers who send letters by courier routinely,'' a GPO official said. TNN 
The postal department has been running a pilot project in Mumbai to electronically credit NSC and KVP details in an investor's demat account instead of issuing physical certificates. The department may soon extend this facility to other metros. When that happens, the pain of visiting post offices will be over as NSCs and KVPs will be then credited in demat accounts just like shares.
Thirty-five major post offices in the region (Mumbai, Thane and Navi Mumbai) are authorised to offer NSCs and KVPs in this manner.
The post offices, however, have not pushed through the online option with investors as a demat account itself has been a relatively new concept till some time ago. But, thanks to the keen interest of small investors in the stock market, demat accounts have become almost as common as savings bank accounts. So, post offices in Mumbai are now urging investors to opt for NSCs and KVPs to be delivered to the demat accounts.
Senior officials at the GPO, Mumbai, said they had given a detailed presentation on the scheme to the
ministry in Delhi. "The ministry officials are keen on expanding the scheme in other big cities where demat accounts are common. Hopefully, customers will prefer the electronic credit in demat,'' a senior GPO official said.
There are several advantages of getting NSCs and KVPs credited in the demat form. It ensures that investors do not lose sleep over protecting the paper certificates from inclement weather, theft or mutilation; the post office only needs to convey the NSC or KVP details to the National Securities Depository Limited, which creates a demat account and displays the investment amount, the maturity value and date online.
The demat form, needless to say, makes visits to post offices totally redundant. The time that you save is also crucial, say GPO officials; it now takes at least 10 days to issue NSCs and KVPs if the investor has paid by cheque (the usual mode of payment).
COURIER SERVICE
Post offices in the Mumbai region are pushing for doorstep pick-up of letters and documents that you want to courier. "But this facility is being extended to big housing societies or customers who send letters by courier routinely,'' a GPO official said. TNN
0 comments:
Post a Comment