INTRODUCTION:

Post Office savings is a historical practice of savings in India. It was established in India with a historical dating back to 1880 A.D. when other formal savings practices were not available in the country. It is a biggest savings bank in India with 1,55,000 branches across the country. Most of the Post Offices are situated in the remote areas where modern banking systems are not available till the date. The present study entitled “A Study on Post Office Savings of middle class people of West Tripura District” is an empirical study on the pattern of Post Office savings.

The study has tried to reveal the obstacles and opportunities of Post Office savings in west Tripura District of Tripura. The study has also tried to analyze and unfold the avenues for better understanding of Post Office savings at different levels of income group in West Tripura District of Tripura.

REVIEW OF LITERATURE:

A lot of studies on Post Office savings have been carried out by the researcher. Some studies regarding the topic are quoted in subsequent lines:

M. Indhu Bala and S. Murugan (2014)¹ conducted a study on Post office Savings Schemes in Kanyakumari District, they found that savings is needed to lead a comfortable life and the main purpose of savings is safety. They also found that consumer’s opinion is highly significant about the product or services of Post Office.

Devidas B. Bharati and A.B. Rao (2003)² in their work on the different schemes of savings among the middle classes in Pune District, they analysed that the middle classes of Pune district have good saving habits, around 50% of the rural households never save.

B. Saranya and G.B. Karthikeyan (2014)³ made an analysis on Investor behavior towards Post Office savings Schemes, they highlighted that the age groups of the investors play an important role in the selection of investments. The investment objectives may tend to vary with the variations in the age group of the investors. For instance investors in the age group of 50 years and more do not like to take higher risks while making investments and instead they may prefer to invest in risk less and safe investments like bank deposits.

C. S. Tembhurnikar and S. D. Tupe (1988)⁴ conducted a study on retrospect and prospects of the Postal savings system in India. The study highlighted the contribution of Post Office Savings Bank to development planning by way of mobilisation savings. The grant of autonomous status to the Post Office is necessary for efficiency and satisfactory working of the Post Office Savings Bank.

C. Shanbagavalli and S. Shanmugasundaram (2002)⁵ worked on the Post Office in Salem District relating to Savings Bonds. The study concluded that Post Office should introduce the more new attractive scheme. Most of the depositor require short term scheme. So Post Office should introduce the savings schemes for minimum maturity period.

Prof. Ujwala Bairagi and prof. Charu Rastogi (NA)⁶ made an analysis on an empirical study of saving pattern and investment preference of individual household with reference to Pune city. They found that there is an explosion in th growth of middle class families to double income and increase in number of working women. Hence effort should be made to attract women investor by providing right information and knowledge about various investment schemes.

K. Sethilkumar and A. Vinayagamoorthy (2012)⁷ conducted a study on rural investors’ perception and Postal investments. They highlighted that high return and safety are greater dominant factors in influencing investors’ perception. It is clearly found that investors of Post Office Time Deposits are influenced by high return and safety.

R.A. Gaikwad and B.R. Sangale (2015)⁸conducted a study on savings and investments habits of women in rural area. They found that the rural women need to be properly educated so that they come to understand the role of saving for the economic development of their own. There should be coordinated efforts by all, particularly the government for developing the saving habits of the women.

Chitranka Dalakoti and Dr. P. K. Pathak (2010)⁹ who made an analysis on a Study of Impact of Household Savings and Investment Behaviour on the Economic Development of Uttarakhand. They examined that the households are good saver in general under this study. A high majority saves regularly from their monthly income with main motives to save for their retirement, education and marriage of their children.

Nidhi Bala and S. S. Narta (2009)¹⁰ who analyzed the study of income savings and investment behaviors of agriculturists in Punjab. They found that Investment in the form of bank deposits was most popular among the agriculturists as it alone accounts for more than half of the total investment made by them in the form of financial assets. The agriculturists attribute safety the main reason for making investment in bank deposits.

Chandrasekhar. B (2016)¹¹ conducted a Study on Micro-savings and saving Behavior of the Poor: Hurdles and Opportunities. He examine that the poor do not pay importance to the returns that they get from the savings services. They value convenient, easily accessible, and liquidity-ensuring services more than the returns that the savings can earn for them.

Dr. Dhiraj Jain and Ruhika Kothari (2012)¹²examined investor attitude towards Post Office deposits schemes in Udaipur District, Rajasthan. They highlighted that demographic factors have no significant influence over sources of awareness, majority of the respondents invest in Post office deposit schemes for the purpose of safety and security, and the major problems of the Post office schemes are low rate of interest.

OBJECTIVES OF THE STUDY:

The basic objective of the present research work is to analysis a detailed scenario of Post Office Savings in West Tripura District. Apart from these overall objectives there are some specific objectives which are as follows:

1. To examine the Post office savings pattern of the individual household in West Tripura District.

2. To study the role of Post office and other saving agencies for improvement of Post office savings schemes.

3. To offer suggestion for improvement of Post office savings schemes.

METHODOLOGY:

The researcher was given emphasis on the following methods and tools for the study to arrive at a feasible and meaningful conclusion in regard to Post Office Savings.

i) Scope of Study:

The present study is covering West Tripura District of Tripura.

ii) Sources of Data:

Both the primary as well as secondary data were used for the present study. The primary data required for the present study were collected from 180 numbers of households from different sections of people of different income group viz., employees, housewives, agents of Post Office, businessmen and others, etc. on simple random basis with the help of structured questionnaire. Primary data for the present study were also collected through interaction and consultation with the top management from the concerned department.

