ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • MSME Summit
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Apollo Hospitals share price falls 3% after poor Q1 results – what should investors know?
  • Instagram users ALERT! Are you being tracked by Meta-owned platform?
  • Syrma SGS Technology IPO subscription opens today: Check price band, allotment and listing date
  • BMW M4 Competition Coupe 50 Jahre M Edition launched in India: Check price and specifications
  • Atal Pension Yojana Income Tax benefit for salaried employees after new rule: All you need to know
Read in App
Business News » Personal Finance News

Explained: Mutual Fund schemes, other financial products you can get from Post Office

Since the Post Office Savings Bank is the largest retail bank in the country, operating from over 1,50,000 branches, Department of Posts has started retailing mutual funds and bonds to leverage its strength of the postal network. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Explained: Mutual Fund schemes, other financial products you can get from Post Office
The Post Office has traditionally been a distributor of financial services like money orders to banking services. Representational Image, source: PTI

Do you know that India Post is also playing an important role in extending the capital market's reach to the common man by providing easy access to market-based investment options? With its vast network, India Post is currently retailing UTI's Mutual Fund products through over 2000 posts offices, which are involved in the distribution of MFs and Securities.

Notably, the Post Office has traditionally been a distributor of financial services like money orders to banking services. Since the Post Office Savings Bank is the largest retail bank in the country, operating from over 1,50,000 branches, Department of Posts has started retailing mutual funds and bonds to leverage its strength of the postal network. 

According to India Post website, "At present select schemes of UTI Mutual Fund only are retailed through the designated post offices in the country through NISM/EUIN certified staff."

Among other financial services that India Post is extending, a few are given below:

1. International Money Transfer: This scheme is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India, according to India Post, adding "Only inward personal remittances into India such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible." No outward remittance from India is permissible under MTSS.

This service was implemented following the collaboration of the Department of Posts with the Western Union Financial Services to enable instantaneous remittance of money from around 195 countries and territories to India. Now, a recipient can collect the money in minutes after the sender has made the remittance.

The service is targeted to particularly to fulfill the needs of NRI dependent families in India, visiting International tourists and foreign students studying in India, the website said.

2. IFS Money Order: An International Financial System (IFS), a software developed by UPU, has been developed to coordinate international remittance services among the partner countries. Presently, the service is operational with La Poste Group, France and UAE.

The remittances, which are being paid through eMO service, can be received at any of the 17,500 post offices on eMO network. The payee receives the full amount in Indian Rupees, up to Rs 50,000 in cash, according to the website.

3. Instant Money Order (IMO): The instant online money transfer service is instant, convenient, reliable and affordable. It is an instant web-based money transfer service through Post Offices (IMO Centre) in the country between two resident individuals in Indian territory. You can transfer money from Rs 1,000 to Rs 50,000 from designated IMO Post Offices, according to India Post.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
financial servicesIndia Post
Written By: ZeeBiz WebTeam
Updated: Sat, May 18, 2019
02:13 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
SBI bank account holder? ALERT! 24 hours to go, you will not be able to do online, mobile banking SBI bank account holder? ALERT! 24 hours to go, you will not be able to do online, mobile banking
India moves toward Blockchain Technology; Here's how it will revolutionize banking system India moves toward Blockchain Technology; Here's how it will revolutionize banking system
World's best consumer finance firms, from Bajaj Finance to Muthoot, set to gain from 2019 elections World's best consumer finance firms, from Bajaj Finance to Muthoot, set to gain from 2019 elections
Govt allows 100% FDI under automatic route for single brand retail Govt allows 100% FDI under automatic route for single brand retail
GST rollout: Here's how much more premium you need to pay on insurance policies GST rollout: Here's how much more premium you need to pay on insurance policies

LATEST NEWS

India to be fastest growing economy this year - What government source said

UPSC NDA, NA 2 admit card 2022 released at upsc.gov.in; direct link to download and exam date

International Youth Day 2022 theme, quotes and history - Tackling issues and achieving sustainable development together

Apple iPhone 14 launch - Big development! Check latest updates, expected release date and price

Warrior movie OTT release date: Ram Pothineni-starrer action drama streaming on this OTT platform

Flag hoisting time on 15 August 2022: Independence Day celebrations guidelines - All details | Har Ghar Tiranga campaign

Aamir Khan Movie Laal Singh Chaddha Review By Taran Adarsh: DISAPPOINTS! Lacks captivating screenplay, fire in totality - 2 star rating

Anil Singhvi's strategy on Aug 12: Support zone on Nifty is 17525-17575, Bank Nifty is 38500-38650

Modi government's flagship housing scheme Pradhan Mantri Awas Yojana-Urban extended - details

TS EAMCET Result 2022 declared: Direct link to download rank card, scorecard

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV