The Department of Posts provides postal services to the public through a large nation wide network of Post Offices. Besides providing purely Postal Services, Post Offices perform agency functions like Saving Bank, Payment of Pension, Sale of Cash Certificates etc. on behalf of other Ministries/Departments...

Government has decided to increase the interest rates on post office savings deposits to 4 per cent, from 3.5 per cent at present. Small savings schemes run by post-office, which are a major source of government’s borrowings, are losing sheen as interest rates offered on bank deposits are more attractive....