Directorate of Small Saving
The particulars of its organization, functions and duties:
(A) Organization :
The Directorate of Small Savings functions under the administrative control of Finance (Budget) Department, Government of Meghalaya. The Directorate is headed by the Director of Small Savings who in turn is assisted by Upper Division Assistants and Lower Division Assistants. Small Savings constitute a major resource to execute welfare activities of the Government. A major portion of the net collections under Small Savings is returned to the State by the Government of India as long term-soft loan. The long repayment schedule makes it an excellent resource of the State for investment in improvement /development of infrastructure like Roads, Drinking water, Sewerage, Hospitals, Schools etc. In order to increase the resources, the State Government is taking all efforts to mobilize Savings. However, on the recommendations of the Fourteenth Finance Commission, the State has discontinued availing loans from the National Small Savings Fund w.e.f. 1st April, 2016.
Small Savings offer the best and safest avenue of investment of household savings. Small Savings scripts are guaranteed by Government and thus completely secure.
(B) Functions and Duties:
The Directorate of Small Savings is mainly concerned with the promotion of various Small Savings Schemes formulated by Government of India. Small Savings Schemes are implemented through the Department of Posts, and 15 year Public Provident Fund Scheme is implemented through Head Post offices as well as Banks.
(C) Types of Small Savings
i. Post Office Monthly Income Scheme (MIS)
ii. National Savings Certificate (NSC)
iii. Post Office Time Deposit Scheme
iv. Sukanya Samriddhi Accounts
v. Kisan Vikas Patra (KVP)
vi. PPF Account
Key contact: Director of Small Savings
Directorate of Small Savings, 3rd Secretariat Building (Nokrek)
Lower Lachumiere, Shillong - 793001
Phone (O):0364 2501929