The secondary data were collected from the Directorate of Small Savings; Government of Tripura, National Savings Institute (NSI), Department of Posts and Telegraphs etc. Other relevant secondary information was also collected from various books, journals, annual reports, magazines, publications, thesis and Govt. Archives etc.

iii) Framework of Analysis:

Primary and secondary data collected from various sources were analyzed with the help of different financial tools and statistical devices such as percentage, chart, table and so on. The data were also analyzed with the help of pictorial presentation methods wherever necessary to get the result of data analysis.

RESULTS AND DISCUSSIONS:

From the collected data from household respondents through structured questionnaire the following analysis and interpretations have been made:

Age level of respondents:

From the below Table No. 1 it is showing that a lion portion of the respondents are belongs to below 30 years age group (28.89%), 23.33% of the respondents are belongs to 31-45 years age group, 21.67% of the respondents are belongs to 46-60 years age group and remaining 26.11% of the respondents are belongs to above 60 years age group. It implies that the majority of the house hold respondents are belongs to below 30 years age group.

Table No.1 Age Level of Respondents

Sl. No.	Age Group	No. of Respondents	Percentage of Respondents
1.	Up to 30 Years	52	28.89
2.	31 to 45 Years	42	23.33
3.	46 to 60 Years	39	21.67
4.	Above 60 Years	47	26.11
5.	Total	180	100

Source: Field Survey

Gender group of respondents:

The below Table No.2 showing that 90% of the respondents are male and the remaining 10% of the respondents are female. .

Table No.2 Gender Group of Respondents

Sl. No.	Gender Group	No. of Respondents	Percentage of Respondents
1.	Male	162	90
2.	Female	18	10
3.	Total	180	100

Source: Field Survey

Educational qualification of respondents:

From the below Table No.3 it is reveals that only 17.23% of the respondents have educational qualification Graduate and above,53.33% of the respondents have secondary education , 21.11% of the respondents have primary education and remaining 8.33% of the respondents are illiterate. From this scenario it is interpreted that majority of the respondents have secondary education

Table No.3 Educational Qualification of Respondents

Sl. No.	Educational Qualification	No. of Respondents	Percentage of Respondents
1.	Illiterate	15	8.33
2.	Up to Class-V	38	21.11
3.	Up to Class-X	96	53.33
4.	Graduate and Above	31	17.23
5.	Total	180	100

Source: Field Survey

Occupational Statuses of respondents:

Occupational statuses of the respondents have been classified under 5 major groups. From the below Table No.4 it is showing that 8.88% of the respondents are working in Government services,16.66% in private services,13.88% in business,10% of the respondents are house wife and remaining 50.58% of the respondents are working in others.

Table No.4 Occupation of Respondents

Sl. No.	Occupation	No. of Respondents	Percentage of Respondents
1.	Government Service	16	8.88
2.	Private Service	30	16.66
3.	Business	25	13.88
4.	House Wife	18	10.00
5.	Others	91	50.58
	Total	180	100

Source: Field Survey

Monthly family income of respondents:

Monthly family income of the majority respondents are below Rs. 10000 (47.22%), 43.33% of the respondents have monthly family income Rs. 10000/- to Rs. 30000/- , 6.11% of the respondents have monthly family income Rs. 30001/- to Rs. 50000/- and remaining 3.34% of the respondents have monthly family income above Rs. 50000/-.

Table No.5 Monthly Family Income of Respondents

Sl. No.	Amount (Rs.)	No. of Respondents	Percentage of Respondents
1.	Below Rs. 10000	85	47.22
2.	Rs. 10001 to Rs. 30000	78	43.33
3.	Rs. 30001 to Rs. 500000	11	6.11
4.	Above Rs. 500000	6	3.34
5.	Total	180	100

Source: Field Survey

Earning member in the family:

From the below table no.6 it is showing that 58.33 % of the respondents are only one earning member in the family. 26.11 % of the respondents have 2 nos of earning members in the family and remaining 15.56 % of the respondents have more than 2 nos of earning member in the family.

