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The post office saving schemes basically started for rural area development
motive, now days the peoples are lagging to save in post office because of other saving
banks & more schemes are available in our country with high interest to pay the people,
so this study analysis about customers perception to saving in post office.
Perception means different type of people think differently in the same situation,
this study reveals about the customer’s perceptions, expectations, thoughts, behavior and
their activities towards post office saving scheme.
Post Office Saving is the best form of savings schemes which provide
substantially lesser risks of suffering losses. Therefore, wherever you go the same
schemes are available through the India, So wherever the customer’s go which makes
easy adaptability. They are widely accepted among the different sections of the Indian
society and among the different age groups.
The post office time deposits scheme fall under the category of fixed deposits and
available at all the post offices throughout India. The investors are not entitled to receive
any amount towards interests on a monthly basis but receive a lump sum amount as
interest when the scheme matures. The interest rate in case of these schemes is directly
proportional to the tenure of the scheme.
The minimum amount required to start the post office time deposits scheme is
only Rs. 200 but there is no set limit for the maximum amount. The scheme allows
nomination facility and the tenure of the scheme ranges from 1-5 years. The rate of
interest varies according to the tenure of deposit.
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STATEMENT OF THE PROBLEM:-
Post office saving schemes is safety, and it has 8 types of schemes available in
post office. But the peoples are not willing to save in post office, the reasons are
customers facing some problems example money transfer, create new account, close the
account and change the nominee’s names. Post office had two insurance schemes.
To know the customer perception in the post office saving scheme, it contains
different type of customer’s satisfaction level, their expectations and interest. What kind
of problems customers facing in post office. To know the customers age, annual income,
gender, and scheme type, this is the need to this study.
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SCOPE OF THE STUDY:-
The main purpose for this study finding the rural area development by the post
office saving schemes, The post office saving is widely known and adopted mechanism
by a large section of people in India. Its outreach has been continuously increasing both
in terms of number of accounts as well as number of branches especially in rural areas.
Its strength lies in its reputation as a government of India’s institutions and other multiple
services with standardized across India.
This study helps to find their perception, attitude, saving pattern and the
satisfaction level towards post office saving customers.
COMPANY PROFILE:-
The Indian Postal Service, with 155,333 post offices, is the most widely
distributed post office system in the world. The large numbers are a result of a long
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tradition of many disparate postal systems which were unified in the Indian Union post-
Independence. Owing to this far-flung reach and its presence in remote areas, the Indian
postal service is also involved in other services such as small savings banking and
financial services.
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This is a lump sum deposit scheme targeting retired persons who expect monthly
income flow. The minimum deposit is Rs. 1,000 and the maximum is Rs. 300,000 with a
lock in period of six years.
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Sl. No Name of No. of per cent Total per cent Average
savings accounts share Deposit share savings
scheme (Millions) (Rs. (Rs)
Trillions)
1 Savings
Accounts 64.34 37.32 185.64 5.28 2,885
2 Recurring
Deposit 67.02 38.88 602.3 17.13 8,987
3 Time
(Term)
Deposit 12.43 7.21 367.12 10.44 29,535
4 Monthly
Income
Scheme 24.92 14.46 1,894.39 53.89 76,019
5 National
Saving
Certificate 0.81 0.47 48.6 1.38 60,000
6 Public
Provident
Scheme 2.11 1.22 194.56 5.53 92,209
7 Sr. Citizen
Scheme 0.75 0.44 222.84 6.34 297,120
Post Office is the oldest formal institution offering saving services to people in
India. It has an extensive network geographically covering entire country. The network of
post office branches is the main strength of POSB and has the potential to bring about
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financial inclusion. The study focused on the people’s perception on Post Office savings
and savings mobilizations strategies in this context.
The image of post office as the oldest institution run by government is the biggest
motive for people to save in the postal savings instruments. Their trust is high in rural
areas where safety of the deposit money is more important issue than the returns on
investments. Second important learning’s from the people’s point of view are the
simplicity of the schemes / products features.
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FIELD OF THE STUDY:-
The study was restricted to the customer’s of post office at Gudiyatham and
Vellore.
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RESEARCH DESIGN:-
Research design `deals with a logical problem and not a logistical problem'.
Before a builder or architect can develop a work plan or order materials they must
establish the type of building required, its uses and the needs of the occupants. Similarly,
in social research the issues of sampling, method of data collection.
SAMPLING DESIGN:-
A sample is a finite part of a statistical population whose properties are studied to
gain information about the whole. When dealing with people, it can be defined as a set of
respondents (people) selected from a larger population for the purpose of a survey.
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1. Probability sampling design
This may be the most important type of sample. A random sample allows a
known probability that each elementary unit will be chosen. For this reason, it is
sometimes referred to as a probability sample. This is the type of sampling that is used in
lotteries and raffles. For example, if you want to select 10 players randomly from a
population of 100, you can write their names, fold them up, mix them thoroughly then
pick ten. In this case, every name had any equal chance of being picked. Random
numbers can also be used (see Lapin page 81).
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A simple random sample is obtained by choosing elementary units in search a
way that each unit in the population has an equal chance of being selected. A simple
random sample is free from sampling bias. However, using a random number table to
choose the elementary units can be cumbersome. If the sample is to be collected by a
person untrained in statistics, then instructions may be misinterpreted and selections may
be made improperly.
SOURCE OF DATA:-
Primary Source:-
Primary source is a term used in a number of disciplines to describe source
material that is closest to the person, information, period, or idea being studied.
In the study of history as an academic discipline, a primary source (also called
original source or evidence) is an artifact, a document, a recording, or other source of
information that was created at the time under study.
Secondary Data :-
Secondary details data collected by someone other than the user. Common
sources of secondary data for social science include censuses, surveys, organizational
records and data collected through qualitative methodologies or qualitative research.
Primary data, by contrast, are collected by the investigator conducting the research.
➢ In this study both data method was adopted.
Purpose of Questionnaires:-
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The questionnaire (also called survey) is a set of questions given to a sample of
people. The purpose is to gather information about the people’s attitudes, thoughts,
behaviors, and so forth. The researchers compile the answers of the people in the sample
in order to know how the group as a whole thinks or behaves.
Respondents’ answers are limited to a fixed set of responses. Most scales are
closed ended. Other types of closed ended questions include:
➢ Multiple choices - The respondent has several options from which to choose.
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ANALYSIS OF DATA:-
1. Correlation
2. Chi-square
4. T test
CORRELATION:-
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➢ A statistical relation between two or more variables such that systematic changes
in the value of one variable are accompanied by systematic changes in the other.
N∑xy-(∑x) (∑y)
R= …………………………………..
√{N∑x2-(∑x)2}{N∑y2-(∑y)2}
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+1 indicates a perfect positive correlation, meaning that both variables move in the same
direction together.
Pearson's chi-square test, also known as the chi-square goodness-of-fit test or chi-
square test for independence. When mentioned without any modifiers or without other
precluding context, this test is usually understood (for an exact test used in place of χ2,
see Fisher's exact test).
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ONE WAY ANOVA DEFINITION & FORMULA:-
(GT)2
CF= N
The ANOVA tests the null hypothesis that samples in two or more groups are
drawn from the same population. To do this, two estimates are made of the population
variance. These estimates rely on various assumptions (see below). The ANOVA
produces an F statistic, the ratio of the variance calculated among the means to the
variance within the samples. If the group means are drawn from the same population, the
variance between the group means should be lower than the variance of the samples,
following central limit theorem. A higher ratio therefore implies that the samples were
drawn from different populations.
ONE-SAMPLE T-TEST:
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It is used to test whether a specific value is the population mean when the given
sample is small sample and the population standard deviation is known.
x -µ
t= ------------------
S/√n
It has been compared the calculated valve of t with the table value of t for (n-1)
d.f for a given significance level.
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REVIEW OF LITERATURE
The determinants of saving and the impact of insurance on saving have been
studied. Various factors are involved in the saving rate with both the level and the rate of
growth of disposable income. Do the returns and the reason for saving have a significant
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impact? Furthermore, the spread of saving avenues and reason for saving, and, changes in
the insurance products, have an impact on saving. Various studies have been conducted
on the saving issues. In India, the pace of financial innovation was relatively slow until
the initiation of the financial liberalization program in 1991–92. The subsequent financial
reforms have had important implications for the user costs of assets and resulted in
significant substitution among them. Hence there is a need to develop an aggregate
measure of savings that would more accurately reflect household choice over various
assets than the simple sum. As user costs of assets change so does the composition of the
inancial savings aggregate.
Saving has failed to throw conclusive evidence. Against this background, the
objective of the study was to find the determinants of savings by analyzing saving
behavior in India over a period of nineteen years i.e., from 1980-81 to 1998-99. In order
to identify and analyze the important factors, which have contributed to the fluctuation in
the saving in India simple and multiple regression models were resorted. The impact of
financial sector liberalization measures on house hold sector saving rate in India was
studied by constructing a continuous time series financial sector liberalization index6.
The impact of the index, along with the other determinants of household sector savings
in India were estimated using a general model. The results suggest a significant negative
impact of the index on household saving rate, which gives an indication of the increased
credit availability due to financial sector liberalization leading to increased consumption
rather than savings. Among the other determinants, absolute income is the major
significant and positive determinant of household sector saving rate in India in the period
of study.
Else where, the different measures of financial sector development for a dynamic
heterogeneous panel of 17 African countries was studied to examine the impact of
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financial sector development on private savings7. An innovative econometric
methodology was also employed related to a series of co-integration tests within a panel.
This is an important contribution since traditional panel data analysis adopted in previous
studies suffers from serious heterogeneity bias problems.
The empirical results obtained vary considerably among countries in the panel,
thus highlighting the importance of using different measures of financial sector
development rather than a single indicator. The evidence is rather inconclusive, although
in most of the countries in the sample a positive relationship between financial sector
development and private savings seems to hold.
Increasing National Saving: Are IRAs the Answer? and by the perception that
relatively have the unintended side effect of increasing household leverage. The money
into the tax deferred account.,,6 for which interest payments are no long- DINAR AND
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DIRHAM EFFECT ON THE BANKING BUSINESS AND ITS SOLUTION Interest
income is derived from the loan that was given out to a bank's customer , Banks will loan
out a portion of depositor's money and charge the borrower with interest. International
Journal of Islamic Financial Service, Vol. Joe F., (2000), “Perception of Islamic Financial
System: Its Obstacles in Female Empowerment: Impact of a Commitment Savings
Product in the We also find an impact on self-perception of savings behavior.
Perception of internet banking and other banking channels and report that internet
which is based upon interest-free banking (Profit/Loss Sharing). under the supervision of
the Savings Deposit Insurance Fund (SDIF) with 8791 Electronic Banking in Finland and
the Effect on Money. Velocity. Journal of Bank of England Quarterly Bulletin 2009 Q2
will affect their spending and investment decisions today. saving rates have declined.
Households report that they expect interest rates to rise over the year money directly into
the economy in order to meet the inflation target. households' perceptions of interest rates
have moved relative Impact of the thrift bailout on bank risk smaller proportion of
demand deposits and savings deposits with ceiling rates were more profitable. assess the
investor's perception of bank risk. One type is an Flannery, M. R. and James, C. M.
(1984) The effect of interest rate the market for large certificates of deposit, Journal of
Money,
Positive Perception:-
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Negative Perception:-
The mean values in the third cluster for four perceptual factors are around three
and for the other three perceptual factors less than three. The average score of all the
perceptual factors is less than three. This means that this segment of people do not have
positive perception.
This leveraging of the existing customer base can take many forms, but all have
one thing in common: the ability to inform customer contacts on all levels with
information, offers, and assistance that is tailored to the needs and interests of each
customer. While this is relatively easy for companies with few products and fewer
customers, companies in industries that measure their customers in the tens and hundreds
of thousands tend to find supporting the “mass customization” of customer-facing
interactions to be complex, expensive, and fraught with error. One reason this has been so
difficult is that some of the most common forms of customer interactions – bills,
invoices, statements, or delivery documents – are rarely optimized to leverage the
customization that would lead to improved customer satisfaction and retention.
Most billing and invoicing systems – such as the system available from SAP AG
in its flagship Business Suite product – are designed to support a relatively modest degree
of flexibility and advanced functionality in addition to creating the output. While systems
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like SAP are replete with the data a company needs to support a more personalized
billing and invoicing function, many of the advanced capabilities needed to truly
optimize the data in customer service are lacking or only available through an IT-centric
set of processes.
ABSTRACT:-
Small Investors' Perception on Post Office Saving Schemes and found that there
was significant difference among the four age groups, in the level of Recurring
Deposit(R&D), National Savings Schemes (NSS), and Deposit Scheme for Retired
Employees (DSRE), and the overall score confirmed that the level of awareness among
investors in the old age group was higher than in those of the young age group. No
difference was observed between male and female investors except for the NSS and . Out
of the factors analyzed, necessity of life and tax benefits was the two major ones that
influence the investors both in semi-urban and urban areas. Majority (73.3 per cent) of
investors of both semi-urban and urban areas were very much willing to invest in small
savings schemes in future provided they have more for savings.
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Table 4.1
GENDER
S.NO GENDER FREQUENCY PERCENTAGE
1 Male 41 54.7
2 Female 34 45.3
Total 75 100.0
From the above table it shows that majority 54.7% of respondents are belonged to male,
and least 43.3% of respondents are belonged to female.
