SAVINGS BANK SYSTEM IN KERALA TREASURIES

A scheme called 'Sirkara Savings Bank Scheme' was introduced in the former Travancore state and was later introduced in the Travancore-Cochin state and lastly to Kerala State and the Treasuries in the State are now operating the Treasury Savings Bank. The rate of interest allowed on the Sirkar Savings Bank account was very low and the deposits under the scheme were megre. There was an "Anchal Savings Bank scheme" in the Anchal Department in the former Travancore State. When the Anchal Department was amalgamated into the Postal Department of the Central Government, Anchal Savings Bank Accounts were transferred to the Treasuries and all such accounts were entered in the Treasury ledgers. Hence the Treasury Saving Bank is an offshoot of the ‘Anchal Savings Bank scheme’ of the erstwhile Travancore-Cochin state.

 

In 1973 Government liberalized the S.B rules with effect from 01-02-1973 as per G.O.(P)670/72/Fin. Dated 27-12-1972 by making the procedure simple and revising the rate of interest. The mode of deposit was changed through pay-in-slips and the withdrawals made by cheques as in the case of banks. Thus the liberalization of the rule has considerably enhanced the balance in the treasuries. The balance of deposits as on 01-07-1973 was only more than 2 crores.

 

During the year 1984-85 a new Savings Scheme called ‘Vijaya Students Savings’ scheme was introduced for students in U.P.Schools, High Schools, Colleges, Polytechnics etc.., making a monthly subscription at the rate of Rs.5/-, Rs.7/- and Rs.10/- for U.P.Schools, High Schools and College students respectively. Students joining the scheme and remitting a minimum instalments are eligible to take part in a prize draw besides earning for the amount subscribed with interest. For want of publicity the collection showed a downward trend.

 

The overall deposits under the Savings Bank Scheme showed an upward trend year by year since 1973 increasing the resource position of Government.

 

At present deposits under Treasury Fixed deposits are accepted for various periods ranging from 6 months to one year, and 1 year and above but less than 2 years, 2years and above but less than 3 years etc. But no deposit is accepted for a period of less than 6 months. At present deposit in treasuries are not accepted for a period less than 6 months.

 

Treasuries Savings Bank facilitates the common people of the State. Currently there are five types of Savings Bank (SB) accounts such as Treasury Savings Bank (TSB), Pensioners Treasury Savings Bank (PTSB), Treasury Fixed Deposit (TFD), Treasury Public Account (TPA) and Treasury Security Account (TSA). These Savings Banks operates on the trust and confidence of the people of Kerala and speaks of the faith that the common man has placed on it inspite of the pressure of a strong banking network. Although not directly, these TSB’s have their own significant role in regulating the ways and means position of the State. A considerable amount is in circulation through these 5,00,000 odd accounts operated by TSB account holding pensioners, contractors etc., in the Treasuries.