Table No.6 Number of Earning Member in the Family

Sl. No.	No. of Earning Member	No. of Respondents	Percentage of Respondents
1.	1	105	58.33
2.	1 to 2	47	26.11
3.	More than 2	28	15.56
4.	Total	180	100

Source: Field Survey

Monthly Savings of respondents:

From the below table No.7 it is reveals that 57.77% of the respondents have monthly savings below Rs. 2000/-, 35% of the respondents have monthly savings Rs. 2001/- to Rs. 5000/-, 5% of the respondents have monthly savings Rs. 5001/- to Rs. 10000/- and remaining 2.23% of the respondents have monthly savings above Rs. 10000/-

Table No.7 Monthly Savings of Respondents

Sl. No.	Amount (Rs.)	No. of Respondents	Percentage of Respondents
1.	Up to Rs. 2000	104	57.77
2.	Rs. 2001 to Rs. 5000	63	35.00
3.	Rs. 5001 to Rs. 10000	9	5.00
4.	Above Rs. 10000	4	2.23
7.	Total	180	100

Source: Field Survey

Satisfaction on interest rate of Post Office Savings Schemes:

From the below Table no.8 it is reveals that only 5 % of the respondents are highly satisfy with the present interest rate of the Post Office Savings Schemes.78.34 % of the respondents are average satisfy and remaining 16.66 % of the respondents are lowly satisfy with the present interest rate of the Post Office Savings Schemes.

Table No.8 Satisfaction on Interest Rate of Post Office Savings Schemes

Sl. No.	Satisfaction	No. of Respondents	Percentage of Respondents
1.	Higher	9	5.00
2.	Medium	141	78.34
3.	Low	30	16.66
4.	Total	180	100

Source: Field Survey

Satisfaction on the services of Post Office:

From the below Table no.9 it is reveals that 10 % of the respondents are highly satisfy with the Services of Post Office. 80.55 % of the respondents are average satisfied and remaining 9.45 % of the respondents are lowly satisfied with the Services of Post Office.

Table No.9 Satisfaction on the Services of Post Office

Sl. No.	Satisfaction	No. of Respondents	Percentage of Respondents
1.	Higher	18	10.00
2.	Medium	145	80.55
3.	Low	17	9.45
4.	Total	180	100

Source: Field Survey

Purpose of Post Office Savings:

It is showing that 4.44 % of the respondents are savings their hard earn money to the Post Office only for income purpose (Table No.10).82.22 % of the respondents are savings to Post Office for Safety purpose, 10 % of the respondents are savings for Capital appreciation purpose and remaining 3.34 % of the respondents are savings to Post Office for Tax benefit.

Table No.10 Purpose of Post Office Savings

Sl. No.	Purposes	No. of Respondents	Percentage of Respondents
1.	Income	8	4.44
2.	Safety	148	82.22
4.	Capital Appreciation	18	10.00
5.	Tax Benefit	6	3.34
5.	Total	180	100

Source: Field Survey

FINDINGS OF THE PRESENT STUDY:

On the basis of details Study on Post Office Savings of middle class people of West Tripura District the important findings of the study are as follows:

1. Number of earning members in the family is an important aspect of Post Office Savings Schemes. Excess income of additional earning members in the family is mostly used for luxury purpose and remaining portion is used for savings purpose.

2. Most of the respondents have no supplementary occupation to save their excess money after maintaining their minimum requirement.

3. Most of the people of West Tripura District are not aware regarding various Post Office Savings Schemes. Specially Women peoples.

4. Poor people are more interested to Post office Savings Schemes in comparison to reach people.

5. There are no Post Office branches in each village of west Tripura district. All the people are not able to reach to Post Office on regular basis.

6. Most of the Post Office Agents are untrained. There is no proper training arrangement on regular basis.

7. Infrastructures of the Sub-Post Offices are miserable which are situated in the remote areas. There are no electricity connection, water supply as well as sanitary services.

SUGGESTIONS:

On the basis of details Study on Post Office Savings of middle class people of West Tripura District the following suggestions may be offer.

1. For encouragements of the Post Office Agents a good Prize / Incentive policy may be adopt by the State Government as well as Union Government.

2. Social media play a vital role in modern human life. State Government as well as Union Government may give more emphasis on social media for improvement of Post Office Savings Schemes in the District as well as in the State as a whole.

3. There are no daily or weekly saving schemes under Post Office Savings Schemes. Union Government may lunch such type of schemes for which the poorest people will be benefited.

4. Professional training of the Agent is quite required to increasing the amount of Post Office Savings.

5. Massive awareness program on Post Office Savings Schemes may increase the amount of Post Office Savings.

6. Commission of Post Office agents is very low. It may increase to a reasonable level for better atmosphere of Post office savings in West Tripura district as well as in India as a whole.

7. 24x7 hours Post Office ATM service may implement for instant cash requirement of the Post Office account holders.

CONCLUSION:

Post Office savings schemes have its potentiality to reach to the door step of poorest peoples. As a historical practice of savings it may be upgrade to the present practices of savings available in the Country. Modern technology and savings practices can increase the amount of Post Office savings. As union Government has announced that the Post Office will upgrade to Banking service in very soon it may expect that the poorest peoples of remote areas will able to get Banking facilities even in the remote areas. The present study has exposed that Post Office savings in West Tripura District is not up to grade. Massive awareness program, proper training of Post Office Agents, increase of literacy rate, building of understanding and proper management system may improve the Post Office savings in West Tripura district.

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Received on 22.05.2018 Modified on 12.06.2018

Res. J. Humanities and Social Sciences. 2018; 9(4): 715-720.

DOI: 10.5958/2321-5828.2018.00120.1