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Table 4.2
AGE
Total 75 100.0
From the above table it shows that majority 54.7% of respondents are belonged to age
group of below 30 years and least 10.7% of respondents are belonged to age group of above 50
years.
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Table 4.3
2 UG 20 26.7
3 PG 13 17.3
4 Others 20 26.7
Total 75 100.0
QUALIFICATION LEVEL
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From the above table it shows that majority 29.3% of respondents are belonged to HSS
qualification level, and least 17.3% of respondents are belonged to PG qualification level.
Chart-1
QUALIFICATION LEVEL
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Table 4.4
Total 75 100.0
From the above table it shows that majority 49.3% of respondents are belonged to others
category it means Labors, and least 9.3% of respondents are belonged to Govt Employees.
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Table 4.5
S.NO INCOME
FREQUENCY PERCENTAGE
1 25K-50K 46 61.3
2 50k-1Lkhs 23 30.7
3 1Lkhs-2Lkhs 5 6.7
Total 75 100.0
From the above table it shows that majority 61.3% of respondents are belonged to 25-50
Thousand of annual income, and least 1.3% of respondents are belonged to above 2 Lakhs of
annual income.
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Table 4.6
Total 75 100.0
From the above table it shows that majority 61.3% of respondents are started their
account in the year of 2000-2010, and least 10.7% of respondents are started their account in the
year of 1980-1990.
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Table 4.7
4 R&D 3 4.0
Total 75 100.0
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From the above table it shows that majority 66.7% of respondents are belonged to saving
account category and least 4.0% of respondents are belonged to Recurring Deposit account
category
Table 4.8
34
S.NO PURPOSE FREQUENCY PERCENTAGE
1 Future 46 61.3
4 Others 2 2.7
Total 75 100.0
From the above table it shows that majority 61.3% of respondent’s opinions that purpose
to save the amount for their future and least 2.7% of respondent’s opinions to save the amount
for other purposes.
Table 4.9
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Purpose for save
P
value
children's retirement others Total Chi-
education benefits square
future
27 11 1 2 41
Count
Male
Expected
25.1 12.0 2.7 1.1 41.0
Count
Gender
Count 19 11 4 0 34
4.578 0.205
Female
Expected 20.9 10.0 2.3 .9 34.0
Count
Count 46 22 5 2 75
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Table 4.10
2 5-10% 34 45.3
3 10-15% 9 12.0
Total 75 100.0
PERCENTAGE OF SAVING
From the above table it shows that majority 45.3% of respondents are belonged to 5-10%
save from their income and least 4.0% of respondents are belonged to above 15% save from their
income.
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Table 4.11
2 No 6 8.0
Total 75 100.0
From the above table it shows that majority 92.0% of respondents are belonged to
satisfied category and least 8.0% of respondents are belonged to not satisfied category.
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Table 4.12
3 Disagree 12 16.0
Total 75 100.0
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From the above table it shows majority 68.0% of respondents are agreed that proper
announcement made by the post office to the public, and least 1.3% of respondents are strongly
disagreed that proper announcement made by the post office to the public.
Table 4.13
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Descriptive
Occupation
95% Confidence Interval for
Mean
Std. Lower Minimu Maximu
N Mean Deviation Std. Error Bound Upper Bound m m
Agree 51 3.29 .965 .135 3.02 3.57 1 4
Strongly 11 2.55 1.128 .340 1.79 3.30 1 4
Agree
Disagree 13 2.23 1.092 .303 1.57 2.89 1 4
Total 75 3.00 1.090 .126 2.75 3.25 1 4
ANOVA
Occupation
Sum of Squares df Mean Square F P VALUE
Between Groups 14.377 2 7.188 7.030 .002
Within Groups 73.623 72 1.023
Total 88.000 74
Result: the P value is less than 0.01 so the null hypothesis is rejected at 1% level of
significant.
Hence it is significant difference between occupation and announcement made of post
office saving scheme
Table 4.14
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S.NO SAFETY THAN OTHERS FREQUENCY PERCENTAGE
1 Agree 38 50.7
3 Disagree 6 8.0
4 Strongly Disagree 00 00
Total 75 100.0
From the above table it shows majority 50.7% of respondents are agreed that post office
saving is safety than others, and least 8.0% of respondents are disagreed that post office safety
than others.
