|
Mumbai, Oct 16: : The Department of Posts (DoP) in association with the National Securities Depositories Limited (NSDL) launched dematerialisation facility for postal savings instruments on Thursday.
This facility is being made available only for National Savings Certificate (NSC) and Kisan Vikas Patra (KVP) on pilot basis in ten select post offices in Mumbai. This pilot project will be applicable to fresh investments in postal savings instruments like the NSC and the KVP at present.
Speaking on the occasion of the launch of this facility, which also coincides with the postal week CB Bhave, managing director, NSDL said, “Through the launch of this facility we are trying to reach out to that class of investors who shy away from equity markets and prefer to save through postal savings instruments. As a depository we also feel that there is an opportunity for us in those investors who already invest in equities through separate demat accounts”, he added.
On phasing out this facility to other major cities, Mr Bhave added, “This pilot project will run for six months in Maharashtra. On the basis of the response to this project we will have a phased launch in other major cities of the country.”
As per the operation module of the new system, investors will be required to fill in the details of their existing NSDL demat account number and depository ID if they wish to hold their NSC/KVP instruments in that account. The investors will be able to verify the details of their holdings through the transaction statements issued by the Depository Participants (DPs) who will not levy any custody charges in respect of these holdings.
In case of investors who do not have a demat account at all, the depository will arrange to open a special “limited purpose account” only for the purpose of holding the NSC and KVPs. Investors will not need to pay any account opening charges nor will there be any custody charges, a statement issued by NSDL said.
The post office staff and small savings agents have been provided suitable training for this purpose. NSDL has further plans to conduct special awareness programmes for investors shortly, it added.
Discuss this story on expressindia forums
|
|
 |
 |
 |
About Us | Contact Us | Advertisers | Site Map | Make us your homepage | Work for Us | RSS | Subscribe | Electronic Edition | Privacy Policy© 2009: The Indian Express Limited. All rights reserved throughout the world
