Post offices across the country will remain open till 10 pm today keeping in view a heavy rush of depositors with March 31 being the last day of the fiscal 2015-16.
This move has a significance as people will be able to open savings account with India Post that will carry a higher interest on their deposits as compared to lower rates coming into effect from tomorrow.
"Post Offices to remain open today till 10 PM to serve the citizens on the last day of the Financial Year," Telecom Minister Ravi Shankar Prasad said in a tweet today.
The government has announced rate cut in small savings scheme like 1-year deposit, 5 year senior citizen savings scheme, Sukanya Samridhi Account Scheme, etc which will be effective from April 1.
Saving accounts opened today will continue to carry high interest rate prevailing at present.
To handle the rush, the Department of Posts has invoked the Business Continuity Plan (BCP) for opening of new accounts as well as withdrawal by customers. Additionally, small savings agents will work in offline mode wherever and whenever the CBS network turns sluggish owing to high-volume transactions.
"A control room has also been set up in the postal directorate and all circles to monitor POSB (Post Office Saving Bank) operations in CBS Post Offices," India Post said in a statement.