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Table 4.15
3 Disagree 13 17.3
4 Strongly Disagree 00 00
Total 75 100.0
From the above table it shows majority 54.7% of respondents are agreed that post office
saving is helpful to them, and least 17.3% of respondents are disagreed that post office saving is
helpful to them.
Table 4.16
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CORRELATION BETWEEN SAFETY THAN OTHER & HELPFUL TO THE
RESPONDENTS
Ho: There is no relationship between post office is safety than other & helpful to the
respondents
H1: There is a relationship between post office is safety than other & helpful to the
respondents
Level: 5%
Since correlation value is 0.112 which is of positive correlation 11.2% between post
office is safety than other & helpful to the respondents.
P value is greater than 0.05 so the null hypothesis is accepted at 5% level of significant.
So there is no relationship between post office is safety than other & helpful to the
respondents.
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Table 4.17
T-Test
One-Sample Test
Test Value = 3
The P value is less than 0.01 therefore null hypothesis is rejects at 1% significant level.
Hence saving in post office is safeties are not equal to average level.
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Table 4.18
INTRODUCER THE POST OFFICE
2 Friends 14 18.7
4 Others 6 8.0
Total 75 100.0
From the above table it shows majority 37.3% of respondents are introduced to post
office by their family members, and least 18.7% of respondents are introduced to post office by
their friends.
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Chart-2
Table 4.19
47
S.NO SENIOR SCHEME FREQUENCY PERCENTAGE
1 Yes 8 10.7
2 No 69 89.3
Total 75 100.0
From the above table it shows majority89.3% of respondents are not benefited in senior
citizen scheme, and least 10.7% of respondents are benefited in senior citizen scheme.
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Table 4.20
2 No 00 00
Total 75 100.0
From the above table it shows every respondents are faced some problem in post office.
Table 4.21
49
KINDS OF PROBLEM FACED OF RESPONDENTS
From the above table it shows that majority 37.3% of respondents are faced problem in
money transfer, and least 10.7% of respondents are faced problem in closing account.
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Chart-3
Table 4.22
2 No 22 29.3
Total 75 100.0
51
From the above table it shows that majority 70.7% of respondents opinion that proper
response made the post office staff, and least 29.3% of respondents opinion that not proper
response made the post office staff.
Table 4.23
52
S.NO SATISFACTION LEVEL FREQUENCY PERCENTAGE
1 Satisfied 34 45.3
2 Partly satisfied 25 33.3
From the above table it shows majority 45.3% of respondents are belonged to satisfied by
services providing in post office, and least 20.0% of respondents are belonged to not satisfied.
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Table 4.24
Total 75 100.0
From the above table it shows every respondent are expecting new schemes.
54
Table 4.25
Total 75 100.0
From the above table it shows the 44.0% of respondents are expecting more interest,
29.9% of respondents are expected easy to handle, and 21.3% of respondents are expected more
safety in post office.
55
Chart-4
56
FINDINGS:-
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➢ 61.3% of respondents are belonged to 25Thousand to 50Thousand of annual
income
➢ 61.3% of respondents opinions that purpose to save the amount for their future
purpose
➢ From the chi-square it showed no association between Gender & purpose for
➢ 49.3% of respondents are belonged to others than the Govt Employee, Pvt
➢ 68.0% of respondents are agreed that proper announcement made by the post
➢ 50.7% of respondents are agreed that post office saving is safety than others
➢ 54.7% of respondents are agreed that post office saving is helpful to them
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➢ The correlation there is no relationship between the post office is safety than other
office
SUGGESTION:-
➢ From the analysis, it found most of the customers faced problem in transaction
money, so on-line transaction has to implement.
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➢ Interest rate when compare to other private sectors the interest of post office is
very low, so in order to attract and retain customers the interest rate shall be
increased.
➢ The time taken for transfer is very high, so management has to take step to
minimize the time for money transfer transaction.
➢ From the findings only up to middle & middle group of people are interested in
post office saving scheme. In order to attract the rest of the group of people more
schemes with variety of interest rate shall be introduced.
➢ There is no powerful advertisement media used by the post office saving sector,
so suitable advertisement media shall be adopted.
CONCLUSION:-
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Through this study the research understood the perception of investors in the post
office saving schemes, whether the investors are satisfied or not in their saving account.
And investor’s expectation from the post office saving schemes are identified, that the
different type of customers expects different features in post office. The post office
saving customers faced problems by their saving account, this research to found the
satisfaction level of customers in post office saving schemes. If the above suggestion
implement, the post office sector can find better prospect in the future. Through this study
I gain more practical knowledge which makes betterment for my future and career.
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